Definition: A lot characterized by a long access road or driveway leading back to the main part of the lot. Pronunciation: Used in a Sentence: When we looked at the map we could see that the parcel of land was a..
Definition: What a sales associate does after a sale to maintain customer contact and goodwill. Pronunciation: \ˈfä-lō-ˌəp\ Used in a Sentence: A few weeks after the sale the agent did a follow-up with the buyers to make sure there were no..
Definition: A legal procedure whereby property used as security for a debt is sold to satisfy the debt owing to default in payment of the mortgage note or default in other terms of the mortgage document. Pronunciation: \(ˌ)fȯr-ˈklō-zhər\ Used in a Sentence: Once the owner stopped making mortgage payments, the lender started foreclosure proceedings ..
Definition: An outline of the charges against a licensee that must be addressed within the statutory time frame. Pronunciation: \ˈfȯr-məl\ \kəm-ˈplānt\ Used in a Sentence: The licensee received a formal complaint that detailed the charges ag..
Definition: Any agreement that contains all the essentials of a contract, including that it is in writing and under seal, a contract that depends on a particular form. Pronunciation: \ˈfȯr-məl\ \ˈkän-ˌtrakt\ Used in a Sentence: We had a formal contract with the broker to sell our..
Definition: A session in which testimony and evidence are presented, especially before an official. Pronunciation: \ˈfȯr-məl\ \ˈhir-iŋ\ Used in a Sentence: The licensee requested a formal hearing to review and rule on the dispute..
Definition: The intent to intentionally deceive or misrepresent a material fact in order to gain an unfair advantage or to harm another person. Pronunciation: \ˈfrȯd\ Used in a Sentence: He was found guilty of bank fra..
Definition: A secondary mortgage market institution that buys and sells conventional, FHA and VA loans. Pronunciation: Used in a Sentence: Two months after our closing our lender sold our mortgage to Fr..
Definition: Title to real property that is absolute and unburdened by any liens, mortgages, clouds or other encumbrances. Pronunciation: Used in a Sentence: After review the abstract of title the attorney’s opinion was the title was free ..
Definition: A tenancy in real property with no set end date that can be measured by the lifetime of an individual or can be inherited by heirs. Pronunciation: \ˈfrē-ˌhōld\\i-ˈstāt\ Used in a Sentence: Fee simple is the most comprehensive freeho..