ARELLO is an international association that supports regulatory agencies in managing real estate licenses, creating consistent practices, and offering guidance on policy development.
An associate broker is a licensed real estate professional who has met the education and experience requirements of a broker but operates under the supervision of another broker. They typically handle transactions, client interactions, and other duties similar to salespersons but with a greater depth of knowledge and capability.
The Association of Real Estate License Law Officials (ARELLO) is a global organization that brings together regulatory authorities from the real estate sector. The primary members include commissioners and officials from various state and national real estate licensing agencies. The organization assists in establishing, regulating, and enforcing licensing standards to protect the public interest. Formerly known as the National Association of Real Estate License Law Officials (NARELLO), ARELLO plays a crucial role in policy development and ethical standards within the real estate industry.
Commission is the amount earned by a real estate broker for services performed, typically calculated as a percentage of the property's sale price.
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.
A REALTOR®-ASSOCIATE is a licensed real estate salesperson who is a member of the NATIONAL ASSOCIATION OF REALTORS® (NAR) and operates under the supervision of a Realtor®-Broker.
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.
Standard of care refers to the level of diligence, caution, and professionalism expected from real estate brokers, agents, and appraisers in their professional activities.
