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member of the National Association of Realtors, and members
have to follow the Association's Code of Ethics. Their offices can
be called a Realty.
Real estate brokers do not always display pictures of properties
for sale in their windows. Rather, buyers make an appointment to
see a broker, who will then show them any properties in their
chosen area and price range.
Mortgages are arranged through banks, savings and loan
associations, mortgage or insurance companies, and other financial
institutions. A down payment of about 10 percent of the purchase
price is required. This money should be held in an escrow account
until the deal is closed. The lender will require an appraisal of the
property before authorizing a loan, and will also require proof that
enough mortgage insurance is bought once the property is sold.

RENTING

Many Americans will rent a house or apartment for years
without thinking about buying a home. This is partly because
renting is usually cheaper than buying, but also because they tend
to move around a lot more, so it does not make sense to tie
themselves down by owning a house. In places like New York City
and San Francisco, however, rents are incredibly high, due to the
high demand for living space in an already crowded place.
While there is no guaranteed standard for rental properties
good, spacious accommodation is available across the country. In
some places, where rental properties are easier to find, renting an
apartment is pretty simple, although renters may be asked for
personal and job references, and banking and credit histories. If the
apartment is particularly desirable, there may be a large number of
other applicants, so the landlord can choose the tenant with the best
references.
A security deposit of one month's rent is usually necessary, and
tenants must typically sign a lease for a term of one year.
Landlords prefer not to rent to any tenants who are paying more
than a quarter or a third of their monthly income on rent. You may
also lose your deposit if you break the lease by leaving a place
before the lease is ended.