The use of coded language in real estate is similar to other industries in that it's used to communicate specific information efficiently among professionals. However, it may be more prevalent in real estate due to the high stakes and the need for quick, discreet communication. The specific codes used would vary by industry.
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Real estate agents profit from information asymmetry. They know a great deal about the housing market and also use code words to communicate with each other. They may hint that there is a problem in the market, to get owners to sell faster; or, they may use coded language in a listing to pass along information to other agents.