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
Something that has been built and physically exists at a specified location, such as a building, garage, etc. Something consisting of related parts, such as the organization and terms of ...
In a broader sense, Full Disclosure means presenting all information (significant or not, classified or not) related to a certain matter. In Real Estate, the term “Full ...
When you hear someone in real estate saying there will be a boring test, they don't mean a dull exam is coming up. What is a soil boring test? Let's find out the meaning of a boring test! ...
The individual who receives an interest in a life estate after the original life tenant's interest expires. This normally occurs after the death of the life tenant. For example, Mrs. ...
Legal order for a person to present at a deposition or trial documents in his possession, such as related to a real estate transaction. ...
Unit of measure for the change in interest rates for loans. One basis point equates to 1 percent of 1 percent, that is, 0.01 percent. Therefore, one hundred basis points equals 1 percent. ...
Landlord's right to receive the value of the tenant's property to pay for unpaid rents or for damages to the leased premises. ...
Current cost to replace property with an identical property after allowing for the depreciated value of the property. ...
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 ...
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