California Real Estate Practice

buyer's market

In a buyer's market,there are many sellers and few buyers,so sellers must compete for the available buyers,which usually means the lowering of prices.

seller's market

In a seller's market,buyer must compete among themselves for properties. In a seller's market,there maybe multiple offers for a property.Prices will increase in a seller's market.

IRS

Internal Revenue Service.The IRS will treat the real estate salesperson as an independent contractor if the following three criteria are met: The salesperson is licensed as a real estate agent. Reimbursement to the salesperson is based solely on sales, not on hours worked. There is a written contract that states that the salesperson shall be treated as an independent contractor for tax purposes.

mobile homes

Mobile homes differ from other types of housing in that the homes are normally located on leased sites (mobile home parks). Real estate licensees can list and sell mobile homes that are 8 feet by 40 feet or larger in rental spaces as well as with the land. Real estate licensees cannot sell new mobile homes without land. These new mobile homes can be sold only through dealers licensed by the Department of Housing and Community Development. Mobile homes fill a significant need for lower-cost housing as well as a lifestyle need in retirement housing.

MLS

multiple listing service.An MLS is a private offer of cooperation and compensation by listing brokers to other real estate brokers. In the late 1800s, real estate brokers regularly gathered at the offices of their local associations to share information about properties they were trying to sell.

stratified marketplace

real estate marketplace is a stratified marketplace,stratified based on price range.