Board Of REALTORS®
Local group of real estate brokers who are members of the State and National Board of REALTORS®. Meets regularly with their membership and helps determine licensing requirements as well as managing the multiple listing service of their service area. They may also provide additional services to their members.
Popular Real Estate Terms
The total return from holding a real estate investment for the holding period of time. The computation follows: For a mutual fund investing in a real estate, the return is in the form ...
Arrears is a legal and financial term used to describe payments in regards to their due dates. While the term is more often used to refer to a contractual obligation or liability that was ...
Limit on how much a borrower's payment can increase. ...
The term market segmentation is mostly used in marketing for assembling prospective buyers in groups based on their needs and their response to a marketing action. One definition of market ...
The definition of an open-end lease is what happens when someone rents a property for a monthly rate with the added obligation to make a large final payment when the agreement is over to ...
Ownership in property by two or more persons at the same time. ...
In order to define allotment, we have to take into consideration what it refers to. While generally, it refers to a certain amount of something that is allocated to a particular person, the ...
The term lock-in clause is used in an agreement that prescribes a period of time within which either of the parties that signed a contract cannot terminate the contract. In case one of the ...
Contract containing provisions of the insurance policy specifying who the parties are, what amounts and due dates, deductibles, time period, ceilings, kind of property., location of ...
Comments for Board Of REALTORS®
I had a contract to sell a commercial building in Texas. Two or three days prior to the expiration date, I sent an email to my realtor. In the subject line it said termination and lock codes. In the body f the letter I said nothing about terminating earlier than the signed contract. I sent this email to her to basically get the codes to supply my new realtor to access to the property. I never mentioned to terminate early. I knew she had a possible client and even though she didn't sell the property, I wanted to see if she could get an offer placed in the last couple of days. The contract had been extended one month and a couple of weeks as she was changing brokers. I did sign a new contract for her to work with a new broker, cut never signed a termination of contract. She is now saying I own her for money she spent while trying to find a buyer. Is there something you need to sign to terminate a contract? My local realtor said that there is.
Jan 09, 2023 18:19:34Hello Margaret! Thank you for contacting us1
Jan 25, 2023 09:22:16Rules, laws, and requirements are different or can vary in each state. We recommend that they reach out to a real estate attorney who knows the law by heart and can give you an adequate response.
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