License Examination
Definition of "License examination"
Formal written examination given in every state to those people being the age of majority and qualifying to be a real estate salesperson or broker. The examination can consist of multiple choice, fill-in, or essay questions on general matters concerning the real estate law, practices, and profession as well as mathematics and general logic. Upon successfully passing the examination, the individual will receive a real estate salesperson or brokers license depending on the type of examination taken and the applicant's qualifications.
Popular Real Estate Terms
Suppose you wish to become a legit professional in a specific domain. In that case, you have to get a license, an official permit, or a document. A license acknowledges your studies and ...
Changing property ownership. An example is the sale of a home to another. ...
Land surveying measurement that is 16.5 feet in length, or 5 1/2 yards. A perch is also called a rod or a pole. Today the term perch is seldom used. It is found in old deeds, surveys, and ...
House made using standardized components that are preassembled on an assembly line in a factory rather than being built from "scratch" on a site. Normally, the prefabricate house is trucked ...
Voluntary giving up of a right of a lien, usually on a temporary basis. The waiver may be explicitly stated or implied. An example is when a lender waives its right of lien against ...
A promise to uphold a guarantor's contractual or financial responsibility in the even of default. ...
Certification granted by the Realtors National Marketing Institute upon successful completion of an education program and the required residential sales experience. Candidates must already ...
Place where real estate is situated. The geographic location of property affects its value. For example, real estate in a good neighborhood is worth more. ...
Bankruptcy declared by any insolvent person or business. In contrast to involuntary bankruptcy, which is applied for by the creditors. ...
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