What is Real Estate by Amanda Anseeuw?

What is Real Estate by Amanda Anseeuw?

Defined, real estate is another term for real property. Real property is property consisting of land and buildings. Real property can be compared with personal property, as the dictionary says, where personal property is all of someone's property except land and those interests in land that pass to their heirs.
SO...
Real Estate/Real Property vs. Personal Property

Last but not least, real property is property that cannot be moved such as crops, land, buildings, trees, shrubs, soil, whereas personal property is property that can be moved such as jewelery, money, furniture, collectibles, cars, and boats. Personal property is moveable whereas real property is immobile.
Thanks to the California Real Estate school I have this example: a forest of trees is immovable real property. The trees are cut down and placed on a lumber truck, moveable, and those trees are constructed into a house, now immovable. I guess the same can go for a chandelier in a house that is immovable, removed from the ceiling by an electrician and placed in a moving truck, moveable, then reinstalled in a foyer, immoveable.
The Real Estate Business Key Terms:
Absentee Owner. Let's start with Absentee: absentee |ˌabsənˈtē|
noun
a person who is expected or required to be present at a place or event but is not.
And do the second word for good measure: owner |ˈōnər|
noun
a person who owns something



Agricultural. Well, what is agriculture? Agriculture is the practice or science of farming, including cultivation of the soil for the growing of crops and the rearing of animals to provide food, wool, and other products. My favorite example of agriculture from a book by Leo Tolstoy called Anna Karenina, in which the young girl marries the farmer. The farmer cultivates each of his fields with workers per season in order to give the crops a chance to grow on new land. A good picture from the movie Anna Karenina of Kitty and her country landowning husband Levin is here:

Well, moving on to agriculture in real estate. Agriculture in real estate I am guessing pertains to all land including crops, trees, and soil that are not affixed to a building or permanent structure. Agricultural studies in college pertain mainly to the taxes and subsidies put on farmers and consumers. A picture of agricultural land and agricultural workers:





Just for some more knowledge, how is crop defined? A crop is a cultivated plant that is grown as food, especially a grain, fruit, or vegetable.
Appraisal. To my knowledge an appraisal is placing a value in dollar worth on a real property or personal property. Defined, an appraisal is an act of assessing someone or something. That takes me back to the slave days when men and women were sold on an auction block and an appraiser valued the stronger and healthier ones as more money. An appraisal is also defined as an expert estimate of the value of something. If you have seen the following ads, they are mind boggling:


An appraisal, from the Thesaurus, can also be the following:
noun
1 an objective appraisal of the book: assessment, evaluation, estimation, judgment, rating, gauging, sizing up, summing-up, consideration.
2 a free insurance appraisal: valuation, estimate, estimation, quotation, pricing; survey.
In terms of a real estate appraisal, I am guessing that an appraisal in line with real or personal property means the expert valuation of some type of property that belongs to someone. So looking on the Internet I was right, real estate appraisal is putting the value of real estate. This leads in to fair market value, in which one property compares with another property, but I am not getting into that today. Up next on the list is:
Broker's Price Opinion or BPO. I am guessing that a broker's price opinion is a dollar worth that a broker places on a piece of property, whether real or personal. Let's look on Google -- Wiki. I was right. B.P.O. is the process a hired sales agent utilizes to determine the selling price of a real estate property. How do you know who's BPO you can trust? A broker with experience and a long line of legitimate dealings. That's how. There is no sufficient picture for B.P.O. Just know that it is a broker's price opinion and know that a Broker is a middleman or agent for the sales an valuations of real estate. Next,

Business Broker. Well, what is business? We already know what broker is as a noun and as a verb. Business defined is as a person's regular occupation, trade, or profession, the practice of making one's living by engaging in commerce. To elaborate, business is an activity someone is engaged in, work that has to be done or matters that have to be attended to -- also, trade considered in terms its volume or profitability, a commercial house or firm. So a business broker may be someone (broker) who handles in a business (any type of business someone has). Let's look into it further in Google. I found an article titled "Selling An Operating Business & Real Estate - Who's The Broker?" and the main points are that a real estate broker may be contacted by a business to sell real and personal property and the broker needs to decide which avenue to sell real property and personal property by, on the same avenues or on different avenues. A liquidator or an auction company may be called in to sell or buy the personal property and maybe even the real property. So a business broker acts as an intermediary to the business and the buyers. Another middleman can be contracted such as an auctioneer to sell of a business or part of a business. I am sure I will learn more about the term business broker later. Next,

Business Opportunity Brokerage. Well, I just learned all about business and brokerage, but what is an opportunity? Defined, an opportunity is a set of occurrences that makes it possible to do something. So easily, B.O.B. other than bring your own beer/bring your own booze, may be that a business opportunity to sell a real or personal property may present itself to the broker and the broker can seize the opp. (carpe diem) or pass. Think about all the real and personal property there are in the world, churches, houses, gymnasiums, smoothie bars, restaurants, bowling alleys, movie theaters, malls, hookah lounges.... The opportunities for brokerage are endless! 

