Birds, trees, streams, and freaking Bears!

Greetings from somewhere in New Mexico….

I spent the early morning out in the forest and enjoyed the wild abandonment of the animals, the incredible sound of the flowing creeks….and the nasty smell of bears.  I did not see any bears….but….I could smell them….needless to say….my walk turned into a jog to leave the area.

Anyway…..

Today’s topic is a post of definitions of those professionals that work in real estate.  A basic overview especially for those of you who are new to real estate investing.  Be sure to check out all the other posts on real estate definitions by skimming the archive post list on the right.

Also…….

For those of you on Facebook, you can connect with me @ www.facebook.com/robpowell  as well as those of you on Twitter, I invite you to follow me at www.twitter.com/RobAPowell

So….

The real estate investment arena is filled with its own language and often features terms from property law, banking concepts and feudal times. As a continued segment to help you navigate the real estate investment lingo, we will be periodically posting commonly used real estate investment terms and definitions provided by many sources including www.investorwords.com and www.creonline.com.

This posting will focus on real estate professionals and their duties.

Agent

An agent is a firm or individual that has been expressly authorized to act on behalf of a principal in certain transactions. This can include completing a financial transaction, acquiring property or selling and servicing insurance policies. Agents do not assume personal liability for actions on behalf of the principal unless that agent is acting beyond the scope of agency.

Certified Mortgage Consultant

A certified mortgage consultant is a certified mortgage broker who has been awarded the highest designation by the National Association of Mortgage Brokers. To achieve certification, brokers must have five years experience, complete a program and pass an exam.

Certified Residential Mortgage Specialist

A certified residential mortgage specialist is a mid-level certified mortgage broker as designated by the National Association of Mortgage Brokers. To achieve certification, the broker must have two years experience, complete a program and pass an exam.

Closing Agent

A closing agent represents the buyer in a real property transaction by handling the closing and legal transfer of title and ownership from seller to buyer.

Evaluator

An evaluator, or appraiser, is a person qualified by training, experience or education to provide property appraisals.

Listing Broker

A listing broker is a licensed real estate agent that contractually secures the right to sell a property on behalf of the owner. Listing brokers differ from selling brokers but may be entitled to share in the same commission.

Mortgage Banker

A mortgage banker originates, sells and services mortgages in the secondary mortgage market.

Mortgage Broker

A mortgage broker matches borrowers and lenders to originate loans. A broker does not originate loans or service mortgages. Brokers may negotiate with lenders for the best possible rates or products for the buyer.

Mortgage Originator

A mortgage originator helps borrowers complete all necessary steps to complete a mortgage transaction. Originators can be brokers or bankers that represent the original lender.

Principal

A principal is the party whom assumes financial and personal responsibility for the acts his or her agent performs on her behalf and under his or her direction.

Title Company

A title company is involved in examining and insuring title claims for its customers.

TheRealWealthBlog.com does not assume responsibility for the content or accuracy of the terms or definitions included. The information is meant for general reference only. As with any transaction, it is important to make sure you do the proper research.

Until next time……rob