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
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U.S. law making it illegal to discriminate when giving credit based on factors such as race, religion, color, age, national origin. A lender must respond to credit applications within 30 ...
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Government program of providing low interest rate mortgages to low-income qualified buyers. In the tandem program, the Federal National Mortgage Association (FNMA) purchases low interest ...
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Statement made by a person that is not in writing. An example is an oral representation made by a real estate broker to a prospective buyer of property. ...
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A lien which is secondary to a senior lien and cannot be paid until the senior lien is satisfied. ...
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