Carpe Diem Real Estate Homo Sapiens!

So... what is comparative market analysis?

Comparative Market Analysis. Also known as CMA, not the Country Music Awards. CMA is well, in my adolescent terms, comparing market analysis you have made. So comparing defined is to estimate, measure, or note the similarity or dissimilarity between... compare something to, point out the differences to, liken to... compare something to, draw an analogy between one thing or another. Just something I like to do: copy and paste: PHRASES
beyond (or without) compare of a quality or nature surpassing all others of the same kind : a diamond beyond compare.
compare notes (of two or more people) exchange ideas, opinions, or information about a particular subject. SO... what is market? Let's focus on the real estate market, not just the housing market or stock market. Market defined is a regular gathering of people for the purchase and sale of provisions, livestock, and other commodities... an open space or covered building where vendors convene to sell their goods. Also, an area or arena where commercial dealings are conducted. Also, a demand for a particular commodity or service, the state of trade at a particular time in a particular context, the free market, the operation of supply and demand. To market, as a verb, is to advertise or promote. Also, market as a verb is to offer for sale. Some more:

PHRASES
be in the market for wish to buy.
make a market Finance take part in active dealing in particular shares or other assets.
on the market available for sale : he bought every new gadget as it came on the market. Analysis defined is a detailed examination of the element or structure of something, typically as the basis for discussion or interpretation. Also, the process of separating something into its constituent elements. Analysis as a word roots: ORIGIN late 16th cent.: via medieval Latin from Greek analusis, from analuein ‘unloose,’ from ana- ‘up’ + luein ‘loosen.’

Counselor. counselor |ˈkouns(ə)lər| (also chiefly Brit. counsellor)
noun
1 a person trained to give guidance on personal, social, or psychological problems : a marriage counselor. A real estate counselor may be a real estate professional who advises aspects of real estate to another person. 

Dedication. Being committed to a task or purpose. A real estate agent should act as a counselor and be dedicated to his or her clients in dealings with real property and personal property -- real estate. Some comparative words to dedication: commitment, diligence, drive, perseverance, kind persistence (my word), devotion, elegance, adherence.

Farm Area. Well in real estate, a farm area to me, is known as the crops, land, and usage of land for growing fruits, vegetables, and grains and all the contents on the farm such as real property (the stable for animals, barn, farm house, farm storage house, grain storage facility) and the personal property (animals, tractors -- heavy machinery and farm equipment, tools, contents of all buildings). Defined, a farm is an area of land and its buildings used for growing crops and rearing animals, typically under the control of one owner or manager. So... a farm is an area of land -- real property -- cool! And, the main dwelling of a place on site of a farm is a farmhouse -- real property, cool! And an area defined, is a region or part of a town, a country, or of the world... also, a space allocated for a specific purpose. Something cool, I think ORIGIN mid 16th cent. (in the sense [space allocated for a specific purpose] ): from Latin, literally ‘vacant piece of level ground.’ Keep in mind, that farm also coincides with farmer, farm team, the farmer's market, a farm hand, farming, and a farm yard. What exactly is farming? Farming defined: the activity or business of growing crops or raising livestock. So you can have a farm as a business in which goods are exchanged between farmer and party, or you can have a farm for yourself and your family. In real estate terms, I am sure that there are many pieces of land, like: farm land, house land, agricultural land (which I think ties in with farm land), and maybe even business land, but I am not sure.

 

Next,

Follow up. Don't leave me hanging. My basic term of follow up is to get back with the person you were dealing with in a transaction. Don't leave anyone in the dark. Defined: 

follow-up
noun
a continuation or repetition of something that has already been started or done, in particular
• an activity carried out as part of a study in order to monitor or further develop earlier work : [as adj. ] follow-up interviews.
• further observation or treatment of a patient, esp. to monitor earlier treatment : patients who require proper medical follow-up.
• a piece of work that builds on or exploits the success of earlier work : she is writing a follow-up to Jane Austen's Pride and Prejudice.

