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
Act occurring after the fact. ...
percentage relationship of a specific part of property to the whole property. An example is the square footage of one office to the square footage of all offices in an office building. ...
property having an easement right through another adjoining property. The property through which the easement passes is considered to have the servient tenement. ...
Tax-free status given to certain nonprofit organizations and governmental entities. Churches, charities, and government buildings do not pay property tax because of their tax-free status. ...
The term acknowledgement refers to an act, deed, declaration, or an expression of appreciation, but it also refers to accepting or recognizing something. The definition of acknowledgement, ...
Also called a like-kind exchange. An exchange in which tax benefits are available to real estate owners planning to sell their investment, rental, business or vacation real estate, and ...
If action is undertaken in conformity with contractual provisions, legal responsibilities arise. The concept is that the person taking action must beware. ...
English-style home. It is usually 2-stories high. The roof is of a hip type. The chimney is on the side of the home. ...
An agreement occurring from actions of those impacted, but not communicated in writing or orally. For example, it is presumed that a real estate agent will perform his or her obligations ...
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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