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  • Condominium

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    The Trump World Tower condominium in Manhattan, as viewed across the East River from Long Island City, Queens A condominium, often shortened to condo, in the United States and in most Canadian provinces, is a type of living space which is similar to an apartment but which is independently sellable and therefore regarded as real estate. It is where the condominium building structure is divided into several units that are each separately owned, surrounded by common areas that are jointly owned. Similar concepts in other English-speaking countries include: strata title in Australia, Malaysia, New Zealand and the Canadian province of British Columbia; commonhold in the United Kingdom and; sectional title in South Africa. Residential condominiums are frequently constructed as apartment buildings, but there has been an increase in the number of "detached condominiums", which look like single-family homes but in which the yards, building exteriors, and streets are jointly owned and jointly maintained by a community association. Unlike apartments, which are leased by their tenants, condominium units are owned outright.

  • Pocket listing

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    A pocket listing or hip pocket listing is a real estate industry term used in United States which denotes a property where a broker holds a signed listing agreement (or contract) with the seller, whether that be an "Exclusive Right to Sell" or "Exclusive Agency" agreement or contract, but where it is never advertised nor entered into a multiple listing system (MLS), or where advertising is limited for an agreed-upon period of time. In Canada, this is referred to as an Exclusive Listing.

  • Real estate broker

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    A real estate broker or a real estate agent is a person who represents sellers or buyers of real estate/real property. While a broker may work independently, an agent must work under a licensed broker to represent clients. Brokers and agents are licensed by the state to negotiate sales agreements and manage the documentation required for closing a real estate transactions. Some brokers and agents are members of the National Association of Realtors (NAR), the largest trade association for the industry. NAR members are obligated by a code of ethics that go above and beyond state legal requirements to work in the best interest of the client. Buyers and sellers are generally advised to consult a licensed real estate professional for a written definition of an individual state's laws of agency, and many states require written disclosures to be signed by all parties outlining the duties and obligations. Generally, real estate brokers/ agents fall into four categories of representation: Seller's Agents, commonly called "listing brokers" or "listing agents," are contracted by owners to assist with marketing property for sale and/or lease.

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