Definition: a remedy for an injured party obtained through a court of equity, which compels a party to carry out the terms of a contract Pronunciation: \spi-ˈsi-fik\ \pə(r)-ˈfȯr-mən(t)s\ Used in a Sentence: If awards of money damages do not afford sufficient relief, the wronged party may sue for specific performance to have the courts force the other ..
Definition: tax required on all deeds or other documents used as conveyances, charge is based on total purchase price Pronunciation: Used in a Sentence: The state documentary tax stamp on deeds is a one-time tax and is based on the purchase price of the..
Definition: tax required on all promissory notes, based on face value of note Pronunciation: Used in a Sentence: We had to pay the state documentary tax stamp on notes on the new and assumed notes on the..
Definition: tax required prior to a mortgage being recorded, based on the face value of the mortgage Pronunciation: Used in a Sentence: The state requires the payment of an intangible tax before a mortgage is..
Definition: a person verified by the DBPR as qualified to issue state-certified real property appraisals Pronunciation: Used in a Sentence: Many lenders require an appraisal from a state-certified appraiser before they will grant a mort..
Definition: risk that can be transferred to an insurer such as the risk of fire, vandalism, etc Pronunciation: \ˈsta-tik\ \ˈrisk\ Used in a Sentence: Because a fire is considered a static risk, the insurance would cover a..
Definition: an established rule or law passed by a legislative body Pronunciation: \ˈsta-(ˌ)chüt\ Used in a Sentence: Florida Statute Chapter 475 is also known as the Real Estate Professional Pra..
Definition: an act requiring that certain real estate instruments and contracts affecting title to real property be in writing in order to be enforceable Pronunciation: \ˈsta-(ˌ)chüt\ \ˈfrȯd\ Used in a Sentence: The statute of frauds applies to sales and purchase contracts, option contracts, and lease agreements and listing agreements of more than..
Definition: the law pertaining to the period of time within which certain actions must be brought to court Pronunciation: \ˈsta-(ˌ)chüt\ \ˌli-mə-ˈtā-shən\ Used in a Sentence: The statute of limitations on a written contract is fo..
Definition: law created by the enactment of legislation, as opposed to law created by judicial decision (common law) Pronunciation: \ˈsta-chə-ˌtȯr-ē\ Used in a Sentence: Chapter 475 pertaining to license law is a statutory law enacted by the Florida le..