commission

Definition

The beautiful moment when someone gets paid a percentage for making something happen, whether that's selling a house, brokering a deal, or convincing someone to buy timeshares. It's the financial incentive that turns salespeople into your new best friend until the contract is signed. In real estate, it's typically the 5-6% that makes agents answer your calls at 9 PM.

Example Usage

The real estate agent earned a $15,000 commission on the sale, which suddenly made all those weekend open houses feel worthwhile.

Source: Common business and real estate terminology

Related Terms

Intermediate

Due Diligence

The period where you pretend to be a detective, an engineer, and an accountant all at once to figure out if a property is a goldmine or a money pit. Spoiler: it's usually somewhere between "fine" and "oh no."

💰 Finance / Accounting🏠 Real Estate🚀 Startup / VC

Advanced

cost approach

A property valuation method calculating what it would cost to rebuild the structure from scratch, minus depreciation, plus land value. Useful for unique properties where comparable sales are scarce, like that missile silo you're converting into a home.

🏠 Real Estate

Beginner

Walkthrough

The final tour of a home before closing where you discover all the things that broke between the inspection and now. It's supposed to be a formality but often turns into a horror movie.

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Intermediate

variance

Official permission to deviate from zoning requirements, granted by local government when strict application would cause hardship. It's a get-out-of-jail-free card for zoning violations you'd like to commit.

🏠 Real Estate

Beginner

HOA fees

Monthly payments to a committee of bored neighbors who fine you for parking your own car in your own driveway. It's the subscription service nobody wanted, covering 'amenities' like a pool you never use and landscaping you could do yourself.

🏠 Real Estate

Advanced

subject to

Buying property while leaving the existing mortgage in place under the original borrower's name. It's legally questionable, financially risky, and somehow still happens regularly.

🏠 Real Estate

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