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Encyclopedia > Estate agent (United Kingdom)

Estate agent is a United Kingdom term roughly synonymous with the United States term real estate broker, a business that arranges the selling, renting or management of homes, land and other buildings. A real estate broker is in the business of brokering real estate transactions; that is, finding sellers for those who want to buy real estate and finding buyers for those trying to sell real estate. ... Home is a place where a person lives, perhaps spends much of the time, or where a person is comfortable to be. ... Real property is a legal term encompassing real estate and ownership interests in real estate (immovable property). ... Building is either the act of creating an object assembled from more than one element, or the object itself; see also construction. ...


Note that in the United Kingdom, real estate is generally referred to simply as property. Real estate is a legal term that encompasses land along with anything permanently affixed to the land, such as buildings. ...

Contents


Origin

The term originally referred to a person responsible for managing a landed estate, while those engaged in the buying and selling of homes were house agents, and those selling land were land agents. However, sometime during the 20th century 'estate agent' started to be used as a generic term, perhaps because it was thought to sound more impressive. (19th century - 20th century - 21st century - more centuries) Decades: 1900s 1910s 1920s 1930s 1940s 1950s 1960s 1970s 1980s 1990s As a means of recording the passage of time, the 20th century was that century which lasted from 1901–2000 in the sense of the Gregorian calendar (1900–1999 in the...


Regulation

In the United Kingdom residential estate agents are largely unregulated (although legal provision exists to introduce regulation). Some estate agents are members of the Royal Institution of Chartered Surveyors (RICS), the principal body for UK real estate professionals. However, the vast majority of RICS members - known as Chartered Surveyors - who practice estate agency do so on commercial property. The Royal Institution of Chartered Surveyors (RICS) is a professional body representing and regulating property professionals and surveyors of all types. ... Real estate is a legal term that encompasses land along with anything permanently affixed to the land, such as buildings. ...


For residential property a trade association, the National Association of Estate Agents (NAEA), exists, but as a non-professional body it has limited scope for disciplining members when appropriate. There is no legal requirement to belong to this organisation in order to trade as an estate agent.


Industrial structure

Few national residential estate agents chains exist, with the majority being locally or regionally specialised companies.


Several multi-national commercial agencies exist, typically being Anglo-American, pan-European or global. These firms all seek to provide the full range of property advisory services, not just agency.


Only a handful of large firms trade in both commercial and residential property.


Fees

Estate agents leasing commercial property normally charge between 7-10% of the first years rent as fees. This will be the total fee. If, say, two agents are charging 10%, they split this between them. Estate agents selling commercial property (known as investment agents) typical charge 1% of the sale price. A lease or tenancy is an interest in personal property or real property given by a lessor to another person (lessee or tenant) for a fixed duration such that the lessee has obtained certain of the Lessors rights to possess and/or use the property and has provided to...


Estate agents selling residential property generally charge between 1-3% of the sale price plus VAT, depending on the contractual arrangement and whether an individual firm has sole rights to the sale.


Residential letting agent's fees are more variable, depending on whether the agent manages the property or simply arranges new tenants. Note that most residential lettings in the UK are executed through a form of licence (known as a shorthold tenancy) rather than a lease. These licences give less protection in terms of security of tenure. A tenant (from the Latin tenere, to hold), in legal contexts, holds real property by some form of title from a landlord. ... This article or section should include material from Tenancy agreement A lease is a contract conveying from one person (the lessor) to another person (the lessee) the right to use and control some article of property for a specified period of time (the term), without conveying ownership, in exchange for... Security of Tenure is a term used in political science to describe a constitutional or legal guarantee that an office-holder cannot be removed from office except in exceptional and specified circumstances. ...


External links

  • Royal Institution of Chartered Surveyors
  • National Association of Estate Agents

  Results from FactBites:
 
real estate broker: Information from Answers.com (3539 words)
In the United States, the relationship was originally established by reference to the English common law of agency with the broker having a fiduciary relationship with his clients.
Estate agent is the term used in the United Kingdom to describe a person or organization whose business is to market real estate on behalf of clients.
However, although a real estate agent commonly fills out the real estate contract form, agents are typically not given power of attorney to sign the real estate contract or the deed; the principals sign these documents.
Kingston upon Hull - Wikipedia, the free encyclopedia (450 words)
Estate agent is a United Kingdom term roughly synonymous with the United States term real estate broker, a business that arranges the selling, renting or management of homes, land and other buildings.
However, sometime during the 20th century 'estate agent' started to be used as a generic term, perhaps because it was thought to sound more impressive.
In the United Kingdom residential estate agents are largely unregulated (although legal provision exists to introduce regulation).
  More results at FactBites »

 
 

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