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CHAPTER 1
INTRODUCTION AND BACKGROUND
BACKGROUND
Residential property not only provides for one of the most basic needs of a person, namely accommodation, but is also one of the biggest indicators of an individual’s prosperity. One of the biggest investments that an individual will make is an investment in real estate (housing). As a result, sellers tend to have an exaggerated expectation regarding the selling price. ʼn Buyer again wants to pay as little as possible. In contrast, banks see real estate as security. Buying and selling real estate is a complex process that is influenced by supply, demand, legislation and a combination of other factors. The average person does not always have the necessary expertise, exposure and funds to handle a real estate transaction alone and therefore makes use of real estate agents and banks. In practice, real estate agents mainly act in one of the following three categories: • As a sales agent – where the real estate agent is involved in recruiting a buyer or seller for real estate or an interest in real estate. • As a rental agent – where the real estate agent is involved in the recruitment of a tenant or landlord for real estate or an interest in real estate. • As a business broker – where the real estate agent is involved in recruiting a buyer or seller, or a tenant or landlord of a business (Maritz, 1983: 3).
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