Dram Shop Law

Definition of "Dram shop law"

Liquor liability legislation in 20 states under which a dispenser of alcoholic beverages is held responsible for bodily injury and/or property damage caused by its customers to a third party. Insurance coverage is available, but at a high premium rate.

Search Real Estate Glossary

Related Real Estate Glossary terms

Federal Employers Liability Act (fela)

Federal law comparable to state workers compensation statutes setting out liability of railroads for ...

Reproduction Cost

Current cost to replace property with an identical property after allowing for the depreciated valu ...

Rate Manual

Publication that lists premiums charged for products sold by an insurance company. A manual also has ...

Sump Pump

Pump installed in the sump of a building to pump out and drain any water or liquids that have accumu ...

Condition

Action (s) that the insured must take, or continue to take, for the insurance policy to remain in fo ...

Recast Clause

A contract provision that adjusts the payment on an ARM periodically to make it fully amortizing. ...

Related Real Estate FAQ

What Is Earnest Money?

Earnest money is a deposit you make when you make an offer on a house. ...

What Is A Mortgagor?

A mortgagor is the borrower. ...

What Is A Closing?

The process of finalizing all the dealing associated with the sale and purchase of a home. (Also kno ...

What Is A Point?

A point is equal to 1 percent of a loan amount. Lenders charge points in exchange for lowering the i ...

What Is A Lock In?

A lock in guarantees a certain interest rate for a certain period of time. ...

What Is A Mortgage?

A mortgage is a legal document that pledges your property as security (like collateral) for a loan. ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews

Agents join here

Add our widget on your Website

Real Estate Advice

Home Prices - The Extra Costs 3 tips to ensure your sale goes through Mortgage Loan Types Rent or Buy - the pros and cons 6 Reasons you are not selling properties

FAQ

What is a subdivision? What is a counteroffer? Should I Pay Points for a Lower Rate? What is Loan Amortization? What is Long Term Care Insurance?