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b.Multi-family house – Often seen in multi-story detached buildings, wh ere each floor is a separate apartment or unit.

c.Terraced house (a. k. a. townhouse or rowhouse) – A number of single or multi-unit buildings in a continuous row with shared walls and no intervening space.

d.Condominium (American English) – A building or complex, simila r to apartments, owned by individuals. Common grounds and common areas within the complex are owned and shared jointly. In North America, there are townhouse or rowhouse style condominiums as well. The British equivalent is a block of flats.

e.Cooperative (a. k. a. co-op) – A type of multiple ownership in which the residents of a multi-unit housing complex own shares in the cooperative corporation that owns the property, giving each resident the right to occupy a specific apartment or unit.

2)Semi-detached dwellings: Duplex – Two units with one shared wall.

3)Detached dwellings: Detached house or single-family detached house

4)Portable dwellings

a.Mobile homes or residential caravans – A full-time residence that can be (although might not in practice be) movable on wheels.

b.Houseboats – A floating home

c.Tents – Usually temporary, with roof and walls consisting only of fabriclike material.

The size of an apartment or house can be described in square feet or meters. In the United States, this includes the area of "living space", excluding the garage and other non-living spaces. The "square meters" figure of a house in Europe may report the total area of the walls enclosing the home, thus including any attached garage and nonliving spaces, which makes it important to inquire what kind of surface area definition has been used. It can be described more roughly by the number of rooms. A studio apartment has a single bedroom with no living room (possibly a separate kitchen). A

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one-bedroom apartment has a living or dining room separate from the bedroom. Two bedroom, three bedroom, and larger units are common. (A bedroom is a separate room intended for sleeping. It commonly contains a bed and, in newer dwelling units, a built-in closet for clothes storage.)

3. Read the text “Residential real estate” again and make the notes in the margins:

“+”- facts about real estate that you knew before

“-“-new information that you have found in the text

“?”-the things in the text that you don’t quite und erstand

Russian equivalents.

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2.Now read the text “Sales and Marketing” and be read y to answer the following questions:

1)What is the relationship of the terms “real estate broker”, “realtor” and “real estate representative”?

2)What do real estate agents arrange?

3)What does the letting agent specialize in?

4)Who prepares the legal documents?

5)What are the alternative titles for the estate agents?

6)Which knowledge must the estate agents possess?

7)What do you get to know from the text about national residential estate agents chains?

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8)How much are typical commissions of estate agents?

9)How is the work of online estate agents organised?

Text 2

Sales and Marketing

It is common practice for an intermediary to provide real estate owners with dedicated sales and marketing support in exchange for commission. In North America, this intermediary is referred to as a real estate broker (or realtor), whilst in the United Kingdom, the intermediary would be referred to as an In Australia the intermediary is referred to as a real estate agent or real estate representative or the agent.

Front windows of a little estate agency Mons (Belgium). A house for sale in London

An estate agent is a person or business that arranges the selling, renting, or management of properties and other buildings in the United Kingdom, Ireland, or other countries around the world. An agent that specialises in renting is often called a letting or management agent. Estate agents are mainly engaged in the marketing of property available for sale, and a solicitor or licensed conveyancer is used to prepare the legal documents. In Scotland, however, many solicitors also act as estate agents, a practice that is rare in England and Wales.

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It is customary in the United Kingdom and in Ireland to refer to real estate or real property simply as property.

The estate agent remains the current title for the person responsible for the management of one group of privately owned, all or mostly tenanted properties under one ownership. Alternative titles are Factor, Steward, or Bailiff, depending on the era, region, and extent of the property concerned.

The term “estate agent” originally referred to a pe rson 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, in the 20th century, "Estate Agent" started to be used as a generic term. Estate agent is roughly synonymous with the United States term real estate broker.

Estate agents need to be familiar with their local area, including factors that could increase or decrease property prices: e.g. if a new road or airport is to be built this can blight houses nearby. Equally, the closing of a quarry or improvement of an area can enhance prices. In advising clients on an asking price, the agent must be aware of recent sale prices (or rental values) for comparable properties.

A handful of national residential estate agents chains exist, with the majority being locally or regionally specialized companies.

Several multi-national commercial agencies exist, typically Anglo-American, panEuropean 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.

Estate agents fees are charged to the seller of the property. Estate agents normally charge the seller, on a 'no sale, no fee' basis, sothat if property doesn't sell, then the customer will not pay anything to the estate agent and the agent will have worked for the customer, free of charge. If the seller does sell the property and complete the sale of their property to a buyer that was introduced by the estate agent, then the estate

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agent will charge anything from 1% to 2%, with the average being reported as 1.3% and this is calculated based on the sale price of the property.

Alternative estate agency models, most notably online estate agents, generally offer a choice of fees, most of which are paid up front. Fees range from around £300 to £800, which is payable up front. Some online estate agents offer this as a deferred payment, which means there is nothing to pay up front, but a fee will become payable after a period of time.

Estate agents who handle lettings of commercial property normally charge a fee of 7 to 15% of the first year's rent, plus the whole of the first month's rent. If two agents are charging 10%, they will split the fee between them. Estate agents selling commercial property (known as investment agents) typically charge 1% of the sale price.

