License Laws
Definition of "License laws"
Laws enacted by every state governing the activities and requirements of real estate salespeople and brokers. Upon satisfying the necessary age and residency requirements and satisfactorily passing a license examination, a real estate salesperson or broker license is issued to the individual. The license will state the name of the individual. The date when the license was issued and what type of license it is, and often in the case of a real estate salesperson, the business address of the real estate broker with whom the individual is associated.
Popular Real Estate Terms
An adjustment to the internal rate of return (IRR) computation so as to improve this measure. This uses a risk-free after-tax rate and a customary rate for money reinvestment. ...
A legal procedure to sell a mortgage property to the highest bidder in order to satisfy a mortgage claim from a mortgagee against the value o the property. A foreclosure sale can occur from ...
Member Of the American Institute of Real Estate Appraisers. ...
In the business world, the definition of override means a salesperson paying a commission to a supervisor or another agent. The meaning of override refers to an arrangement for acquitting ...
System for human waste disposal where sewers do not exist. Pipes transport waste into septic tank and a leaching field purifies the fluids that come out of the septic tank before they join ...
A partition or wall that provides no support to the structure in which it is located. For example, a nonbearing partition or wall does not support any floors above it. A partition which ...
A financial obligation comes in several ways. In general terms, the meaning of liability refers to the amount of money an individual or company owes to a lender. We define the party holding ...
Rental based on a percent of sales or profit that in addition to the constant rental amount. ...
What does Act of God mean? Acts of God or “force majeure” is typically how an insurance policy classifies peril situations that could not be prevented or defended by men. ...
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