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200 REALESTATEIntermediary, real estate A firm or individual who
provides valuable services to enable or facilitate a real
estate transaction.
Mortgage A financial instrument that is used to bor-
row funds to enable the purchase of real estate.
The property is used as collateral, whereupon a lien
is placed on it as security for repayment of the
debt.
Mortgage Backed Securities (MBS) A security con-
taining a large number (pool) of individual mortgages.
When investors purchase one unit of the MBS, they
receive a prorated interest in the pool.
Multiple listing service A service generally organized
by local real estate brokers, which gathers all of the
local property listings into a single place so that pur-
chasers may review all available properties from one
source.
Network externalities The quality of a network that its
value to each user rises as the total number of users
increases.
Real estate Land and the structures built on the land.
The structures may be either for residential housing or
for commercial uses.
Real estate investment trusts Publicly traded compa-
nies that hold a portfolio of real estate properties, sim-
ilar to a mutual fund, but which hold properties, not
common stocks.
Residential real estate Real estate, which is used for
housing, including single family, multifamily (apart-
ments), condominium, and cooperative formats.
Transactions costs, real estate The costs of carrying
out a real estate transaction, including fees for apprais-
ers, brokers, and other intermediaries.
Virtual community and virtual network A group of
individuals with a common association or activity but
connected only through the Internet.
Virtual tours An Internet method that provides the vi-
sual experience of “walking” through a property.CROSS REFERENCES
See Internet Literacy; Online Banking and Beyond:
Internet-Related Offerings from U.S. Banks; Online Com-
munities.REFERENCES
Bardhan, A. D., Jaffee, D., & Kroll, C. (2000).The In-
ternet, e-commerce and the real estate industry(Re-
search Report). Berkeley, CA: Fisher Center for Real
Estate & Urban Economics, University of California,
Berkeley.
Diaz, J. III. (1997). An investigation into the impact of
previous expert value estimates on appraisal judgment.
Journal of Real Estate Research, 13(1), 57–66.
Dotzour, M., Moorhead, E., & Winkler, D. (1998). The
impact of auctions on residential sales prices in New
Zealand.Journal of Real Estate Research, 16(1), 57–72.
Muhanna, W. A. (2000). E-commerce in the real estate
brokerage industry.Journal of Real Estate Practice and
Education, 3(1), 1–16.
Real Estate Broker’s Insider (1998, February). Retrieved
February 2, 2002, from http://www.brokersinsider.
com/
Schlauch, A. J., & Laposa, S. (2001). E-tailing and
Internet-related real estate cost savings: A comparative
analysis of e-tailers and retailers.Journal of Real Estate
Research, 21(1/2), 43–54.
Shapiro, C. & Varian, H. R. (1999).Information rules: A
strategic guide to the network economy. Boston: Harvard
Business School Press.
Mortgage Bankers Association of America (2001, May 8).
Consumers use Internet in mortgage, homebuy-
ing process (Press Release). Retrieved February 2,
2002, from http://www.mbaa.org/news/index.html
Worzala, E. M., & McCarthy, A. M. (2001). Landlords, ten-
ants and e-commerce: Will the retail industry change
significantly?Journal of Real Estate Portfolio Manage-
ment, 7(2), 89–97.FURTHER READING
Georgia Institute of Technology, College of Computing,
Graphics Visualization and Usability Center, http://
http://www.gvu.gatech.edu/usersurveys/
http://www.pikenet.com
http://www.realtor.com
U.S. Department of Commerce, E-Commerce Section,
http://www.doc.gov/ElectronicCommerce/