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 ..
Definition: a cause of depreciation in a property, can be external or functional Pronunciation: \ˌäb-sə-ˈles-əns\ Used in a Sentence: The lack of enough bathrooms in the house is an example of functional obs..
Definition: the percentage of rental units that are occupied Pronunciation: \ˈä-kyə-pən(t)-sē\\ˈrāt\ Used in a Sentence: The occupancy rate for the apartment building was high due to only a few em..
Definition: a promise by one party to act or perform in a specified manner, provided the other party acts or performs in the manner requested Pronunciation: \ˈȯ-fər, ˈä-\ Used in a Sentence: An offer demonstrates an intention to enter into a..
Definition: a branch of the U.S. Treasury Department that replaced the Federal Home Loan Bank Board as regulator of the thrift industry Pronunciation: Used in a..
Definition: a listing given to any number of brokers who can work simultaneously to sell the owner’s property Pronunciation: Used in a Sentence: An open listing is often used by builders or co..
Definition: the purchase and sale of U.S. Treasury and federal agency securities Pronunciation: \ˌä-pə-ˈrā-shən\ Used in a Sentence: The Fed’s principal and most effective tool for implementing monetary policy is open market o..