License Examination
Definition of "License examination"
Formal written examination given in every state to those people being the age of majority and qualifying to be a real estate salesperson or broker. The examination can consist of multiple choice, fill-in, or essay questions on general matters concerning the real estate law, practices, and profession as well as mathematics and general logic. Upon successfully passing the examination, the individual will receive a real estate salesperson or brokers license depending on the type of examination taken and the applicant's qualifications.
Popular Real Estate Terms
The definition for the gross living area published by the Appraisal Institute’s Dictionary of Real Estate 4th Edition is: “The total area of finished, above-grade residential ...
The real estate world features many tricky terms and concepts. One that often sneaks up on even the most experienced buyers and sellers is the "red herring." What is the meaning of red ...
Real annual return on a real estate investment. It equates the initial investment with the present value of future net cash inflows from the investment. The IRR can be determined by using a ...
Percentage of rentals estimated not to be made because of actual and anticipated vacancies. ...
Money earned or accrued during an accounting period that results in the increase in total assets. Items such as rental income. Revenues arising from the sales of real estate. The ...
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House made using standardized components that are preassembled on an assembly line in a factory rather than being built from "scratch" on a site. Normally, the prefabricate house is trucked ...
Glass containing wire support to make it stronger. There is less chance of glass being broken into pieces and hurting people. ...
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