A cooperative, or co-op, is a real estate arrangement where tenants or members own shares in a corporation that owns the building, and often entails collaboration between agents in real estate transactions.
Procuring Cause is a legal term predominantly used in real estate to determine whether a broker is entitled to a commission. It refers to the action that resulted directly in achieving a specific goal, such as the sale or lease of a property.
A Real Estate Commission is a state agency responsible for enforcing real estate license laws, regulating the activities of real estate professionals to ensure compliance with the legal standards and protection of consumer interests.
A recovery fund is a financial safety net for aggrieved persons in the real estate sector who are unable to collect from brokers for wrongdoings. Funded by licensee contributions, it is generally administered by a state Real Estate Commission.
