Brokerage is the business of bringing people together in a real estate transaction. A real estate licensee acts as a point of contact between two or more people in negotiating the sale, purchase, or rental of property.
Appraisal is the process of estimating a property’s market value based on established methods and the appraiser’s professional judgment. Although real estate training will give brokers and sponsoring brokers some understanding of the valuation process, most lenders require that a professional appraisal by a licensed appraiser accompany a loan package.
A property manager is a person or company hired to maintain and manage property on behalf of its owner. By hiring a property manager, the owner is relieved of many day-to-day management tasks, such as finding new tenants, collecting rents, altering or constructing new space for tenants, ordering repairs, and generally maintaining the property.
Financing is the business of providing the funds that make real estate transactions possible. Most transactions are financed by means of mortgage loans or trust deed loans secured by the property. Individuals involved in financing real estate may work in commercial banks, mortgage banking, or mortgage brokerage companies.
Subdivision and development
Subdivision is the splitting of a single property into smaller parcels. Development involves the construction of improvements on the land. These improvements may be either on-site or off-site.
Licensed and certified home inspectors conduct a thorough visual survey of a property’s structure, systems, and site conditions and prepare an analytical report that is valuable to both purchasers and homeowners.
Counseling involves providing clients with competent, independent advice based on sound professional judgment. A real estate counselor helps clients choose among the various alternatives involved in purchasing, using, or investing in property.
Real estate education is available to both practitioners and consumers. Colleges and universities, private schools, and trade organizations all conduct real estate courses and seminars, from the principles of a pre-licensing program to the technical aspects of tax and exchange law.
Buying or selling real estate at auction uses an open and competitive bidding process to transfer property.