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
Written agreement, guarantee, pledge, or promise annexed to the land between two or more parties to do or not to do something and is transferred to successive title holders. For example, in ...
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(1) Right to engage in and earn from a particular activity in return for services or for a particular use. (2) Reduced price used as an incentive. (3) Permission or right, granted by a ...
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