Definition: Payment of money from someone other than the buyer or seller associated with real estate business. Pronunciation: \ˈkik-ˌbak\ Used in a Sentence: Sharing a portion of the commission with a party to the transaction is an example of a legal..
Definition: A policy that allows businesses to operate with very little interference from the government. Pronunciation: \ˌle-ˌsā-ˈfer, ˌlā-, -ˌzā-\ Used in a Sentence: During the industrial revolution, the philosophy of laissez-faire prevailed among business and politica..
Definition: The surface of the earth extending down to the center and upward to the sky, including all natural things attached such as trees, water, plus the minerals below the surface and the air rights above. Pronunciation: Used in a Sentence: The physical components of land consist of surface rights, air rights and subsurfa..
Definition: A definite and positive written description of a specific parcel of land and its location. Pronunciation: \ˈland\ \di-ˈskrip-shən\ Used in a Sentence: The deed contained the land description of the property we we..
Definition: Real property that has no access to a public road or way. Pronunciation: \ˈland-ˌläkt\ Used in a Sentence: Because the lot was landlocked an easement of necessity was granted in order to ga..
Definition: One not belonging to or connected with a particular profession. Pronunciation: \ˈlā\ \ˈmem-bər\ Used in a Sentence: Two of the seven members on the Florida Real Estate Commission are la..
Definition: An agreement that does not convey ownership but does convey possession and use for a period of time and for compensation, an estate for years. Pronunciation: \ˈlēs\ Used in a Sentence: We signed a long-term lease on the office space in the..
Definition: A tenancy in real property held under a lease arrangement for a definite number of years; nonfreehold. Pronunciation: \ˈlēs-ˌhōld\ \i-ˈstāt\ Used in a Sentence: Under a lease, the tenant possesses a leasehold estate and the landlord possesses the reversi..
Definition: A description of a particular piece of property in such a way that uniquely identifies that parcel from any other property. Pronunciation: \ˈlē-gəl\ \di-ˈskrip-shən\ Used in a Sentence: A legal description is required on all deeds, mortgages and assignment ..
Definition: A complaint that contains facts that indicate a violation has occurred of a Florida statute or a FREC or DBPR rule. Pronunciation: \ˈlē-gəl-ē\\sə-ˈfi-shənt\ Used in a Sentence: Upon investigation, it was determined the complaint was legally sufficient t..