Definition: an agreement between two states that allows a real estate licensee with a valid license in one of the states to practice real estate in both states Pronunciation: \ˌre-sə-ˈprä-s(ə-)tē\ Used in a Sentence: There is no reciprocity between Florida and any ot..
Definition: a determination by an administrative law judge that includes findings and conclusions, as well as the recommended penalty, if any, required by law or agency rule Pronunciation: \ˌre-kə-ˈmend\ \ˈȯr-dər\ Used in a Sentence: After reviewing all of the facts of the case, the administrative judge issued a recommen..
Definition: to place any document or instrument affecting title or an interest in real property in the public records of the county in which the property is located Pronunciation: \ri-ˈkȯrd\ Used in a Sentence: Several of the legal instruments signed at closing should be recorded to give constructive notice of new ownership and debt ..
Definition: the assigned period of time over which property is depreciated for tax purposes Pronunciation: \ri-ˈkə-və-rē\ \ˈpir-ē-əd\ Used in a Sentence: We were given a 5 year recovery period on our..
Definition: the right of mortgagors who have defaulted on the mortgage note to redeem or get back their title to the property by paying off the entire mortgage before the foreclosure sale Pronunciation: \ri-ˈdem(p)-shən\ Used in a Sentence: Before a property has been sold at a foreclosure sale the mortgagor has the right of redemption ..
Definition: discriminatory financing by a lending institution Pronunciation: \ˈred-ˌlīn\ Used in a Sentence: The usual justification for redlining is the lender wants to limit the risks in an area that is dete..
Definition: authorization by the state to place an applicant on the register (record) of officially recognized individuals and businesses Pronunciation: \ˌre-jə-ˈstrā-shən\ Used in a Sentence: A person must have a valid registration on file in order to get thei..
Definition: the principal of appraisal that states that the value of a better property is adversely affected by its association with an inferior property of the same type Pronunciation: \ri-ˈgre-shən\ Used in a..
Definition: a provision found in many blanket mortgages enabling the mortgagor to obtain partial releases of specific parcels from the mortgage upon a payment of a designated amount Pronunciation: \ri-ˈlēs\ \ˈklȯz\ Used in a Sentence: The builder had a release clause for the mortgage on the property he was developing so he could give a ..
Definition: the gradual recession of water leaving land permanently uncovered Pronunciation: \ri-ˈlik-shən\ Used in a Sentence: As a result of reliction, the size of the property had increased over ..