← US Real Estate Fundamentals for VAs
Real Estate Foundation — the big picture
Cineminn-original lesson · v1.0 · May 2026 Audience: Every REVA trainee, before any role-specific work Time to read: 60–90 minutes Prerequisites: None — this is the foundational document Replaces: Any external "intro to real estate" material we previously asked trainees to read.
Why this document exists
Most VA training pretends a Filipino REVA can support a US real estate team without understanding US real estate. That's wrong. You need to understand the industry to do the job.
This document is the floor — the minimum knowledge a Cineminn REVA must hold before they're trusted with a single live deal. Read it. Study it. Don't skim.
Part 1 — The simplest definition
Real estate is the business of helping people buy and sell land and the buildings on it — and getting paid a percentage of the sale price for doing so well.
Everything else — contracts, agents, inspections, appraisals, title, closings — exists to make that one transaction safe and legal.
Three flavors:
| Flavor | What it is | What we focus on at Cineminn |
|---|---|---|
| Residential | Single-family homes, condos, townhomes | 90%+ of our work |
| Commercial | Office, retail, industrial, multi-family rentals | Occasional, niche |
| Investment / Wholesale | Buyers acquiring property for income or flipping | Some clients work in this space |
Part 2 — Three market types
| Type | What it means | Who's stressed |
|---|---|---|
| Seller's market | More buyers than houses. Bidding wars. Homes sell in days. | Buyers |
| Buyer's market | More houses than buyers. Negotiating room. Homes sit. | Sellers |
| Balanced market | Equal supply and demand. Healthy for both. | Nobody (rare) |
Different markets reward different roles. In a buyer's market, ISAs become more critical because listings sit longer and agents need more leads to maintain income.
Part 3 — The cast of characters in every deal
Memorize these. You'll meet all of them, sometimes in one day.
The principals (whose money moves)
- Seller — owns the property, wants to sell
- Buyer — wants to acquire the property
The agents
- Listing Agent — represents the seller
- Buyer's Agent — represents the buyer (must have a signed BRA before showing — post-NAR rule)
- Dual Agent — represents both sides (allowed in MN with disclosure; rare and conflicted)
- Designated Agent — two agents from the same brokerage representing each side separately
- Real Estate Broker / Managing Broker — legally responsible for all agents in the brokerage; every agent works under a broker
The money side
- Lender — bank or mortgage company lending the buyer money
- Loan Officer (LO) — the buyer's contact at the lender; you'll talk to them constantly
- Underwriter — the gatekeeper at the lender who approves/denies; buyer never talks to them
- Appraiser — independent professional hired by the lender to determine the property's value
The neutral parties
- Title Company — runs title search, holds escrow, runs the closing (in Minnesota, attorneys are NOT mandatory; title companies handle this)
- Home Inspector — buyer's inspection, 30–80 page condition report
- Specialty inspectors — sewer scope, radon, mold, pest, structural engineer (when needed)
- Real Estate Attorney — optional in Minnesota; mandatory in NY/NJ/IL
The support layer (us)
- Listing Coordinator (LC) — owns listings from sign to sold
- Marketing Coordinator (MC) — owns content and visibility
- Administrative Coordinator (AC) — owns files, vendors, the database
- Transaction Coordinator (TC) — owns closing details from offer to deed recording
- Inside Sales Agent (ISA) — owns lead qualification and appointment setting
- Outside Sales Agent (OSA) / Showing Agent — licensed agent who handles showings (not a VA role)
- Operations Manager — runs the entire back office
Part 4 — How a deal moves: the 5 stages
Every residential transaction follows these stages. Memorize the order.
Stage 1 — Pre-listing
- Seller decides to sell
- Seller interviews 1–3 listing agents (each prepares a CMA — Comparative Market Analysis)
- Seller chooses an agent and signs the Listing Agreement (typically 6 months, exclusive right to sell)
- Pre-listing prep: photos, staging, repairs, sign install
- Seller completes Seller's Property Disclosure (in Minnesota, required by Statute 513.55)
Stage 2 — On the market
- Listing goes live on the MLS (Northstar in MN)
- Listing syndicates to Zillow, Realtor.com, Redfin, etc.
- Marketing: email blasts, social, open houses
- Buyer's agents schedule showings (via ShowingTime in MN)
- Buyers tour the property
Stage 3 — Offer and negotiation
- Buyer's agent writes a Purchase Agreement — Minnesota uses the standard MNAR/MSBA form
- Includes: offer price, earnest money (1–2% in MN), financing contingency, inspection contingency, appraisal contingency, closing date, concessions
- Listing agent presents to seller; seller accepts, rejects, or counters
- Once both parties sign, the contract is fully executed — deal is now PENDING
Stage 4 — The pending period (where 70% of REVA work happens)
- Days 1–3: Earnest money delivered (1–2% of price, held by listing brokerage trust or title company)
- Days 1–7: Title work opened with title company
- Days 1–10: Buyer formally applies for loan
- Days 5–10: Inspection performed; buyer responds (accept / amend / walk)
- Days 7–14: Appraisal performed
- Days 10–25: Loan in underwriting
- Day 28–32: Final walkthrough
- 3 business days before close: Closing Disclosure delivered (federal TRID rule)
- Day 30–45: Clear to Close (CTC) → Closing
Stage 5 — Closing
- Buyer signs loan documents (60+ pages)
- Seller signs the deed
- Title disburses funds: pays off seller's existing mortgage, pays both brokerages, pays itself, gives seller their net proceeds
- Title records the deed at the county
- Buyer gets the keys
Part 5 — Money flow at closing
Eight movements happen on closing day. Memorize this order.
