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
Loans that adhere to national guidelines by Fannie Mae, who buy the loans on the secondary market. Fannie Mae purchases mortgages to a certain dollar limit. Conforming loans typically ...
To secure a listing by a real estate agent for a certain parcel of property. For example, a real estate broker wishes to list as many properties a possible to built an inventory of future ...
Arrears is a legal and financial term used to describe payments in regards to their due dates. While the term is more often used to refer to a contractual obligation or liability that was ...
Periodic expenditures undertaken to preserve or retain a property's operational status for its originally intended use. These expenditures do not improve or extend the life of the property. ...
The term “property title” is relatively common and often used in the real estate industry, which is why it’s useful to know what it really means. While the term itself is ...
A lease having two or more joint lessees who share a common liability with a lessor. Under a joint and several liable lease the lessor may demand the full terms of the lease from one or all ...
Term used in the real estate industry describing the price requested by a property owner vs. the price a buyer is willing to pay. Bid is the highest price a purchaser is willing to pay ...
Real estate property incentive offered for reasons other than individual merit. A discriminatory inducement is an effort to get an individual to buy or sell, rent, or lease real estate ...
When you sign a Listing Agreement with a real estate broker or agent, he or she has a fiduciary responsibility to represent your interests exclusively. However, should another client ...
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