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
English-style home. It is usually 2-stories high. The roof is of a hip type. The chimney is on the side of the home. ...
Agreement by a lender to loan money to suitable borrowers within a given time period but without identifying those borrowers. ...
Legal obligation to pay for a benefit received as if a contract has actually occurred. This may arise in a few cases so that an equitable situation occurs. An example is when a homeowner ...
Additional tax liability that the IRS deems to be owed by a taxpayer. A taxpayer can argue the correctness of a deficiency with the IRS. There can be an appeal to the Tax Court without ...
Considerations used by lenders in appraising a prospective homebuyer' credit application. They are: Character, Capacity (cash Flow), Capital, Collateral and Conditions (economic status) ...
Standard language in real estate contracts and prospectuses-usually in small print. ...
Metal hardware within the construction that is typically not visible, such as bolts, nails, and screws. ...
Capability of a party to enter into a contract such as having the financial and physical resources as well as mental competency to meet contractual commitments. ...
When answering the question of what is a real estate investor, several aspects should be considered. First, a real estate investor, also known as a real estate entrepreneur, allocates ...
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