Resources > Glossary > Commission

Glossary of Notary Public, Mortgage, Signing Agent, and Loan Signing Terms.

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Common Terms 1   Common Terms 2

Commission

Phonetics: com·mis·sion \kə-'mi-shən\

Function: noun

To become a notary, you apply to your state or a particular state where you might work, have an office, or live near. Then, if accepted, you receive an official notary commission. Every notary commission has an expiration date with the exception of Louisiana where notaries are commissioned for life. The notary should renew their notary commission a few months before their expiration date so that there is no lapse in their notary commission. The Notary must take an Oath of Office once they have received their notary commission.

Some states require fingerprints to become a notary public, and some states require a notary examination such as New York and California. Most states require that you reside in the state you with to be commissioned in, while others allow you to be a neighbor of the state, or work / conduct business in that state. States generally require you to be legally residing in the U.S., and to not have a felony or have been convicted of a crime involving dishonesty.

Definition 1:
A document describing the notary's appointment and term of office is a notary commission. A notary commission is good for several years, but the exact duration varies from state to state. A California Notary commission is good for four years unless it is revoked, suspended, or terminated.

Definition 2:
The fee charged by a broker or agent for negotiating a real estate or loan transaction. A commission is generally a percentage of the price of the property or loan.