So a follow up in real estate may mean to call up someone who you showed a house to, or write a letter to someone you sold a house to that moved in and see if they are happy ducks.

Next,

Multiple Listing Service, also known as the MLS, which I have heard of before. "Hey, I found you a house on the MLS." I'm pretty sure it's a directory but let me look it up. M.L.S. not as an acronym is the • Multiple Listing Service, an organization that holds computerized listings of U.S. real estate offered for sale. Real estate property listings that I am pretty sure appear on the computer and are not printed out in book form. I'm pretty sure it's updated regularly. P.S. (post script lol), MLS does not stand for Major League Soccer from here on out in this blog. MLS.com defines MLS as a free MLS search to find real estate MLS listings for sale by Realtors® and other realty professionals that are members of your local MLS Multiple Listing Service. MLS.com also features real estate news, common real estate questions and answers, real estate classes, mortgage information and a mortgage calculator. Find homes for sale, new homes and resale homes, new construction, acreage, lots, land, commercial property and investment property. SO pay attention to the MLS to get updated with Real Estate Industry occurrences. It seems that homes, farm land, agricultural land, commercial property, and investment property are all on the MLS. Cool, can't wait to browse around! Though my license is strictly Florida, I will have it transferred to other states soon!

I think, it seems, that dealing in the real estate business has a lot to do with integrity.

Property Management. Well, what is property? Property defined is things or a thing that belongs to someone (real property vs. personal property)... a building or buildings and land that belongs to a person. ORIGIN Middle English : from an Anglo-Norman French variant of Old French propriete, from Latin proprietas, from proprius ‘one's own, particular’ (see proper ).

Management defined is the process of dealing with controlling things or individuals... the people in charge of running a company or organization... the responsibility for and control of a company or similar organization.

Property Manager. Ok so I am assuming property manager works closely with property management but let's see. Property, same answer defined as above: things or a thing that belongs to someone (real property vs. personal property)... a building or buildings and land that belongs to a person. ORIGIN Middle English : from an Anglo-Norman French variant of Old French propriete, from Latin proprietas, from proprius ‘one's own, particular’ (see proper ). A manager from my knowledge is a person who manages, and manage is to oversee someone or something. So a property manager might be one who manage a property. A manager defined is a person responsible for controlling or administering all or part of a company or organization. Also, a person who controls the activities, business dealings, and other aspects of the career of an athlete, entertainer, group of musicians, etc. So a property manager would be one who manages (oversees) property (real or personal). Sounds pretty good to me. Now is a property manager a property owner? No. I think. But an owner can manage a property, right? Well, from this Wiki definition: A property manager or estate manager is a person or firm charged with operating a real estate property for a fee, when the owner is unable to personally attend to such details, or is not interested in doing so. The property may be individual title owned or it may be owned under sectional title, share block company owned and may be registered for residential, commercial office and retail or industrial use. An example of a property manager might be someone who lives in a trailer on a piece of land and performs yard maintenance and daily duties that is on the land of a property owner. This manager may manage property in a different state than the property owner lives in. So in fact a property manager is not a property owner. 

Real Estate Brokerage.  To me real estate brokerage broken down: real estate (real and personal property) and then brokerage, middleman agent between a piece of real estate and a owner or potential owner, so real estate brokerage may mean the brokering of real estate. But let's make sure. Defined, brokerage means the business or service of acting as a broker... a fee or commission charged by a broker. We already know what broker means -- as a noun and as a verb. To act as a facilitating agent between two parties or to actually facilitate the exchange of real estate. We already know what real estate means.

PICTURE OF REAL ESTATE FROM YAHOO IMAGES

 

PICTURE OF REAL ESTATE BROKER FROM YAHOO IMAGES (the lady with the folder is the broker -- the house is the real property -- the furniture in the house, if there is any furniture, is the personal property -- and the couple are the home buyers.

Next,

Real Estate Business. Well we've already defined all those terms, so let's work from my memory. Real Estate is real property and personal property. Business is an exchange of something between two parties. I think I fell short on that business definition so let's look "business" up again, and then apply it to the "real estate" term. Business defined is a person's regular occupation, profession, or trade. So a business is something a person does, and belongs in line with a person. The business of real estate would be dealing in real estate: real and personal property -- commercial, farm, agricultural, so forth. To add, real estate business could be the practice of making one's living by engaging in real estate.

