Real estate is land and all the things permanently attached to it, such as trees, buildings, and minerals beneath the surface. A house is real estate, but the rugs and furniture in it are chattels (personal property).
The basic real estate vocation is that of a broker, who markets real property on behalf of owners. Typically, salespeople are associated with and responsible to the broker. A career in real estate usually begins with sales work that may involve long, irregular hours. But success may bring an excellent income.
Millions of people throughout the world are actively employed as real estate brokers or salespeople. Many more people work in building, mortgage finance, and related fields. All states of the United States and all Canadian provinces require real estate agents and brokers to be licensed. Applicants must pass a test on real estate principles. Fields of specialization in real estate include appraisal, property management, and counseling on such real estate problems as industrial sites and farm purchases and sales. Other specialized fields in real estate are mortgage lending, financial analysis, and market analysis.
Hundreds of four-year universities and colleges and two-year colleges offer real estate courses for credit. Some universities offer courses leading to a master’s degree in real estate. Real estate organizations encourage formal training by offering seminars on such topics as finance, appraisal, and market analysis.
The National Association of Realtors is professional group of brokers, salespeople, property managers, appraisers, and others engaged in the real estate industry in the United States. The Canadian Real Estate Association is a similar group in Canada. Both associations use the term Realtor to designate their active members who subscribe to the Code of Ethics of the association. The term may not lawfully be used by others.
