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Real Estate Law: Learn To Earn A Living Real estate has always been the hottest topic when it comes to investment. And before the economic crunches, it was one of the top money making industries in the country. Without a doubt, a lot of people would like to try how this work fits them. With the commissions that a person can earn from the real estate world, it is really a lucrative business. However, before you can become a real estate agent one would need to have a license. Understand Real Estate Law and Get a Real Estate License One of the indispensable requirement is the age. One must be at least 18 years old in order to qualify for a license. The credentials when it comes to high school education must at least be a high school graduate, however the law vary from state to state, from country to country so it would really depends on what the law mandates on your country. Understanding of the subject matter as well as having a legit age is important because real estate is not a joke. Again, it is important that one knows real estate law since there is a written exam on it. One has to pass the real estate law exam to finally get the license. Basic Real Estate Law
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The two types of real estate are either commercial or residential. Commercial real estate, of course, is a sale or a lease of property for commercial use. On the other hand, the residential real estate refers to the selling or leasing of the real property. Between the two, it is the residential real estate that is more heavily regulated. It was habitually practiced that the real estate law demands a protection to home buyers by requiring a truth in statement from the sellers. In other words, the seller is obliged to disclose all the problems relating to the house being sold. Failure to disclose such problems like the presence of termites or a wet or leaky basement could render the purchase agreement null and void. The sellers may also be sued for fraud. Real estate law may differ from state to state. To this effect, an inspector is a must.
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The most common scenario is becoming a mortgagor to a bank, and upon default, there will be foreclosure. In return, the lending institution will get a security interest. Should the property buyer default in the future, the financial institution will have the right to take the title of the property so they can resell it to recover the mortgage debt. During the closing transactions, a part of the real estate law dictate the terms and conditions as well as the fees and expenses and this is normal. So clearly real estate law is there to protect the purchasers, the sellers and the lending institutions as well.