A more thorough explanation:

Real estate transactions refer to the buying and selling of property. These transactions are governed by federal and state laws, which can vary from state to state. Real estate brokers are hired by sellers to find buyers for their property. They are licensed and regulated by state laws and must follow guidelines set by professional organizations.

The Federal Fair Housing Act prohibits discrimination in real estate transactions based on race, color, religion, sex, or national origin. Brokers are not allowed to discriminate against buyers or sellers based on these factors.

Contracts for real estate transactions must be in writing and follow the general principles of contract law. The title to the property being sold must be marketable, meaning the seller has proof of ownership and there are no undisclosed interests in the title. Buyers often hire title insurance companies or attorneys to investigate the title and insure against any losses caused by an invalid title.

Deeds with proper descriptions of the land must be executed and delivered to pass ownership. Some states require that the deed be officially recorded to establish ownership and provide notice of transfer to subsequent purchasers.

The most common way to finance real estate transactions is through a mortgage, which is a loan used to purchase property.

John wants to sell his house. He hires a real estate broker to find a buyer. The broker and John sign a listing agreement, which gives the broker the exclusive right to earn a commission if they find a buyer. The broker cannot discriminate against potential buyers based on their race, color, religion, sex, or national origin. Once a buyer is found, a contract is signed, and the title is investigated to ensure it is marketable. The buyer obtains a mortgage to finance the purchase, and a deed is executed and delivered to transfer ownership.