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A Real Estate Information Resource

Provided by Chas Campbell, Realtor®

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Real Estate Designations, Terms, and More

 

Designations - all those letters after peoples names

To earn a designation, a Realtor has taken course work and demonstrated specific skills, performance, and knowledge in a particular specialty. Acquiring a designation requires time, effort, and money (to pay for the courses). A designation indicates that the holder is dedicated to the profession and has shown a commitment to excellence.

ABR - Accredited Buyer Representative: One who has completed the course work and demonstrated experience acting as a buyer's representative under supervision. Awarded by the Real Estate Buyer's Agent Council (REBAC).

ABRM - Accredited Buyer Representative Manager: One who has completed the course work for both the ABR and ABRM and who has demonstrated experience in managing such transactions. Awarded by REBAC.

ALC - Accredited Land Consultant: One who has acquired completed educational offerings regarding land transactions in five areas: 1. farms and ranches, 2. undeveloped tracts, 3. transitional and development land, 4. subdivision and wholesaling of lots, and 5. site selection and assemblage of parcels. Awarded by the Realtors® Land Institute.

 

AHWD - At Home with Diversity: One who has been trained in and are sensitive to a wide range of cultural issues to serve a variety of cultures. Awarded by the National Association of Realtors®.

CAASH - Certified Active Adult Specialist in Housing: One who has completed the required courses, including researching the market, home design, and desirable features. Awarded by the National Association of Home Builders.

 

CAPS - Certified Aging in Place Specialist: One who has completed the required courses regarding home modifications to accommodate older adults. Awarded by the National Association of Home Builders.

 

CCIM - Certified Commercial Investment Member: One who has completed course work and who has business and technology resources to apply in commercial brokerage, leasing, valuation, and investment analysis. Awarded by the CCIM Institute.

CIPS - Certified International Property Specialist: One who has focused specifically on the "international" market and is a part of a network of some 1,500 such professionals. Awarded by the CIPS Network.

CPM - Certified Property Manager: One who has completed the educational requirements to acquire the skills and knowledge to provide management services related to property rental and leasing. Awarded by the Institute of Real Estate Management.

 

CRB - Certified Real Estate Brokerage Manager: One who has completed the educational and professional requirements regarding business management. Awarded by the Council of Real Estate Brokerage Managers.

CRS - Certified Residential Specialist: One who has completed advanced training in listing and selling and who meets rigorous production requirements. Awarded by the Council of Residential Specialists.

 

green - the NAR Sustainable Property Designation: Awarded by the National Association of Realtors® to those who have completed the educational requirements

 

 

CRE - Counselor of Real Estate: One who is a member of The Counselors of Real Estate, an international group with only 1,100 members. Membership is by invitation only.

RSPS - Resort and Second Home Property Specialist: One who has completed course work in resort and second home property issues and in 1031 tax-deferred exchanges. Awarded by the National Association of Realtors®.

e-PRO: One who has completed an on-line training program in use of internet technology as it applies to real estate. This certification is awarded by the National Association of Realtors®.

GAA - General Accredited Appraiser: An appraiser of general properties whose education and experience exceed state requirements and meet the standards of the National Association of Realtors®. State certification required.

GRI - Graduate Realtor Institute: One who has completed the educational requirements, including 90 classroom hours at a cost of close to one thousand dollars, regarding residential real estate transactions. Developed by the National Association of Realtors® and offered through the state associations.

RAA - Residential Accredited Appraiser: An appraiser of residential properties whose education and experience exceed state requirements and meet the standards of the National Association of Realtors®. State certification required.

SRES - Seniors Real Estate Specialist: One who has completed the training program regarding service to those age fifty and better. Awarded by the SRES Council.

SIOR - Society of Industrial and Office Realtors®: One who has met the requirements to hold this designation also must meet recertification requirements to insure excellence in the commercial brokerage field. Awarded by the Society.

 

Transnational Referral Certification: One who has completed training in making and receiving compensated referrals using a system developed with the International Consortium of Real Estate Associates. Awarded by the National Association of Realtors®.

 

Terms - a glossary of terminology used in real estate

This list is short now. It will grow as I have time to add to it.

Agency Disclosure Brochure: A form provided by the state of South Carolina. It should be presented and explained to anyone who contacts a licensee about becoming involved in a real estate transaction at the "first substantial contact".

Closing: What happens when a buyer delivers money to a seller, and the seller provides a deed to the buyer. This is usually done in an attorney's office (typically the office of the seller's attorney). There will probably be many signatures involved. A final accounting of all funds will also be provided to all parties showing who paid what. This accounting is shown on a HUD1 Form.

HUD1 Form: A form provided by the Department of Housing and Urban Development that is used to show all of the details accounting for the funds involved in a transaction. In short, it shows who paid what. A copy is provided to all parties at closing.