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License
License 1) A privilege or right granted to a person by a state to operate as a real estate broker or salesperson. 2) The revocable permission for a temporary use of land.
RELATED TERMS--------------------------------------
Estate
The ownership interest of a person in real property, also used to refer to a deceased person's property.
Broker
A person who acts as an intermediary between two or more parties in connection with a transaction for a fee or commission.
Salesperson
A person employed directly or indirectly by a licensed real estate broker to perform various tasks and responsibilities.
Land
The earth's surface, extending downward to the center of the earth and upward infinitely into space, including things permanently attached by nature, such as trees and water.
SIMILAR TERMS--------------------------------------
PREVIOUS AND NEXT TERMS--------------------------------------
Levy
To assess, seize or collect. To levy a tax is to assess a property and set the rate of taxation.
Liabilities
A person's financial obligations. Liabilities include long-term and short-term debt, as well as any other amounts that are owed to others.
Liability coverage
Insurance coverage for injuries or losses sustained by the public when on an individual's property.
Liability insurance
Insurance coverage that offers protection against claims alleging that a property owner's negligence or inappropriate action resulted in bodily injury or property damage to another party.
LIBOR (London InterBank Offered Rate)
The interest rate offered on Eurodollar deposits traded between banks, also called swaps
License
Lien
A charge or claim by one party on the property of another as security for the payment of a debt.
Lien theory
Some states interpret a mortgage as being purely a lien on real property. The mortgagee thus has no right of possession but must foreclose the lien and sell the property if the mortgagor defaults.
Lien waiver
Documents signed by subcontractors and suppliers, indicating they have received payment in full.
Life
Cycle costing In property management, comparing one type of equipment to another based on both purchase cost and operating cost over its expected useful lifetime.
Life cap
For an adjustable-rate mortgage (ARM), a limit on the amount that the enterest rate can increase or decrease over the life of the mortgage.
This dictionary contains 6433 terms. |
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