- Buyer brings cash to close (down payment + closing costs)
- Lender funds the loan amount to title
- Title pays off the seller's existing mortgage
- Title pays the listing brokerage commission
- Title pays the buyer's brokerage compensation (per BRA + concession structure)
- Title pays itself (closing fees, title insurance)
- Title pays property tax prorations + special assessments
- Remaining = seller's net proceeds (wired same day)
Earnest money has been sitting in escrow throughout. At closing, it's applied to the buyer's down payment / closing costs.
Part 6 — The post-NAR Settlement reality (2024–2026)
The NAR Settlement (March 2024, took effect August 17, 2024) changed two structural things:
Change 1: Cooperating compensation can no longer be advertised on the MLS
Pre-2024, the MLS could publicly say "Seller offers buyer's agent 2.5%." That number is now gone from the MLS entirely. It moves to non-MLS channels (websites, signs, conversations).
Change 2: Buyer's agents must have a signed Buyer Representation Agreement (BRA) BEFORE any showing
Pre-2024, buyers toured homes informally; commission was sorted later. NOW the BRA must be signed first and must specify a specific, knowable compensation amount.
What this means for you:
- BRA hygiene is now an everyday compliance task. Every showing requires a signed BRA on file. Verify before every appointment.
- "Cooperating compensation" is the new vocabulary — what the listing brokerage offers the buyer brokerage.
- "Seller concession" is now the dominant mechanic for getting the seller to effectively pay the buyer's agent commission. The buyer's offer asks for the seller to credit X% at closing; the buyer uses that to pay their agent per the BRA.
Part 7 — Minnesota essentials
If you're working with a Minnesota-based team, these are non-negotiable:
| Item | Detail |
|---|---|
| MLS | Northstar MLS (22,000+ agents) |
| Showings | ShowingTime (integrated with Northstar) |
| Closings | Title-led (attorney NOT mandatory) |
| Closing timeline | 30–45 days from offer acceptance |
| Inspection period | 5–10 business days (standard) |
| Earnest money | 1–2% of price; due within 24–72 hours of acceptance |
| Property tax | Two installments: May 15 + October 15 |
| Deed tax (seller) | $3.30 per $1,000 of consideration |
| Mortgage Reg Tax | $0.23 per $100 of mortgage amount |
| TISH | Truth-in-Sale of Housing — required ONLY in Minneapolis + Saint Paul (older homes); seller pays |
Mandatory MN seller disclosures
- Seller's Property Disclosure Statement (Statute 513.55)
- Lead-Based Paint Disclosure (homes pre-1978)
- Well Disclosure (if applicable)
- Septic / SSTS Disclosure (if applicable)
- Radon Awareness Form
- Wetlands / Floodplain (if applicable)
- HOA documents (if applicable)
Part 8 — The 30 vocabulary terms you must know cold
Define these in your own words. Use them correctly in every email, every Slack message, every client call.
MLS · Comp · CMA · Pre-approval · Pre-qualification · Earnest money · Contingency · Inspection · Appraisal · Title · Escrow · Closing · Pending · Active · Sold · DOM · Listing · BRA · Purchase Agreement · Counteroffer · Disclosure · CD · LE · CTC · Underwriting · TC · ISA · GVA · Lockbox · Showing
(Full definitions in the Cineminn Glossary — separate document.)
Part 9 — Wire fraud (the highest-stakes operational risk)
Real estate is the #1 wire-fraud target industry in the US. Fraudsters intercept emails between buyers and title companies, then send fake wire instructions. Buyers wire $50K–$500K to scam accounts and lose it.
Your rules:
- Never trust wire instructions sent only by email.
- Always verify by phone using a number from a separate source — not the email signature, not a number in the email, not a number from a forwarded message.
- If anyone forwards "updated" or "new" wire instructions, treat as suspicious until verified.
- Better to delay closing 2 hours than to lose $500K.
- If anything feels off, escalate immediately to your agent and the title officer.
This rule applies forever. There is no "we know each other now, you can skip verification."
Part 10 — How a Cineminn REVA succeeds
Beyond knowledge, four habits separate Cineminn REVAs who get promoted from those who don't.
1. Be proactive
Pull from a recurring list. Don't message "what's next?" three times a day. Build the system that runs whether the agent thinks about it or not.
2. Surface mistakes immediately
Within an hour of discovering them. Format: "I made a mistake. Here's what happened. Here's what I did to fix it. Here's what I'll change so it doesn't happen again."
3. Communicate ruthlessly
- Slack from agent: <30 min response during your shift
- Email from client: <2 hr
- Time-sensitive: stop and handle now
- End every day with a wrap message
4. Build forward
Get better every quarter. Read. Learn AI. Master your tools. The Cineminn REVAs who learn become irreplaceable. Irreplaceable people get raises.
What's next
After reading this, you have the floor knowledge. Next:
- Complete your Session 2 homework (30 terms + 10 questions)
- Read your role-specific Day-in-the-Life lesson (LC / MC / AC / TC / ISA)
- Show up to Session 3 ready
Cineminn REVA Academy · The Cineminn Real Estate Foundation · v1.0 · May 2026