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
Real estate property incentive offered for reasons other than individual merit. A discriminatory inducement is an effort to get an individual to buy or sell, rent, or lease real estate ...
Also called a title defect. Any claim, lien, or encumbrance which, if valid, may impair the owners title to the property. This cloud does not hinder transfer of ownership on the property, ...
(1) Methods that involve discounting the future cash flows generated by an income property. These techniques are used primarily for valuation. (2) Methods of selecting and ranking ...
A Homeowner’s Association (HOA) is an organized group of homeowners in a home subdivision, condominium, or cooperative complex. They come together and found a Homeowner’s ...
The apportioning, disbursing, dividing, offering, or parceling out of property among individuals. (1) Probate: Court order to divide up and distribute the contents of an estate after the ...
Also called demand note. A loan with no established maturity period, callable on demand by the lender for repayment. The interest on this type of loan is calculated on a daily basis and ...
Also called interim financing. A mortgage that provides the funds necessary for the building or construction of a real estate project. The project can be a residential subdivision, a ...
Simply put, probate is a legal proceeding whereby the will of a deceased is tested for validity. The definition of probate is not known to most Americans. According to a Gallup survey, ...
An increase in the price or market value of real estate. ...
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