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 real and personal assets of a person at the date of death. The distribution of the assets to the heirs depends on the provision of the will. If no will exists, the distribution is based ...
Cash flow before subtracting income taxes. ...
Proportionate share of an item to total items in the population. ...
Funds that are retained in an account until a certain event occurs. For example, a downpayment on a contract held until full payment is received whereupon the holding funds are credited to ...
Also called demand note. A loan with no established maturity period, callable on demand by the lender for repayment. The interest on this type of loan is calculated on a daily basis and ...
Fence constructed at the property line or other division point separating a subdivision or a home site. It marks the point of separation between two separate properties. ...
Parcel of land that is totally surrounded by other land parcels not providing access to a highway. ...
The Exclusive Right to Sell Listing is a type of Listing where the Listing Broker/Agent wins his/her commission even if he/she wasn’t directly responsible for the sale.Let’s ...
Null or void something; Revoke or destroy; rescind or set aside; abandon; abolish; repeal; surrender; waive; terminate. In real estate, to void a buy or sell order, price, or quantity. The ...
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