![]() Most purchases of residential real estate require the buyer to obtain a mortgage from a bank or other lending institution. In addition, some laws require an inspector to visit the property to determine if there are any problems. Failure to disclose this information can result in the revocation of the purchase agreement or a lawsuit by the buyers against the seller for Fraud. A seller must disclose any problems with the home, such as a wet basement or the presence of termites, on the form. ![]() Many states and municipalities require a seller of real estate to file a truth-in-housing statement. Since the 1970s, home buyers have been given additional protection under the law. To get a license, a person must have a high school diploma, be at least eighteen years old, and pass a written test on real estate principles and law. All states require real estate agents and brokers, who earn a commission from the owner of real estate for selling the property, to be licensed. The sale of residential property is heavily regulated. Residential real estate involves the sale and rental of land and houses to individuals and families for daily living. Commercial real estate involves the sale and lease of property for business purposes. The two major types of real estate are commercial and residential real estate. The sale and lease of real estate in the United States are major economic activities and are regulated by state and federal laws. For example, furniture and draperies are items of personal property. Property that is not affixed is regarded as Personal Property. ![]() Fixtures include buildings, fences, and things attached to buildings, such as plumbing, heating, and light fixtures. Real estate is the modern term for land and anything that is permanently affixed to it. Land, buildings, and things permanently attached to land and buildings. ![]()
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