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
An insurer who researches the title to real estate for the purpose of discovering any unknown liens or encumbrances on the property that may have come into effect before the current ...
Physical decline in a property's value caused from use, old age, and environmental factors. ...
Houses attached by either side of the same wall. ...
A binding arbitration is a way to solve disputes without going to court. An alternative to the more expensive and lengthy legal procedures, a binding arbitration is basically the process ...
Legal action by an owner of property to oust or exclude an individual or business form using the property. ...
See buy-back. ...
Actual notice to one or more individuals to cease and desist from performing a particular action. For example, a homeowner begins constructing several new rooms onto an existing house ...
Plot of ground which may or may not be developed. An empty lot has no structure on it. Real estate taxes must still be paid on unoccupied land. ...
What is a balcony? A balcony is a platform that extends outwards from the upper level of a building, typically attached to a wall or supported by columns. Balconies can be made of various ...
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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