REALTOR (all caps). So realtor in the dictionary is all lower case. I am guessing as I get through this book, REALTOR will have an extended meaning. Realtor defined is a person who acts as an agent for the sale and purchase of buildings and land; a real estate agent. So what is an agent? Agent defined is a person or acts on behalf of another. In real estate case, it is not Johnny Rivers song "Secret Agent Man" -- it is an agent working on behalf of a property owner or potential property buyer. To further "agent" definition: a person who manages business, financial, or contractual matters for an actor, performer, or writer... and, a person or company that provides a particular service, typically one that involves organizing transactions between two other parties. Let's just say James Bond is this one: agent defined as a person who obtains information for a government or official body, typically in secret. (Thanks to Yahoo Images for the picture of 007).

 

So... a real estate agent can be a representative, go between, proxy, spokesperson, negotiator, broker... a go between two parties. Here is an example I am thinking: you have a house you want to sell and you live in another state, say it's your vacation property. You call up a REALTOR local to the property and ask for representation of your property in your absence. That way, you can get your house seen by many potentials while you are at your main place of residence. 

Moving on,

Rental Agent. Rental, here's a new one. Well, we've clearly established what an agent is, one who works on behalf of another, so let's nail down what a rental means. Rental defined means an amount paid or received as rent. Also, the action of renting something... a rented house or car. As an adjective rental means of, relating to, or available for rent. So, there is no way this is that easy Rental agent, a person who collects rent for someone else? I guess we will find out soon enough. Let's see what a picture of a rental agent looks like (thanks to Yahoo Images):

 

Hmm, now I am thinking a rental agent might be someone who helps another person to find a rental property. There might be straight sale agents and rental agents. Not sure... Next,

Residential. Finally, something other than commercial, agriculture, and farm! Residential defined means designed for people to live in. Also, occupied by private houses, and concerning or relating to residence. So, residential real estate may mean real property built and meant for people to live in. PICTURE (FROM YAHOO)

Might be good to find a house for sale by auction! Residential real estate for sale by auction! I have seen signs in yard from the car window. Let's look at some residential synonyms: residential
adjective
residential neighborhoods: suburban, commuter; rare exurban. 

Next,

Restrictive Covenants. Here is a hard one. Hm. Restrictive to restrict. Covenant, a bond. (Those are my guesses but let's look up the two words). Restrictive defined is imposing restrictions or limitation to someone's activities or freedoms. A covenant defined is an agreement. Also, LAW is covenant is a contract drawn up by a deed. What is a deed? A deed is a legal document that is signed and delivered esp. one regarding the ownership of property or legal rights (title deed). As a verb, deed is: verb [ trans. ]
convey or transfer (property or rights) by legal deed : they deeded their property to their children.

So, a restrictive covenant may be a limitation to a freedom that is agreed upon by parties.

Just found the whole term in the dictionary as:

restrictive covenant
noun Law
a covenant imposing a restriction on the use of land so that the value and enjoyment of adjoining land will be preserved.

So I guess real estate makes covenants pretty official through contracts, but my basic knowledge of a restrictive covenant would be on the tennis court. While on the tennis court you do not want your balls bouncing in another person's court, nor do you want to interrupt a serve by walking behind a server. So I guess restrictive covenants were made to keep the peace between people in a respected manner. I like restrictive covenants. Keep your hands to yourself. Or as Rizzo would say, "Keep your filthy paws off my silky drawers!"

 

(thanks Yahoo Images for both pictures).

 

Now,

Subdivision Plat Map. Well, I think I know what a subdivision is: a neighborhood in the suburbs. A plat map, I think is a drawn by computer or hand drawn layout of the map.. of a subdivision. So let's look it up. Subdivision defined is a noun and it means the action of subdividing or being subdivided. In relation to the real estate industry, this definition is better: an area of land divided into plots for sale, an area of housing. So, I think a picture is the easiest way to put this: (from Yahoo Images)

So, you a have a page in a book, binder, or online tab that shows a piece of land that is divided into parts for people to live or businesses to operate. What is plat? Plat is a plot of land. Also, a map or a plan of an area of land showing actual or proposed features. ORIGIN late Middle English : variant of the noun plot in the sense [piece of ground.] The current verb sense dates from the early 18th cent. What is map? A map is a diagrammatic representation of an area of land or sea showing physical features, cities, roads, etc. SO, a subdivision plat map is a map of land that is subdivided. I'm still wondering if this land is for residential, commercial, farm, or agricultural purposes...?

