An auction is a method of selling property to the highest bidder. This process is utilized for a variety of real estate transactions and can involve different bidding procedures. The property is ultimately sold to the highest bidder.
A commercial broker is a real estate professional specializing in listing and selling commercial properties, such as shopping centers, office buildings, industrial complexes, and apartment projects. They differ from residential brokers primarily in the type of properties they handle.
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.
A licensee in real estate refers to an individual who holds a valid real estate license, who can be either a licensed salesperson or broker.
A licensing examination is a written test administered to prospective real estate brokers or salespersons to determine their ability to represent the public in real estate transactions effectively.
A Pocket Card is required for salespersons and brokers in most states. Issued by the state licensing agency, it identifies its holder as a licensee and must be carried at all times.
A Principal Broker is the licensed individual responsible for the overall management and operations of a real estate brokerage firm. They typically receive compensation in the form of profits, a salary, or a percentage of transaction commissions.
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.
A Real Estate License is a certification that allows regulators to ensure that real estate agents and brokers meet minimum requirements for honesty, competency, and securing the legal rights of consumers within real estate transactions.
A Real Estate Salesperson is a licensed professional who assists buyers and sellers in real estate transactions, providing expert advice, market analysis, and negotiation skills to facilitate property sales.
Reciprocity in real estate refers to a mutual agreement between states to recognize and validate the real estate license an individual has earned in another state, simplifying the process for real estate professionals to work across state lines.
A restricted license allows a real estate licensee to continue to practice in a limited capacity while on probation, following a violation of state real estate laws or regulations.
A licensed real estate agent employed by a designated or employing broker who conducts daily sales activities and facilitates property transactions.
