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
Investigation into the causes of death. A post mortem is normally performed by a public coroner. It might be performed to determine the cause of death of an apartment house tenant. ...
Builder's ten-year guarantee that their workmanship, materials, and construction are up to established standards. The HOW provides reimbursement for the cost of remedying specified defects. ...
Foreclosed property is sold via a sheriff's deed. The amount received is used to pay the balance of any obligations against the owner or real estate. ...
Method of construction where part of the structure is supported by a cantilever beam or truss. ...
The term proxy comes from the power of attorney by which the holder of stockholders in a real estate company transfers voting rights to another stockholder. A proxy fight may arise in which ...
Initial user of real estate property, such as the first tenant in a newly constructed apartment building or office building ...
An unpreventable, overwhelming, and irresistible force. It is common to place a force majeure clause in a construction contract to indemnify a construction deadline in the event an act of ...
Same as term mortgage correspondent: Individual having permission to act ob behalf of a bank or other financial institution in a specified locality to attract interest borrowers. ...
In taxation, the excess of total long-term gains minus total long-term losses on the sale of real estate. Long-term classification is for real estate held one year or more. This is reported ...
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