Last, but not least, 

Uniform Standards of Professional Appraisal Service, also known as USPAP. Alright, so I just found out USPAP is a website and there is an Appraisal Standards Board. So USPAP means (thanks to Wiki) Uniform Standards of Professional Appraisal Practice (USPAP) can be considered the quality control standards applicable for real property, personal property, intangibles, and business valuation appraisal analysis and reports in the United States and its territories. So, uniform standards means the same standards everyone must abide by. Professional means to be expert or professional. Appraisal means to value something. And service means to provide assistance or help to in something. Elaborate, uniform means not changing in form or character and Standards means the levels of quality. So the USPAP must set the level of standards that professional appraisers must practice in. Cool. What does a picture look like? 

I guess in real estate the USPAP makes sure the real estate properties (real and personal) are being appraised fairly, accurately, and according to the written and decided standards.

It's weird for me that the same license that an Auctioneer gets to appraise called the GPPA can be applied to the real estate license. I guess appraising is as appraising does.

The Real Estate Business

Counseling, Property Management, Appraisal, Financing, Subdivision and Development, Sales, Leasing, Brokerage, and the Selling of Properties: Properties (real and personal)

So,

Real estate brokers provide services for others in return for compensation. Real estate professionals handle other people's properties because the real estate professional is an expert in the following:

• Details of property transfer

  • economic and legal intricacies associated with transfer of title, property tax, financing, deed, and local zoning ordinances. Real estate professionals are familiar with the real estate purchase, property in the spot light, and the sales contract. Real estate professionals can fill out a sales contract accurately. What does a real estate sales contract look like?

    

    • 
      

Real estate services can be specialized. Forms of compensation for a real estate agent include fees, commission, and other valuable considerations. Real estate agents and real estate brokers are professionals in the field of real estate.

• Knowledge of market conditions: property values are always changing and changes are due to tax laws, moratoriums, and fluctuations in supply and demand. So what is a moratorium?

  moratorium |ˌmôrəˈtôrēəm; ˌmär-|
  noun ( pl. -toriums or -toria |-ˈtôrēə|)
  a temporary prohibition of an activity 

  Take changes in market conditions into account when creating a CMA, comparative market analysis to help buyers and sellers value their property accurately, sort of like serving as a counselor. So, like gold and gas prices fluctuate regularly, as do prices in real estate. 

• Knowledge of how to market real estate or businesses. To be successful, a real estate professional must know how to market a property. For instance, a doctor's office differs from a Winghouse. 
• Marketing includes knowing prospects, potentials, and clients

• Knowledge of how to analyze buyer's needs. Needs defined is "cannot avoid". In real estate, what can you not live without? My real estate live withouts include large closet, garden tub, range stove, enclosed garage, double front doors, solid structure (sturdy foundation), double story, and laundry room. Buyer defined: a person who makes a purchase. Needs, wants and financial capabilities. Needs, cannot live without. Wants: wish fors. Financial capabilities: financial abilities. Meet their goals: the object of a person's efforts. Priorities: things regarded as more important than others.

• Knowledge of laws pertaining to real estate business. There are many laws that pertain to real estate and real estate alone such as:
• RESPA - real estate settlement procedures act
• ECOA - equal credit opportunity act
• TILA - truth in lending act

So what is RESPA?
It was created because various companies associated with the buying and selling of real estate, such as lenders, real estate agents, construction companies and title insurance companies were often engaging in providing undisclosed kickbacks to each other, inflating the costs of real estate transactions and obscuring price competition by facilitating bait-and-switch tactics.
For example, a lender advertising a home loan might have advertised the loan with a 5% interest rate, but then when one applies for the loan one is told that one must use the lender's affiliated title insurance company and pay $5,000 for the service, whereas the normal rate is $1,000. The title company would then have paid $4,000 to the lender. This was made illegal, in order to make prices for the services clear so as to allow price competition by consumer demand and to thereby drive down prices. (Thanks Wiki)
So what is ECOA?
The Equal Credit Opportunity Act (ECOA) is a United States law (codified at 15 U.S.C. § 1691 et seq.), enacted in 1974, that makes it unlawful for any creditor to discriminate against any applicant, with respect to any aspect of a credit transaction, on the basis of race, color, religion, national origin, sex, marital status, or age (provided the applicant has the capacity to contract);^[1] to the fact that all or part of the applicant’s income derives from a public assistance program; or to the fact that the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The law applies to any person who, in the ordinary course of business, regularly participates in a credit decision, including banks, retailers, bankcard companies, finance companies, and credit unions. (Thanks Wiki)
So what is TILA?
An Act to safeguard the consumer in connection with the utilization of credit by requiring full disclosure of the terms and conditions of finance charges in credit transactions or in offers to extend credit; by restricting the garnishment of wages; and by creating the National Commission on Consumer Finance to study and make recommendations on the need for further regulation of the consumer finance industry; and for other purposes.

