Errors and Omissions Insurance (E&O Insurance) is a form of liability protection that provides coverage against claims of professional malpractice and mistakes in business dealings made by the insured party. It is essential for professionals who provide services and advice to clients, including real estate brokers, to safeguard against potential legal actions arising from errors or omissions in their work.
A Fee Appraiser, also known as an Independent Fee Appraiser, is a professional who provides an objective evaluation of a property's market value based on current market conditions. This unbiased assessment is crucial for various real estate transactions and financing activities.
The management fee is the cost charged by a professional property management company for overseeing and managing rental properties. It is typically a fixed percentage of the total rental income generated by the managed property.
