is a method of Real Estate Agents and Agencies. 5958 East Taft Road, North Syracuse NY 13212 Phone: (315) 457-5979 | Fax: (315) 457-5884, Planning Boards & Zoning Boards of Appeals, Register for a continuing education class. Please let us know if you have any questions or comments about our site! You might even see them while driving past a house that has a for sale sign, just like the one above…. A listing contract under which the owner appoints a real estate broker as his or her exclusive agent for a designated period of time to sell the property on the owner’s stated terms and agrees to pay the broker a commission when the property is sold, whether by … Although all estates in real property are subject to, and limited by, the four powers of government (i.e., taxation, eminent domain, police power, and escheat), a fee simple estate in real estate implies an absolute unencumbered ownership interest, whereas a leased fee estate implies an ownership interest held by a landlord with the right of use and occupancy conveyed by lease to others. Whether you are a real estate agent looking for clarification on legalese, or a buyer or seller seeking clarification on common terms you are seeing pop up in paperwork, we can help. Avoid losing money, wasted time and effort caused by buying foreclosed properties that have too many problems, with our free 60-item Property Due Diligence Checklist. Real Estate Acronyms - Alphabet Soup. Real estate agents further specialize in types of homes. Direct Buyers Only! What does "pending" mean in real estate? They can be considered a type of over-the-counter contract between two individual parties. In Real Estate the number of acronyms used on a regular basis can be mind boggling. See more. We also welcome contributions, so if you want to add an acronym to the list, you may also leave a comment below. Last Updated on October 6, 2020 by Jay Castillo | Filed under: All Foreclosed Property Locations (City, Province), Pag-IBIG Acquired Assets / Foreclosed properties. Thousands of students use our handy guide and sample tests to prepare for and pass the Real Estate Salesperson & Broker exams. Brokerage Managers, Canadian Real Estate Association, the national association for Canada, Certified Residential Specialist, a designation awarded by the Council of Residential Specialists, Center for Real Estate Technology, a division of NAR focused on technology products, programs, and issues, Contributor to RPAC at $2500 level (which may include lower amount in recurring year), Representative on NAR's Delegate Body, casts votes by number of members in Board, to change NAR Constitution, Directors & Officers insurance, another term used to describe professional liability insurance for associations, Designated REALTOR®, the person in the firm with dues and professional standards authority, Errors & Omissions insurance, professional liability insurance for associations, Executive Officer, defunct term for the CEO/EVP of a REALTOR® association, e-commerce Point of Entry, a status within NRDS allowing e-commerce capabilities for records, A technology certification provided by NAR, Executive Vice President, a staff title within an association, Federal District Coordinator, defunct term for REALTOR® liaison to Member of Congress/Senate, Federal Political Coordinator, a liaison to a Member of Congress for NAR (formerly FSC/FDC), Federal Senate Coordinator, defunct term for REALTOR® liaison to Member of Congress/Senate, Government Affairs Director, typically a staff title, Contributor to RPAC at $5000 level (which may include lower amounts in recurring years), Graduate, REALTOR® Institute, a NAR designation awarded at state association level, Housing Opportunities Program, NAR effort for affordable housing, Institute Affiliate Member, a commercial designee who pays a reduced fee for limited membership, Information Data Exchange, agreement by firms in MLS to advertise each others listings on firm websites, Internal News Service, a regular weekly emailed publication from NAR, Institute of Real Estate Management, a commercial affiliate of NAR, Institutes, Societies, & Councils, used to collectively describe organizations with specific relationship to NAR, Information Technology, another term used for NAR CRT division, or reference to the information function, Limited Function Referral Office, a company licensed for the sole purpose of providing referrals to another firm, The William R. Magel Award of Excellence, award given to AE for outstanding contributions (NAR Award), REALTOR® or AE who gives $1000 or more to NAR's Political Action Committee (RPAC), Collective term for registered trademarks of NAR, Major Investor Council Member – REALTOR® member in charge of Major Investor and President’s Circle recruitment for the state, Member Value Plus reward program for members and associations to take specified NAR  actions and in doing so earn a reward, National REALTORS® Database System, a centralized membership clearinghouse with rules.