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
Statement filed with a governmental authority declaring property a homestead for the purposes of securing a homestead exemption. The declaration of homestead has no effect on the property ...
The definition of the term “demise” covers more spectrums than just real estate related. Most commonly the term demise is used to talk about someone’s death. It is also ...
Party that receives part or all of a construction job to do from the general contractor. ...
Adding a period of time onto another. An examples a mortgagor who successfully restructures his loan by tacking another five years onto the term. ...
Removing a debt by making full payment. A mortgage discharge is a document formally specifying that a mortgage debt have been paid. It is typically recorded in a local property deeds ...
Increase in the amount of money available for businesses and people to by real estate because of lower interest rates. Easy money stimulates spending on investment such as houses. See also ...
Agreement by a lender to lend money to a borrower. A loan commitment typically includes the amount of money to be lent, the interest rate, and the period of the loan. ...
A knowledgeable person authorized to aid in the underwriting of property and casualty insurance. ...
Blockbusting is a despicable and illegal racist business practice. Here’s how Blockbusting happens: a real estate agent, or someone posing as one, comes to a homeowner and instills ...
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