BASIC REAL ESTATE DEFINITIONS

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If you are about to start your search for your first home in Palm Beach, you will soon notice the real estate industry has a vocabulary to help buyers, sellers and professionals communicate with absolute clarity. Knowing the meaning of some basic terms and expressions will help you make intelligent decisions as you go along, for example when it comes to defining what the term “real estate” or “MLS” means.

Real estate defines land and anything affixed to that land, such as a building or any other fixed property on that location. Sometimes you will hear the term “realty”, which is synonymous with real estate or real property.

MLS or Multiple Listing Service is a computerized database service used by real estate professionals. Realtors and real estate agents can give their clients access to the MLS, in order to see all listed properties in an area – such as Hypoluxo Island or Highland Beach – as well as use it as a tool to refine a searched based on their needs and criteria.

A real estate agent is typically licensed by the state to operate as an independent sales person of real estate properties. Most real estate agents are under contract with a larger real estate brokerage, and earn a commission (usually a percentage) when they complete a real estate transaction.

A realtor is a real estate professional affiliated with the National Association of Realtors, the world’s larges professional organization with a strict code of ethics. A realtor is the most professionally qualified and ethically regulated real estate agent you can work with.

If you ever encounter terminology you don’t understand, never try to guess. To learn more real estate definitions, ask your realtor.

Basic Real Estate Definitions | Buy Or Sell First? | Explaining Property Tax | Tracking Market Trends | Ways to Cut Your Property Tax | What to Look For When Hiring an Agent | Why Realtor Ethics Matter