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Real Estate Development

Real estate development
, or Property Development, is a multifaceted  business encompassing activities that range from the renovation and re-lease of existing buildings to the purchase of raw land and the sale of improved land or parcels to others. Developers are the coordinators of the activities, converting ideas on paper into real property. Real estate development is different from construction, although many developers also construct.

Developers buy land, finance real estate deals, build or have builders build projects, create, imagine, control and orchestrate the process of development from the beginning to end. Developers usually take the greatest risk in the creation or renovation of real estate—and receive the greatest rewards. Typically, developers purchase a tract of land, determine the marketing of the property, develop the building program and design, obtain the necessary public approval and financing, build the structure, and lease, manage, and ultimately sell it.

Master of Real Estate Development

The Master of Real Estate Development (MRED) programs generally focus on the three main elements of real estate development, design, finance, and policy. Students are generally exposed to the full range of development functions - design, construction management, market analysis, finance, site planning, and project management and operations, in addition to all real estate product types - residential, retail, office, hospitality, and industrial. Whether in the context of urban redevelopment, historic preservation, or suburban growth, MRED students learn from the developer's perspective the importance of relevant issues in law, economics, finance, market analysis, negotiation, architecture, urban history, planning, and construction project management.

The programs are a full-immersion focusing on the entire real estate and development process-from dirt-to-deal, finance to façade-and include industry topics presented by leading local and national developers. The typical MRED student is a highly motivated individual who seeks to radically alter or enhance their career paths and join the real estate development industry. Students who graduate from the programs are committed to a career in real estate development with skills to also enter asset management, institutional investment or property management. They enter the real estate development industry with a keen awareness of developing projects that are financially viable, economically desirable, politically acceptable, environmentally respectful, socially responsible, and contextually and artfully designed.

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What is a Real Estate Broker?
 

A real estate broker or real estate agent is a party who acts as an intermediary between sellers and buyers of real estate and attempts to find sellers who wish to sell and buyers who wish to buy. In the United States, the relationship was originally established by reference with the broker having a fiduciary relationship with his clients.

In the United States, real estate brokers and their salespersons (commonly called "real estate agents" or, in some states, "brokers") assist sellers in marketing their property and selling it for the highest possible price under the best terms. When acting as a buyer's agent with a signed agreement (or, in many cases, verbal agreement, although a broker may not be legally entitled to his commission unless the agreement is in writing), they assist buyers by helping them purchase property for the lowest possible price under the best terms. The real estate broker "broker" is obligated to provide fiduciary duties to whomever that broker services as client, this agency relationship can become very confusing; if there is a seller and buyer the broker is performing one transaction with(dual agency). Under a dual agency transaction it is vital the broker discloses to either/or part whom they represent as client, and whom they represent as customer. A real estate broker owes his client fiduciary duties, those duties include care, confidentiality, loyalty, obedience,accounting & disclosure. A real estate broker owes his customer fair & honest dealing. A real estate broker must request all parties(seller & buyer)sign a dual agency agreement, to protect their license.

In most jurisdictions in the United States a person must have a license before they may receive remuneration for services rendered as a real estate broker. Unlicensed activity is illegal, but buyers and sellers acting as principals in the sale or purchase of real estate are not required to be licensed.

What is a Real Estate Salesperson?

When a person first becomes licensed to become a real estate agent, they obtain a real estate salesperson's license (some states use the term, "broker") from the state in which they will practice. To obtain a real estate license, the candidate must take specific coursework (of between 40 and 90 hours) and pass a state exam on real estate law and practice. To work, salespersons must be associated with (and act under the authority of) a real estate broker.

Many states also have reciprocal agreements with other states, allowing a licensed individual from a qualified state to take the second state's exam without completing the course requirements, or, in some cases, take only a state law exam.

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