Definition: a legal term used to refer to evidence that is good and sufficient on its face to establish a given fact or prove a case; at first view Pronunciation: \ˌprī-mə-ˈfā-shə\ \ˈe-və-dən(t)s\ Used in a Sentence: Unless it is contradicted, prima facie evidence prov..
Category : P
Definition: a financial institution such as a savings association or bank, that makes mortgage loans directly to borrowers Pronunciation: \ˈprī-ˌmer-ē\ Used in a Sentence: We used our local bank as the primary lender for our..
Definition: the market in which lenders originate loans and make funds available directly to borrowers Pronunciation: \ˈprī-ˌmer-ē\ \ˈmär-kət\ Used in a Sentence: A commercial bank is an example of a lender found in the prima..
Definition: the party who hires a real estate broker to represent them in a real estate transaction; the amount of money borrowed in a mortgage loan, excluding interest Pronunciation: \ˈprin(t)-s(ə-)pəl\ Used in a Sentence: An agent is authorized to represent and act for the ..
Definition: imaginary line running north and south and intersecting a base line at a definite point, used by surveyors as reference to locate land under the government survey system Pronunciation: \ˈprin(t)-s(ə-)pəl\ \mə-ˈri-dē-ən\ Used in a Sentence: The Tallahassee principal meridian and base line are the reference lines that govern surveys i..
Definition: an economic law of value; no prudent buyer will pay more for a property than the cost of an equally desirable replacement property Pronunciation: \ˈprin(t)-s(ə-)pəl\ \ˌsəb-stə-ˈtü-shən\ Used in a Sentence: The principal of substitution sets an upper limit of value for a property by establishing the cost of acquiring an equally desirable substitute property on ..
Definition: a special form of insurance used to insure all of the mortgage representing more than 80% of appraised value or purchase price Pronunciation: \ˈprī-vət\ \ˈmȯr-gij\ \in-ˈshu̇r-ən(t)s\ Used in a Sentence: Because we only put 10% down on the purchase of the house we were required t..
Definition: a projected annual operating statement that shows expected income and expenses Pronunciation: Used in a Sentence: A pro forma statement should be clearly labeled as a projection and distinguished from operatin..
Definition: reasonable grounds or justification for prosecuting Pronunciation: \ˈprä-bə-bəl\ \ˈkȯz\ Used in a Sentence: The investigators determined there was enough probable cause to file ..
Definition: an administrative penalty imposed by the FREC that allows the licensee to continue to practice real estate under the guidance of the FREC Pronunciation: \prō-ˈbā-shən\ Used in a Sentence: The licensee was placed on probation as part of a disciplina..