The Public must know that real estate professionals practice under laws. There are fair housing laws.
What is marketing and how does marketing differ from advertising?
Marketing defined is the action or business of promoting products or services, including market research and advertising.
Advertising defined is the activity or profession of producing advertisements for commercial products or services.
Follow up, officially stated by the course:

follow-up

What a sales associate does for buyers and sellers after the sale (closing) to promote customer loyalty.

1. So what does TILA, ECOA, and RESPA mean?
2. What is the Real Estate Process?

(broken down, piece by piece, is how I learn best).
Let's look at TILA first:

1. T.I.L.A. is the Truth in Lending Act. I am going to watch a youtube video for this one, and then write my notes as I can best describe the T.I.L.A. act. https://www.youtube.com/watch?v=KKFUF6XE3cQ -- what I am getting from this: Truth in Lending Statement which is a Federal Law which is also called Regulation Z, which requires full disclosure of lending arrangements and payments to be made in home mortgages and auto sales... I'm sure I will learn more. This lady is kind of jumbled in her speech. This regulation Z protects consumers in credit card transactions. TILA was made by the FEDS in 1968. Here is another TILA video: https://www.youtube.com/watch?v=b36HsF89vIs. "Your lender is required to provide a Truth in Lending Disclosure before the loan period officially begins. You may also request a Truth in Lending so that you can prepare loans." Also, "The Truth in Lending Disclosure will disclose the annual percentage rate, finance charge, amount financed, total of payments, and total sales price, if applicable." To add, the Truth in Lending Disclosure shows you the total amount of all charges, fees, and payments to be made over the life of your loan. The TIL also shows when payments are due. The TIL also penalties for payments off loan before the end of the loan term and also the penalties for paying late. I just learned that Mortgage Professionals work with the TIL disclosure and also real estate work with Mortgage Pros and TILs because real estate agents see the dealings with a property all the way through to the end follow up. One more TILA video: https://www.youtube.com/watch?v=hR0UiD2phho. Good video, no comment. Next,
2. E.C.O.A. okay, ECOA is the Equal Credit opportunity act, so equal opportunities, okay, kind of like equal right I am guessing, and the MLK movement maybe, but equal credit opportunity may mean, from my memory yesterday, that all persons are endowed the same opportunities for credit (loans an lenders). Let's see what people on youtube have to say: first, https://www.youtube.com/watch?v=oCLd6sJDbFI. ECOA is a law and under it credit discrimination is forbidden. Our country has been through some tough times! Race, color, marital status, religion, national origin, sex, age, or because you receive public assistance. That was a good, explanatory video! Creditors can only extend credit based on credit history, debt, and income. (thanks to google images for following images):
1. 
2.  
3. 
4.  

