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.
A Declaration of Homestead is a legal document that establishes a homeowner's protection under homestead laws, often providing creditor protection for the primary residence.
Dual agency occurs when a real estate agent represents both the buyer and seller in the same real estate transaction. This arrangement is subject to strict regulatory controls to manage potential conflicts of interest.
False advertising in real estate involves representing a property in a misleading or deceitful manner, resulting in potential buyers or renters making decisions based on inaccurate information.
The Homeowners Protection Act of 1998 regulates private mortgage insurance requirements, aiming to protect homeowners from unnecessary continued insurance payments when their loan-to-value ratio reaches certain thresholds.
Horizontal Property Laws are state statutes that enable condominium ownership of property, adjusting traditional property laws to allow for individual ownership of units within a building while maintaining shared interest in common elements.
A real estate salesperson is a licensed individual who performs real estate-related activities under the supervision of a licensed broker, as stipulated by state real estate laws.
