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 administrator appointed by the government or the courts to administer the laws relating to a government agency or court. A commissioner is a part of a government or court commission. ...
Effective Age is the counterpart to a property’s Actual Age. While the former refers to the date a property was built, the latter is more of a sensorial depiction of its age; the age ...
Organizational governing group. Either an appointed or elected body overseeing the management of an organization and rendering advice on current issues. Members are legally responsible for ...
Also called real property. Anything permanently affixed to the land, such as buildings, walls, fences, and shrubs, as well as the rights to own or use them. It is distinguished from ...
Materials that are inherently noncombustible, are widely used in constructing exterior surfaces and include brick, aluminum siding, cement, and asbestos shingles. ...
Commercial building having several different uses blending together. For example, retail shops are on the first floor, professional offices are on floors two through ten, and a restaurant ...
Capital appreciation financial goals set by a company or an individual over an extended period of time. Long-term capital goals establish a method for achieving the capital goal outcome ...
An apartment complex providing tenants access to a lawn area. ...
The portion of property income due to the ground value itself. It is used in a few states whereby an individual can own a structure and rent the ground to occupy a plot of land. ...
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