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
Same as term capitalization rate: Also called cap rate or income yield. A useful way to compute the rate of return on a real estate investment. It equals the net operating income (NOI) for ...
Divider made of plasterboard or plaster used to partition rooms. A room is created by the walls surrounding it. ...
Generally, a legal notice implies a method of official notification to an individual, organization, company, or the public that a particular event is about to occur. We can call a ...
Having two families live in a residence designed for only one family. This violates single-family residence zoning. ...
History of an individual's credit financial transactions including a detailed payment analysis. The creditor history is critical for performing a credit analysis to develop a credit rating. ...
Single mortgage or other encumbrance that covers more than one piece of real estate. ...
One who receives real property under a will. ...
A charge based on the asset value of a real estate security portfolio to manage it. For an open-end mutual fond, the management charge is included in the selling cost of the security. ...
The loss of an access right to a parcel of property through another property owner's property. This could materially affect the value of the property denied access. ...
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