| Term | Definition |
|---|
| real estate | Refers to land and improvements and the rights to own or use them. In popular usage, Real Estate is used interchangeably with real property and realty. |
| real estate agent | A person licensed to negotiate and transact the sale of real estate on behalf of the property owner. |
| Real Estate Appraiser, licensed | A person licensed to legally appraise real estate property for a fee. |
| real estate board | A non profit organization representing local real estate agents/brokers and salespeople, which provides services to its members and maintains and operates the Multiple Listing Service in the community. |
| Real Estate Broker, licensed | A person licensed to handle real estate transactions for 3rd parties and supervise other licensees doing the same. |
| Real Estate Salesperson, licensed | Person who is licensed to handle real estate transactions for third parties; must be supervised by a licensed Real Estate Broker. |
| real property | Refers to the right to own land and improvements. Commonly used interchangeably with Real Estate and Realty. Contrast with personal property. |
| REALTOR | A real estate broker or an associate who holds active membership in a local real estate board that is affiliated with the NATIONAL ASSOCIATION OF REALTORS. |
| realty | Refers to land and buildings and other improvements from a physical standpoint. Real Estate and Real Property tend to be used interchangeably with Realty in everyday usage. Contrast with personalty. |
| receiver | Court-appointed custodian who holds property for the court, pending final disposition of the matter before the court. |