1. What is R.E.S.P.A.? Respa is the real estate procedures act. Here is a video from youtube: https://www.youtube.com/watch?v=S59DaCBkhNI. So, respa is pretty serious. A real estate agent is in the middle of buying and selling personal property and real property. Here's another one: https://www.youtube.com/watch?v=kIENWyUO8lc. Respa is really boring. Respa is a federal law, not a state law. Respa is always changing. Respa says: give the borrower/buyer a good faith estimate of closing costs within 3 days of accepting a loan application, preparing a HUD settlement statement at closing, disclosing what percentage of loans you will keep vs. sell, and disclosing what amounts you are escrowing up front for property taxes and hazard insurance. What is escrow? Defined, escrow is a bond, deed, or other document kept in the custody of a third party, taking effect only when a condition has been fulfilled... also, a deposit or fund held in trust or as a security (an escrow account). Also, a state of being kept in custody or trust in this way. As a verb, escrow means to place in custody or trust in this way. Also, what is insurance? Insurance defined is a practice or arrangement by which a company or government agency provides a guarantee of compensation for specified loss, damage, illness, or death in return for a payment of a premium. ORIGIN late Middle English (originally as ensurance in the sense [ensuring, assurance, a guarantee] ): from Old French enseurance, from enseurer (see ensure ). Sense 1 dates from the mid 17th cent. Cool. So, more respa videos... https://www.youtube.com/watch?v=iSIs6HCm6os. This is a good one: Respa stands for real estate settlement procedures act, and deals with closing costs and settlement procedures. Respa requires that consumers receive disclosures at various times of the transaction, and it outlaws kickbacks that can increase the cost of settlement services. What is a kickback? Kickback defined is a payment made to someone who has facilitated a transaction or appointment, esp. illicitly. Synonyms: bribe, payment, payola, payoff. (they paid kickbacks to politicians). I wonder how a kickback can be paid to a real estate agent? Illicit defined is defined as forbidden by law, rules, or customs. Back to video... RESPA is a HUD -- housing in urban development statute designed to help home owners be better shoppers in the home buying process and it is enforced by HUD. What is estimate defined as? Estimate is a roughly calculated value or judgment -- an approximate calculation of the value or quality of something. What is quality? Quality is the standard of something as measured against other things of a similar kind; the degree of excellence of something in comparison to others.... quality
   noun
   1 the TV signal is of a poor quality | the quality of life: standard, grade, class, caliber, condition, character, nature, form, rank, value, level; sort, type, kind, variety.
   2 work of such quality is rare: excellence, superiority, merit, worth, value, virtue, caliber, eminence, distinction, incomparability; talent, skill, virtuosity, craftsmanship.
   3 her good qualities: feature, trait, attribute, characteristic, point, aspect, facet, side, property.
   adjective
   quality furniture: excellent, superior, valuable, distinctive, incomparable; well-crafted; informal top-notch.
2. My new question: what exactly is servicing a loan (from RESPA)? Like servicing a car -- you get an oil change, new wiper fluid, tires balanced, car washed, etc. Is there a company that "services" your loan, checking for the payments made on time, interest paid, etc? Wiki says: Loan servicing is the process by which a company (mortgage bank, servicing firm, etc.) collects interest, principal and escrow payments from a borrower. So yeah, loan servicing is similar to servicing a car where the car is the entity being serviced and the loan is the entity being serviced, one is serviced by a mechanic and one is serviced by an agent. (thanks Yahoo images)
3. RESPA pictures from Yahoo images:  
4. RESPA website: http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/rmra/res/respa_hm under the HUD (department of housing and urban development). HUD website http://portal.hud.gov/hudportal/HUD (thanks Yahoo images)

Now, this was hard for me to learn yesterday because I had already been at learning for hours and hours, but I am going to take a crack at it again. THE REAL ESTATE PROCESS:

1. Prospect for sellers, and list properties and businesses
2. Market listing and prospect for buyers
3. Buyer qualification
4. Offer, negotiation process, and signed sales contract
5. Loan application and RESPA disclosures (real estate settlement procedures act)
6. Post contract activities: credit evaluation (cannot be discriminated against now that ECOA is in place), property appraisal (property appraisals are ordered), and property survey (not sure about that)
7. Loan approval and title search
8. Title closing: buyer signs mortgage and note, and seller signs deed. Remember that an APR and a note are not the same.
9. Deed and mortgage recorded (I think this is sending into the government).
10. Follow up
1. Prospect: possibility of future event occuring
2. Seller: a person who sells something
3. List: make a list of
4. Property: thing(s) belonging to someone
5. Business: ORIGIN Old English bisignis (see busy , -ness ). The sense in Old English was [anxiety] ; the sense [the state of being busy] was used from Middle English down to the 18th cent., but is now differentiated as busyness. The sense [an appointed task] dates from late Middle English , and from it all the other current senses have developed. lol.
6. Market: advertise or promote
7. Buyer: person who makes a purchase
8. Qualification: quality that makes someone suitable for a particular job
9. Offer: present something to accept or reject
10. Negotiation: discussion aimed at reaching an agreement
11. Signed: write one's name on (before slave signatures, learned about at USF)
12. Sales: exchange of commodity for money
13. Contract: written or spoken agreement
14. Loan: thing that is borrowed
15. Application: formal request for something
16. RESPA disclosures: real estate settlement procedures act/making new or secret information known
17. Post contract: after in time or order, after signed contract
18. Activity: condition in which things are done
19. Credit: ability of customer to obtain goods before payments based on trust that payment will be made in future.
20. Evaluation: form an idea of the amount or value of
21. Property appraisal: value place on a thing belonging to someone
22. Property survey: recording of thing belonging to a person
23. Survey: general view or examination of something; examine and record features of
24. Loan approval: something you are borrowing is agreed upon
25. Approval: agreeing to or accepting as satisfactory
26. Title: a right or claim to the ownership of a property
27. Search: look for something
28. Title search: look for the title/ownership details of a property
29. Title closing: ownership title is coming to an end
30. Closing: end of an activity
31. Buyer signs mortgage and note
32. Mortgage: the charging of real or personal property by a debtor to a creditor as a security for a debt
33. Note: a record of facts in writing
34. Seller signs deed
35. Deed and mortgage recorded
36. Record: written records of the past, an official report
37. Follow up the real estate process you just did.
1. So, start with a seller. Next find a buyer. Next find if the buyer is qualified. Next engage in negotiation, offer, and signed contract. Then, fill out RESPA disclosure and loan application. Then, do post contract activities such as evaluating buyers credit and ordering a property appraisal and survey. Next, search for a title and get the loan approved. Then, close the title and get the mortgage note signed and dated and also get the note signed and dated and the deed signed. Then, put the deed and mortgage on record. Finally, follow up!
2. Sale: the exchange of a commodity for money.
3. Up for sale: offered for purchase.
4. On sale: offered for purchase at a reduced price.

