The Americans with Disabilities Act (ADA) is a civil rights law that prohibits discrimination based on disability and mandates reasonable accommodations in public facilities, employment, transportation, and communications.
An Appraisal Management Company (AMC) acts as an intermediary between certified or licensed real estate appraisers and clients, often mortgage lenders, seeking appraisal services. These companies ensure compliance and standardization in the appraisal process to prevent undue influence and maintain objectivity.
A Designated Broker is typically the real estate broker for a corporation or entity, often synonymous with Principal Broker, responsible for legal compliance and business operations.
A federally related transaction refers to a real estate transaction that is governed and regulated by federal agencies such as the Federal Reserve Board, FDIC, OCC, OTS, NCUA, Fannie Mae, Freddie Mac, FHA, and the Department of Veterans Affairs. For the transaction to be valid, it necessitates real estate appraisal conducted by state-licensed or certified appraisers.
A Managing Broker License is a specific credential required for individuals who oversee offices with real estate brokers and salespersons. This license ensures that a knowledgeable and licensed professional manages and supervises real estate operations, maintaining compliance with state regulations.
The Office of Interstate Land Sales Registration (OILSR) is a division of the U.S. Department of Housing and Urban Development that regulates the offering of land for sale across state lines, ensuring transparency and protecting consumers.
An Underground Storage Tank (UST) is a tank and its connected piping system that has at least 10% of its combined volume underground, commonly used for storing petroleum products or other hazardous substances.
