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
Personal income minus personal income tax payments and other government deductions. It is the personal income available for people to spend or save; also called take-home pay. It may be a ...
Total transfer of one's rights under a real estate contract to another. ...
Geographic area that has been designated by local government to have historical importance. The municipality provides various incentives including tax breaks to rehabilitate and preserve ...
Same as term insured loan: A loan indemnified against default by the borrower. Such loans may be a mortgage loan insured by a standard mortgage insurance policy or by FHA mortgage ...
Lessening of work assignments such as when a real estate management firm reduces the number of buildings assigned to each manager. By reducing someone's schedule, he will probably do a ...
The actual, physical and tangible fact in a given situation; a substantive body of positive evidence. ...
Interest based on a 360-day year instead of a 365-day year. The former is referred to as simple interest and the latter is termed exact interest. The difference between the two types of ...
Borrower who gives property as collateral for a loan. ...
(1) Price a buyer is willing to pay, or bid, for a certain piece of property. It is the highest price offered to buy the property. (2) Price per share that shareholders receive when they ...
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