Definition: The governmental body that hears all formal hearings stemming from an administrative complaint against a licensee. Pronunciation: Used in a..
Category : D
Definition: A window that is in a part of a building that sticks out from a slanted roof. Used to provide additional headroom, light and ventilation to an upstairs room. Pronunciation: \ˈdȯr-mər\ Used in a Sentence: The builder added a dormer window to the upstairs bedroom so that there was more..
Definition: A window consisting of two sashes that move up and down in a pair of channels and are held open by tension springs. Pronunciation: \ˌdə-bəl-ˈhəŋ\ Used in a Sentence: Because only half of a double-hung window can be opened at one time they provide less ventilation than other types o..
Definition: A portion of the purchase price paid prior to closing the transaction. Earnest money may be either part of or the entire down payment. Pronunciation: \ˈdau̇n\ \ˈpā-mənt\ Used in a Sentence: By making a larger down payment, we were able to get a lower payment on..
Definition: A situation where an agent (or agency) represents both principals in a transaction. (not a legal agency relationship in Florida). Pronunciation: \ˈdü(-ə)l\ \ˈā-jən(t)\ Used in a Sentence: It is illegal for a real estate licensee to operate as a dual agent i..
Definition: An acceleration clause found in most mortgage loans, requiring the mortgagor to pay off the entire mortgage debt when the property is sold. Pronunciation: Used in a Sentence: When we sold the house the due-on-sale clause specified that the balance of the mortgage needed to be pai..
Definition: The risk that arises from the constant change in the business environment and thus dynamic risk cannot be transferred to an insurer. Pronunciation: \dī-ˈna-mik\ \ˈrisk\ Used in a Sentence: The slow down of the economy was a dynamic risk that affected the store’s sal..