Category: Real Estate

Trade fixtures are personal property items that tenants install in leased commercial spaces to aid their business operations. Unlike permanent fixtures, which are part of the real estate, trade fixtures can include equipment, signage, and shelving. Ownership of these items remains with the tenant unless specified in the lease. They can typically be removed by…

Real estate agents in Illinois earn an average annual salary of about $67,000, but this figure can greatly fluctuate based on factors such as experience, location, and market dynamics. Entry-level agents typically make between $30,000 and $50,000, while seasoned professionals, especially in urban areas like Chicago, can earn upwards of $100,000. Income is primarily commission-based,…

To obtain a real estate license in Iowa, applicants must fulfill several requirements. First, they must be at least 18 years old and possess a high school diploma or equivalent. Completion of a state-approved 60-hour pre-licensing education course is essential, covering key topics such as property management and ethics. After finishing the coursework, candidates must…

The Florida real estate exam is known for its difficulty due to its broad scope, covering critical concepts like property ownership, contracts, and agency relationships. Comprising 100 multiple-choice questions, candidates must achieve a passing score of 75% within a time limit of 3.5 hours. The test emphasizes critical thinking and practical application of knowledge, often…

Sphere of Influence (SOI) in real estate refers to a network of individuals who can generate referrals and business opportunities. This network typically includes friends, family, colleagues, past clients, and community members. By nurturing these relationships, real estate professionals can build trust, improve market knowledge, and promote a supportive environment that encourages referrals. Regular engagement…

Approximately 13% of real estate agents earn over $100,000 annually, highlighting a remarkable income gap within the profession. Earnings are largely commission-based, influenced by factors such as local market conditions and the agent's level of experience. Agents specializing in niches like luxury or commercial properties may also see higher incomes. Networking and strong client relationships…

Real estate agents can write off various business expenses to minimize their tax liability. Deductions include advertising and marketing costs, such as digital ads and print materials. Office supplies and professional fees to maintain licensing and memberships are also eligible. Agents can deduct vehicle and travel expenses incurred during business activities, including mileage and airfare.…

An estate sale in real estate is a structured process involving the organized sale of personal property. This typically occurs due to circumstances like relocation, downsizing, or the passing of an individual. The primary purpose is to liquidate assets for equitable distribution among heirs or to settle debts. Unlike garage sales, estate sales are larger…

The number of times you can take the real estate exam varies by state. Some states allow unlimited attempts, while others limit candidates to 2-4 tries. For example, California permits three attempts with a 30-day waiting period, whereas Texas offers three attempts without a waiting period. New York allows four attempts but requires a six-month…

Multi-family real estate comprises residential properties that contain multiple separate housing units within a single building or complex. Common types include apartment buildings, duplexes, and triplexes, designed to generate rental income from multiple tenants. These properties offer shared amenities, enhancing their attractiveness in urban housing markets. Investing in multi-family real estate can provide steady cash…