I think I'm going to be a good real estate agent and wear lots of long sleeve sweaters!

Let's see... are there any videos on the real estate process to watch and share? Here's one, sort of explanatory: https://www.youtube.com/watch?v=XjhdO95KJ8M, https://www.youtube.com/watch?v=HPs_hMo5Hyk, here's a pretty popular through TV video: https://www.youtube.com/watch?v=jyze_lz6uDw

Creditor vs Debtor: C= a person to whom money is owed. D= a person that owes a sum on money.
It seems as if real estate (as a business) is all about connecting buyers and sellers.
(thanks yahoo images)
I have some questions at the end of my studies. Feel free to answer them in the comment bars below. 

Questions:
Are the Everglades agricultural real properties?
Does anyone know about getting a real estate appraisal license?
What or who is Fannie Mae?
What or who is the FHA?
Should I license or copyright my blog?
Does anyone even care that I am writing a blog?
Does the M.L.S. show properties properties that have sold?
Does the M.L.S. only show properties that are currently for sale?
What is a real estate broker vs. a real estate agent?
What are the best residential neighborhoods in Florida?
Does a REALTOR ever represent an apartment or hotel room?
Does a subdivision plat page show residential property, commercial property, or both? 
Can a licensed real estate agent get a GPPA license?
How do you market a property?
If a property is purchased outright by a buyer without a lender, is a TIL statement necessary and required?
Does a purchase of real property with cash remove the TIL from the real estate transaction? 
What is Equal Housing Opportunity? 
What circumstance brought about RESPA?
How do you find out if a buyer is qualified?
Who finds out if a property buyer is qualified?
Who performs a real estate credit evaluation?
Who performs a real estate property appraisal?
Who performs a real estate property survey?
Notes to self:
I think one day when I have a picture of my real estate I will have me with a dog, maybe a Golden Retriever, and the American Flag on my right, wearing professional attire, standing up straight, maybe Stephen, maybe my Dad, maybe my Mom, maybe my colleagues, maybe paid actors, maybe kids like a youth group.
Also, many thanks to the MacBook Pro Dictionary, Aa.
All above written works written by Amanda Anseeuw on February 10, 2015 in studying for Real Estate. If you would like to copy me please write that you would like to do so in the comment bar below!
I hope one day I can own my own office. Build a life and gain confidence. Walk on my own two feet and stands in my own two shoes!
I am learning the Real Estate Language!
What kind of house do I want to represent?
What kind of commercial property do I want to represent?
Do I want to represent land?
Do I want to represent farm land?
Do I want to facilitate the exchange of an agricultural site?
Get this question answered: how do you market a piece of property?
Only represent upstanding citizens?
Represent military men and women?
____
So far I have learned that residential real estate means:
Condos, townhouses, houses... mansions, shacks, a dwelling... a condo building, a neighborhood of houses, a row of townhouses. To note, some suburb neighborhoods have houses, condos, townhouses, and apartments right in the same stretch of land. You can also get a grocery store and many businesses inside a "neighborhood" in the suburbs. Pretty cool stuff I think!






Yeah! I'm finally finished with section one! Hope you learned something as much as me! The real estate process is now in stone! Reflecting, I totally get it!