Definition: an estate in real property in which ownership is for a determinable time period, as in a lease Pronunciation: \(ˈ)nän-ˈfrē-ˌhōld\\i-ˈstāt\ Used in a Sentence: The nonfreehold estate granted us the right to use and possess the property for the duration of ..
Category : N
Definition: a document signed by the borrower of a loan and stating the loan amount, the interest rate, the time and method of repayment, and the obligation to repay Pronunciation: Used in a Sentence: By signing the note, the buyer agreed to the terms of the mortgage and agreed to repay the lo..
Definition: issued by the DBPR in the case of a minor rule violation that does not endanger the public safety, health or welfare Pronunciation: \ˈnō-təs\ \(ˈ)nän-kəm-ˈplī-ən(t)s\ Used in a Sentence: The broker was issued a notice of noncompliance for not having a proper entrance sign on his..
Definition: the substitution of a new legal obligation for an old one Pronunciation: \nō-ˈvā-shən\ Used in a Sentence: Unless there is a novation, a tenant assigning a lease to another still remains liable for the origi..
Definition: the license status when a sales associate has failed to successfully complete post-licensing education prior to the first renewal of the license or when a licensee has failed to renew tow or more renewal cycles Pronunciation: \ˈnəl\ \ˈvȯid\ Used in a Sentence: When the sales associate did not complete his post licensing course by his ..