The fees charged by residential letting agents vary, depending on whether the agent manages the property or simply procures new tenants. Charges to prospective tenants can vary from zero to £300 in non-refundable fees usually described as "Application", "Administration" or "Processing" fees (or all three). There are no guidelines for letting agents on charges, except that they are forbidden by law to charge a fee for a list of properties. All charges to tenants are illegal in Scotland. Otherwise, they are free to charge as they please in England and Wales.

The first month's rent in advance plus a refundable bond (usually equal to one month's rent) is also generally required. Most residential lettings in the UK are governed by "Assured Shorthold Tenancy" contracts. Assured shorthold tenancies (generally referred to simply as "Shorthold") give less statutory protection than earlier, mostly obsolete, types of residential lettings. Shorthold tenancy agreements are standard contracts; the wording is generally available from legal stationers and on the internet for around £1.00, although most lettings agents will charge £30 to provide one.

Since around 2005, online estate agents have provided an alternative to the traditional fee structure, claiming cheaper, fixed fee selling packages. These online estate agents claim to give private property sellers the ability to market their property via the major

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property portals (the preferred medium used by traditional high street estate agents) for a fraction of the cost of the traditional estate agency. Online estate agents claim that they can advertise a property as effectively as traditional estate agents by using digital marketing techniques and centralizing their back office operation to one location, rather than having physical offices in the town in which they are based. Online estate agents normally cover the whole of the UK, therefore claiming to be able to reduce fees due to removing geographical boundaries that traditional estate agents generally have. Lastly, online estate agents often charge up front, instead of a traditional agent, who would normally charge nothing if the property is not sold.

Activity 3 1.You are going to read Text 3 “A Real Estate Broker”. While

reading it find the English equivalents for the following terms

1.фидуциар, фидуциарий, доверенное лицо, опекун, траст-агент (лицо или учреждение, которому доверено управление инвестициями или хранение активов другого лица с юридическим оформлением таких отношений)

2.посредник

3.сделка

4.плата, взимаемая с клиента за совершение определенных операций по его поручению

5.обязательства (общая сумма долгов организации, возникших в результате экономических операций отчетного периода; отражаются в правой стороне бухгалтерского баланса, в сумме с собственным капиталом равны активам организации)

6.(комплекс мероприятий по изучению спроса и оптимальному сбыту продукции)

7.временное пользование имуществом на договорных началах за соответствующую плату)

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8.получатель (приобретатель) лицензии юридическое или физическое лицо,

приобретающее (получающее) у лицензиара, владельца патентных или авторских прав, возможность их использовать в соответствии с условиями лицензионного соглашения или договора

9.контроль; проверка; осмотр

10.раскрытие; выдача (сведений) ; сообщение, разглашение

Text 3

A Real Estate Broker

A Real Estate Broker or Real Estate Salesperson (often called a Real Estate Agent) is a person who acts as an intermediary between sellers and buyers of Real Estate/Real Property. Their mission is to complete a transaction between the buyer and seller.

In the United States, the relationship was originally established by reference to the English Law, with the broker having a fiduciary relationship with his or her clients. A Real Estate Broker typically receives a commission for successfully matching a seller's real estate with a buyer such that a sale can be made. This commission can be divided up with other participating real estate brokers or agents.

An Estate Agent, which is a term used in the United Kingdom, is a person or business entity whose business is to market real estate on behalf of clients. There are significant differences between the actions, powers, obligations, and liabilities of brokers and estate agents in each country. Different countries take markedly different approaches to the marketing and selling of real property.

In the United States, however, real estate brokers and their salespersons who assist owners in marketing, selling, or leasing properties are commonly called "Listing Brokers" and "Listing Agents." Listing brokers and agents seek to market and sell or lease property for the highest available price under the best available terms.

Other brokers and agents may focus on representing buyers or tenants. However, licensing as a broker or salesperson authorizes the licensee to represent parties on either side of a transaction. This business decision is for the licensee to decide.

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In the United States, Real Estate Brokers and Salespersons are licensed by each state, not by the federal government. Each state has its own laws defining the types of relationships that can exist between clients and real estate licensees, and the duties of real estate licensees to clients and members of the public. Rules vary substantially from state to state, for example, on subjects that include required documentation, agency relationships, inspections, disclosures, continuing education, and other subjects.

2. Read the text “A Real Estate Broker” again and make the notes in the margins: “+”- facts about real estate that you knew before

“-“-new information that you have found in the text “?”-the things in the text that you don’t quite und erstand Discuss your results with your group mate.

Activity 4 Listening, Watching, Speaking, Writing

Watch the video “10 Real Estate Hacks Everyone Sho uld Know” (or find another video concerning basic principles of real estate business).

https://www.youtube.com/watch?v=RIowGqqEemM

Share with your group the information that you have got from the video.

Summarize the information of the video in writing.

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Discover 10 real estate hacks that everyone should know, whether you are a home buyer, home seller, or you have any interest in buying or selling a home. You'll only find these incredibly valuable lessons here. These 10 Hacks are: (1) Hire the Best (2) Get 3 Bids (3) When Selling, List on the MLS (4) When Selling, Your List Price Can Never Be Too Low (5) When Selling, Your First Offeror is Your Best Offeror (6) Buyers Are Liars, And Sellers Are Too (7) When Buying, Buy Right, or Not at All (8) When Buying, Buy Less Than You Can Afford (9) If You Can't Qualify for a Mortgage, Get Creative (10) Always Maintain Walk Away Power