All real estate schools need to be approved by the state to offer valid courses for real estate education. However, some students prefer schools with additional industry accreditations like ARELLO and IDECC. To find the top accredited schools, we analyzed more than a dozen and chose the six best based on price, courses, reviews, and…
All Real Estate Terms Articles
What Is Fee Simple?
Fee simple is a legal term describing a form of absolute property ownership with unlimited property rights that can be transferred or inherited as the property owner wishes. This is in contrast to leasehold or other types of interest in property, which may restrict the holder’s rights or responsibilities. What Is Fee Simple Ownership? Fee…
What Is a Quitclaim Deed?
A quitclaim deed is a document that transfers ownership of real property from one person to another. They are useful in situations where you want to transfer ownership without money changing hands. Because a quitclaim does not guarantee a clear and marketable title, it’s best to only use quitclaims with people you know and trust….
Closing Costs: Definition, Types & Average Amounts
Closing costs are the extra expenses that buyers and sellers pay on top of the purchase price at settlement of a real estate transaction. Closing costs include mortgage origination fees, discount points, appraisal fees, and more. Average closing costs on the median home sales price of $230,000 are 2 percent to 5 percent, or $4,600…
RESPA Violations: Definition, Examples & Penalties
RESPA (Real Estate Settlement Procedures Act) is a law passed by Congress in 1974 to curb unethical practices and consumer abuse in real estate settlement charges. Before RESPA, real estate professionals and closing service providers routinely abused consumers with unnecessary fees to close on their homes. RESPA requires servicers of home loans, mortgage brokers, or…
What Is a Multiple Listing Service (MLS)?
A multiple listing service (MLS) is a database of historic and current real estate listings in a local area. This database is created, maintained, and paid for by local members of the National Association of real estate agents. It was established to allow greater cooperation between listings agents and buyer’s agents who may work at…