A 'CO-OP' (Cooperative) is a dual concept in real estate that can refer to a cooperative arrangement between agents for splitting commissions, or more commonly, a type of housing where residents own shares in a corporation that owns the property.
The Commissioner is the head administrator of the state Real Estate Commission, responsible for overseeing the real estate licensing process, enforcing real estate laws, and ensuring ethical standards are maintained in the real estate industry.
Procedures resulting from the state Real Estate Commission's investigation of complaints against licensees, potentially leading to revocation or suspension of licenses and other penalties.
For Sale By Owner (FSBO) refers to a property sale conducted directly by the owner without the use of a real estate agent. This approach allows sellers to avoid paying commission fees but requires them to handle all aspects of the sale process.
A hearing is a formal procedure where issues of fact or law are tried, and parties involved have a right to be heard. It serves a similar function as a trial and can result in a final order.
A Real Estate Commission is a fee charged by a real estate agent or broker for their services in facilitating a real estate transaction, typically a percentage of the property's sale price.
The Recovery Fund is generally administered by Real Estate Commissions and requires licensees to contribute. It reimburses aggrieved persons who are unable to collect from brokers for wrongdoings.
Subagency is a real estate relationship where a sales agent attempts to sell a property listed with another broker. This arrangement is commonly seen within a Multiple Listing Service (MLS). Under subagency, the listing broker and the selling broker share the commission upon a successful sale.
