pt 2 ch 1
Terminology
Terminology Transaction Management System: An integrated set of software features and processes used to effectively advance the tasks, paperwork, and deadlines associated with a real estate transaction. Customer Relationship Management (CRM): The practices, strategies, and technologies that companies use to manage and analyze customer interactions and data throughout the customer lifecycle, with the goal of improving customer service relationships and assisting in customer retention and driving sales growth. Document Library: A document library is a collection of documents that may be private, public, or controlled by limited access through memberships, subscriptions, or other affiliations. Document Licenses: Associations may have one or more document licensing agreements with transaction management systems. These agreements allow real estate professionals to utilize their association's document libraries on systems that offer online editing, eSignatures, and more. NRDS ID: National REALTOR® Database System Identification number. Clause: A distinct article or provision in a contract treaty, will, or other formal or legal written document. Template Overlay: A document editing feature which allows users to save the position of all document editing field types (i.e., signatures, initials, and text boxes) as a template so that those fields can be placed in bulk on top of PDFs, eliminating the need to manually place each field individually. Electronic Signature: (eSignature) Refers to any electronic process that indicates acceptance of an agreement or record. E-SIGN Act (Electronic Signatures in Global and National Commerce Act): Federal law that validates electronic signatures in transactions affecting interstate or foreign commerce. UETA (Uniform Electronic Transactions Act): Adopted by 47 states, the District of Columbia, and the U.S Virgin Islands. Like the E-Sign Act, UETA provides that a record or signature may not be denied legal effect simply because it is in electronic form. VA. CODE ANN. § 59.1-485. Intent to Sign: The electronic signature workflow requirement which states that signers must affirmatively consent to use eSignatures. Consent to Conduct Business Electronically: The electronic signature workflow requirement that is often a clause presented to the signer stating that their eSignatures will hold the same force and effect as their written signature. Association of the Signature With the Record: The electronic signature workflow requirement stating that the eSignature system used must provide an adjacent record which accompanies the signed document and verifies that it was completed using eSignatures. Record Retention: The electronic signature workflow requirement stating that the eSignature software must retain and be capable of reproducing the signed documents as required by the ESIGN and UETA Acts. This requirement is typically met by providing the signer with access to download a copy of the signed document and accompanying verification certificate. Tamper Evident: A device or process that makes unauthorized access to the protected object easily detected. Seals, markings or other techniques may be tamper indicating. TILA-RESPA Integrated Disclosure (TRID): The Real Estate Settlement Procedures Act (RESPA) which is now integrated with the Truth in Lending Act (TILA) and known by the combined acronym TRID (TILA-RESPA integrated disclosure) provides rules for disclosing business affiliations with service providers.
Terminology
Transaction Management: The practice of monitoring and advancing the tasks, paperwork, and deadlines associated with a real estate transaction. Cloud: A data center full of servers that are connected to the Internet. Often used synonymously with the term internet. Cloud Computing: The software and services that have enabled the Internet cloud to become so prominent in everyday life. SaaS (Software as a Service): An acronym used to describe companies that provide cloud computing software and services. Five 9s: The widely recognized, yet hard to attain, standard for software availability sought by SaaS companies. This means that the software is available to the customer 99.999% of the time. Browser: A software application which allows you to visit websites. Browsers render website code in into the images, text, and features that you use to conduct real estate transactions online. Examples of browsers include Chrome, Safari, Internet Explorer, Mozilla Firefox, etc. Mobile Web: A website that has been designed to display and function on mobile devices. Native Code: Native code is computer programming (code) that is compiled to run with a particular processor and its set of instructions. Mobile Hotspot: A small device that, similar to your phone's hotspot, creates a personal WiFi connection for you that is password protected. Man-in-the-Middle Attack: When you connect to an unsecured WiFi connection, it is possible for someone to pull a man-in-the-middle attack, which allows them to capture and save your data without your knowledge. VPN (Virtual Private Network): A service that encrypts your data while your device is communicating with a WiFi network.
