Definition of "Licensee"
In general terms, a licensee means a person or legal entity who has received authorization or permission to perform a particular activity through another party (the licensor in our case.) As a consequence, the licensee has certain obligations to meet. For instance, they have to pay a specific fee or share from their revenue for using the licensor’s permission.
You can find the term operating licensing agreement in various business domains, such as entertainment, media, and technology. Additionally, as stipulated in licensing agreements, a licensee is granted legal capacity in franchises, government, and brand licenses.
Who is a real estate licensee?
A real estate licensee lawfully retains a real estate salesperson or broker’s license. A licensee has satisfactorily passed a real estate salesperson’s or broker’s license examination and meets the real estate salesperson’s or broker’s license state legal requirements. In many states, the employing real estate broker can retain a real estate salesperson’s license.
Once the licensee obtained their real estate license, they can lawfully broker, sell, or rent properties to potential house buyers or tenants. Furthermore, they can perform their activity in various profitable real estate niches, representing a real estate brokerage. The US doesn’t allow realtors to perform this work without a real estate license.
By definition, a real estate licensee has permission to enter a property they represent, otherwise off-limits for the general public. The real estate’s owner provides the agent with this authorization to use the said land.
Real estate licensee as a creditor
Suppose the seller wishes in-depth assistance. Then, the licensee can aid the owner in deciding whether a potential buyer is certified for getting credit or a mortgage loan. You can consider a real estate licensee a “creditor” then. However, this rule applies to purchase-money mortgage sales or under a land contract. This type of contract refers to a seller who holds on to the property’s legal title. At the same time, they enable the buyer to use the land for various purposes.
The professional path of a real estate licensee
Students interested in acquiring a real estate license are expected to pass a real estate licensing exam. After the exam, which differs from state to state, they’ll become a real estate licensee or agent. Soon, they will be issued a pocket license card, proving their authority to represent clients legally. We highly recommend new real estate licensees join a real estate agency to get first-class mentorship and experience in the field. An excellent real estate agent can choose to dream big and pursue a broker’s career.
Popular Real Estate Terms
The amount of rent a property could command in the open market. See also market rent. ...
A method of brick construction where the bricks are laid with their sides facing outward. ...
Has not been registered on the companies books. It belongs to the person holding it. See also bearer bond; bearer instrument. ...
Regularly, subsequent means something which occurs at a later date. In other words, a subsequent event follows a prior occurrence. For example, new circumstances arise after a contract is ...
Provision guaranteeing the return of title to a mortgagor upon satisfaction of a mortgages conditions and terms. Causes the discharge of a mortgagees estate interest in a property. ...
Are you speculating what a spec house means? (sorry for the lousy pun) The textbook spec (or speculative) house definition is “one built on an experimental basis, without an order ...
percentage relationship of a specific part of property to the whole property. An example is the square footage of one office to the square footage of all offices in an office building. ...
Insects that destroy the support wood in the structure of a building. Termite inspection should be periodically performed to detect their existence. If an infestation is confirmed, the ...
Payment made instead of taxes, For example, a tax-exempt institution, such as a state government complex of buildings, may make an offsetting in lieu of tax contributory payment to the ...
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