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
A column designed to support a concentrated load. A pier column is made out of steel, steel reinforced concrete or wood. A structure extending out into the water supported by numerous ...
A situation that occurs when borrowed funds cost more than they produce. ...
Intermediate debt (5 to 10 years) without periodic payments but the entire amount (balloon payment) is due at the maturity date. If full payment is not made, the lender may foreclose on the ...
Lawsuit brought by one or more persons of a large group for the benefit of all members of the group. ...
Action that is beyond that allowed legally. Examples are charging illegally high interest rate on mortgages and real estate exceeding the amount permissible by legal statute, and a real ...
(1) Agreement to sell real estate with a pre-arranged reverse but at an established price. This may not be legal in some instances, and any resulting losses may not be tax deductible. (2) ...
Modification in the amount of money involved for some justifiable reason. ...
Real estate broker specializing in the listing and selling of commercial property. This property can include apartments, businesses, hotels, industrial, retail or wholesale uses. ...
Property zoning having the net effect, intended or not, of excluding the poor and minority groups from living in a particular area. Building lot size is the most frequently used ...
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