Provision holding that a law or rule does not apply to a particular person, entity, or group (e.g., a company with a property tax exemption does not have to pay property taxes)

A limited, non-invasive examination of the condition of a home, often in connection with the sale of that home; someone who has the training and certificates to perform such inspections

An agreement that cannot be withdrawn or revoked

When someone is paid an undisclosed service

A common strategy to incentivize real estate agents for business or to sweeten a buyer into purchasing a property

A misdeed triable in a court of special sessions

A service whereby local member brokers agree to share listings, and further agree to share commissions on properties sold jointly. The MLS generally consists of online computer services and a regularly published book

A type of listing where the home seller sets a minimum price he/she is willing to sell the property for and whatever amount above that minimum the real estate agent manages to get from a home buyer's offer, becomes the real estate agent's commission

Pocket-sized real estate license issued for brokers and salespersons by most states. Identifies the person as a real estate licensee.

Real estate appraisal, property valuation or land valuation is the process of developing an opinion of value, for real property

The role of the appraiser is to provide objective, impartial, and unbiased opinions about the value of real property -- providing assistance to those who own, manage, sell, invest in, and/or lend money on the security of real estate

Someone who continues their education past the real-estate-agent level and successfully receives a state real estate broker license. Real estate brokers can work as independent agents or have other agents working for them.