National Association Of Real Estate License Law Officials (NARELLO)
Definition of "National Association of Real Estate License Law Officials (NARELLO)"
Founded in 1930 and located in Centerville, UT, NARELLO has 700 members consisting of state administrators managing real estate licensing laws. It seeks to improve real estate licensing examination administration, improve the effectiveness of license law management and implementation, and improve real estate licensing procedures. It conducts training workshops.
Popular Real Estate Terms
Special court for the purpose of providing fast, inexpensive and informal settlement of small financial claims between plaintiff and defendant. The parties represent themselves. A landlord ...
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 ...
The real and personal assets of a person at the date of death. The distribution of the assets to the heirs depends on the provision of the will. If no will exists, the distribution is based ...
Is a stockholder-owned corporation known as Freddie Mac. Freddie Mac purchases investment-quality mortgage from lenders and packages from lenders and packages them as securities which are ...
What is real estate speculation? The term real estate speculation may have a difficult definition, but explaining it may be easier. Think of the stock market, buying stocks when they are ...
Same as term insured loan: A loan indemnified against default by the borrower. Such loans may be a mortgage loan insured by a standard mortgage insurance policy or by FHA mortgage ...
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 ...
The addendum definition is an attachment, clause, or section added to an agreement or contract specifying additional terms, conditions, or requirements to the original agreement or ...
Branch of economics that applies the tools of economic reasoning to the analysis and solution of urban economic problems. ...
Comments for National Association Of Real Estate License Law Officials (NARELLO)
What states restrict dual agency?
Feb 21, 2022 23:26:15Hey Stan! Thank you for reaching out to us. Based on our research, we discovered that while some states do not allow dual agency, there are some that allow designated representatives. The states of Colorado, Florida, Kansas, and Oklahoma do not permit dual agency. Still, Alaska, Texas, Wyoming, Vermont, and Maryland allow designated representatives, meaning that while the dual agency is illegal, they allow brokers to designate a brokerage licensee to the buyer and seller of the transaction, each with fiduciary duties. I hope this clarifies things.
Mar 04, 2022 15:13:47Have a question or comment?
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