National Association Of Real Estate License Law Officials (NARELLO)
Definition of "National Association of Real Estate License Law Officials (NARELLO)"
Founded in 1930 and located in Centerville, UT, NARELLO has 700 members consisting of state administrators managing real estate licensing laws. It seeks to improve real estate licensing examination administration, improve the effectiveness of license law management and implementation, and improve real estate licensing procedures. It conducts training workshops.
Popular Real Estate Terms
Small furnace placed between the studs of a wall. It is typically electric, but in the past more frequently was gas. ...
Tile placed on a wall as decoration, such as in a bathroom or kitchen. ...
Claim of a person or business to real property such as by exercising an option. ...
An accessory building is an outdoor structure used by the occupants of the main building or house. They have different functions and can be detached or attached to the main building on the ...
The basic home inspection definition is well-known for everyone, right?However, when it comes to real estate, the term “inspection” can serve a bunch of purposes – but the ...
Statement made verbally. It is better legally to have a written statement because verbal ones without witnesses may be denied. ...
Increase in the outstanding loan balance arising when the mortgage payment does not fully meet the interest charge on the loan. This occurs under indexed loans or when the indexed rate ...
Valuation method for land or improvements to property. It takes into account gross rentals less operating expenses. ...
A clause inserted in a mortgage agreement requiring a future buyer of the subject property to obtain the consent of the lending institution prior to assuming the mortgage. In this ...
Comments for National Association Of Real Estate License Law Officials (NARELLO)
What states restrict dual agency?
Feb 21, 2022 23:26:15Hey Stan! Thank you for reaching out to us. Based on our research, we discovered that while some states do not allow dual agency, there are some that allow designated representatives. The states of Colorado, Florida, Kansas, and Oklahoma do not permit dual agency. Still, Alaska, Texas, Wyoming, Vermont, and Maryland allow designated representatives, meaning that while the dual agency is illegal, they allow brokers to designate a brokerage licensee to the buyer and seller of the transaction, each with fiduciary duties. I hope this clarifies things.
Mar 04, 2022 15:13:47Have a question or comment?
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