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
Aerial navigation that may interfere with a property owner, such as creating undue noise. The value of land near an airport may decline in value for this reason. Further airport congestion ...
Clause in an open-ended mortgage permitting the mortgagor to borrow additional sums of money in the future pledging than same real property collateral. A construction loan has a future ...
Provision of the Internal Revenue Code applying to gains from the sale of personal property subject to depreciation. In most cases, the gains are at the capital gains tax rate limited to ...
(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) ...
Day the attachment of property under a judicial order becomes effective. ...
Act occurring after the fact. ...
There are two definitions of annexation in real estate. The first definition of annexation in real estate deals with the expansion of cities and the accompanying zoning laws. When a city ...
Current cost to replace property with an identical property after allowing for the depreciated value of the property. ...
Significant elevation of land. Narrow upward strip. Connection of edges between different sloping surfaces. ...
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