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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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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