Abrogate in real estate refers to the act of abolishing, withdrawing, canceling, retracting, revoking, or repealing certain laws, provisions, or regulations that govern property, land use, or zoning.
The Appraisal Subcommittee (ASC) is a federal government organization responsible for overseeing state appraisal boards, ensuring compliance and uniformity in appraisal qualification requirements, and maintaining a national registry of appraisers by state.
Building codes are a set of regulations that govern the design, construction, and maintenance of buildings. These codes aim to ensure the safety, health, and general welfare of the building occupants and the public.
Conditions, Covenants, and Restrictions (CC&Rs) are documents that control the use, modifications, and appearance of properties within a particular real estate development or community.
A decree is an authoritative order or decision made by a court, which can mandate compliance or resolve disputes between parties, often having significant legal consequences.
An Environmental Report provides crucial information about the environmental conditions of a property. It assesses potential environmental liabilities and compliance with environmental regulations before any property transaction.
FORM 1065 is a federal income tax form used by partnerships and certain other entities to report their income, gains, losses, deductions, and credits. The information on FORM 1065 is used to calculate the individual tax responsibilities of the partners or members.
GIPS, or Global Investment Performance Standards, are a set of ethical principles created to guide investment firms on how to handle and report investment performance, enhancing standardization, transparency, and comparability of investment performance worldwide.
License laws govern the activities of real estate salespersons to ensure that transactions are conducted fairly, ethically, and legally, thereby protecting consumers and maintaining integrity in the marketplace.
An occupancy permit, also known as a certificate of occupancy, is an essential document that certifies a building's compliance with local building codes and laws, permitting its use for commercial or residential purposes.
An audit in the context of real estate refers to the inspection and evaluation of financial records and procedures, conducted by a Certified Public Accountant (CPA) or other qualified individuals. It ensures that the financial aspects of real estate transactions, ownership, and management are accurately and fairly presented.
A Real Estate License is an authorization granted by a state allowing an individual to engage in real estate practices, either as a broker or salesperson, enabling them to legally offer and manage real estate transactions.
Safe harbor refers to regulations or provisions designed to shield companies or individuals from legal repercussions, provided they adhere to specified guidelines or practices. These rules offer clarity and a guarantee of compliance, thus minimizing legal risk and ambiguity.
The Securities and Exchange Commission (SEC) is a U.S. government agency that oversees securities transactions, activities of financial professionals and mutual fund trading to prevent fraud and intentional deception.
A statute is a formal written law enacted by a legislative body. Statutes are often designed to regulate behavior, mandate certain actions, or set standards and guidelines for various activities.
