Abrogate in real estate refers to the act of abolishing, withdrawing, canceling, retracting, revoking, or repealing certain laws, provisions, or regulations that govern property, land use, or zoning.
A Controlled Business Arrangement allows real estate brokerage offices to provide related services such as financing, title, and hazard insurance through subsidiary companies without violating the Real Estate Settlement Procedures Act (RESPA).
A finder's fee refers to money paid to an individual who identifies or connects a buyer and seller or lender and borrower, facilitating a transaction. While finder's fees are permissible in certain jurisdictions under specific conditions, they cannot be substantial and get mistaken for a broker's commission.
A Grandfather Clause is a provision that allows individuals or companies to continue operating under a prior regulation or policy, despite the implementation of new rules which may no longer permit that activity under the new laws.
Minimum Property Standards (MPS) are basic structural and safety requirements established for residential buildings constructed or financed under programs administered by the Department of Housing and Urban Development (HUD). These standards ensure that homes are safe, sanitary, and secure for occupants.
In real estate, a moratorium is a temporary prohibition or suspension on specific activities, often put in place to allow for further planning, analysis, or policy formulation.
Packed deals are mortgage loans that include excessive fees in the balance owed, which might be potentially illegal due to regulations in certain jurisdictions.
A State-Certified Appraiser is a professional who has met the stringent requirements set by state appraisal boards, ensuring they possess the expertise to provide accurate property valuations for various purposes such as sales, mortgages, and investments.
A trust account, also known as an escrow account in some states, is a separate bank account required by state law for brokers to deposit all client monies. This ensures that client funds are kept separate from the broker's own funds.
