Real Estate Terminology
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Real Estate Terminology Philippines
- Real Estate Broker- a duly registered and licensed natural person who for a professional fee, commission or other valuable consideration, acts as an agent of a party in a real estate transaction to offer property for sale, advertise listings, solicit offer to purchase, list properties, promote projects, mediate, negotiate, or effect the meeting of the minds on the sale, purchase, exchange, mortgage, lease or joint venture, or other similar transactions on real estate.
- Real Estate Salesperson- a duly accredited natural person who performs service for, and in behalf of a real estate broker who is registered and licensed by the Professional Regulatory Board of Real Estate Service for or in expectation of a share in the commission, professional fee, compensation or other valuable consideration.
- Real Estate Consultant- a duly registered and licensed natural person who, for a professional fee, compensation or other valuable consideration, offers or renders professional advice and judgement on the acquisition, enhancement, preservation, utilization or disposition of lands or improvements thereon; and the conception, planning, management and development of real estate projects,
- Real Estate Appraiser-a duly registered and licensed natural person who, for a professional fee, compensation or other valuable consideration, performs or renders services in estimating and arriving at an opinion of value for real property (usually market value).
- Estate Tax-is a tax on the right of the deceased person to transfer his/her estate to his/her lawful heirs and beneficiaries at the time of death and on certain transfers, which are made by law as equivalent to testamentary disposition. It is a tax imposed on the privilege of transmitting property upon the death of the owner.