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A real estate license is an authorization issued by a government body to give agents and brokers the legal authority to represent a home seller or buyer in a real estate transaction. Real estate agents and real estate brokers are required to be licensed when conducting real estate transactions in the United States and in a small number of other ...
An embossed foil Notary Seal from the State of New York. A notary public (a.k.a. notary or public notary; pl. notaries public) of the common law is a public officer constituted by law to serve the public in non-contentious matters usually concerned with general financial transactions, estates, deeds, powers-of-attorney, and foreign and international business.
The Association of Real Estate License Law Officials (ARELLO), founded in 1930 in Canada, supports regulatory agencies in the administration and enforcement of real estate license (or registration) laws in their respective jurisdictions. Among its positions, the organization encourages licensure and education recognition between jurisdictions.
Certification programs are often created or endorsed by professional associations, but are typically completely independent from membership organizations. Certifications are very common in fields such as aviation, construction, technology, environment, and other industrial sectors, as well as healthcare, business, real estate, and finance.
Occupational licensing, also called licensure, is a form of government regulation requiring a license to pursue a particular profession or vocation for compensation. It is related to occupational closure.
Real estate is property consisting of land and the buildings on it, along with its natural resources such as growing crops (e.g. timber), minerals or water, and wild animals; immovable property of this nature; an interest vested in this (also) an item of real property, (more generally) buildings or housing in general.
A bona fide purchaser (BFP) – referred to more completely as a bona fide purchaser for value without notice – is a term used predominantly in common law jurisdictions in the law of real property and personal property to refer to an innocent party who purchases property without notice of any other party's claim to the title of that property.
A comp check (also known as a "look-up") is a request made to a state licensed or certified real estate appraiser, sometimes to assure a minimum opinion of value before an order (typically for lending purposes), is placed.