Definition: a written agreement between holders of liens on a property that changes the priority of mortgage, judgement, or other liens under certain circumstances Pronunciation: \sə-bȯr-də-ˈnā-shən\ \ə-ˈgrē-mənt\ Used in a Sentence: The seller of the land agreed to a subordination agreement in order for the land to be ..
Definition: a clause in which the holder of a mortgage permits a subsequent mortgage to take priority Pronunciation: \sə-ˈbȯr-də-ˈnā-shən\ \ˈklȯz\ Used in a Sentence: This clause provides that if a prior mortgage is paid off or renewed, the junior mortgage will continue in its subordinate position and will not automatically become higher or first..
Definition: a legal process ordering a witness to appear and give testimony under penalty of law Pronunciation: \sə-ˈpē-nə\ Used in a Sentence: I received a subpoena to appear as a witness for the pr..
Definition: an act of suing; an action in a court of law for the recovery of a right or claim Pronunciation: \ˈsüt\ Used in a Sentence: The seller filed a suit against the broker for improper handling of esc..
Definition: emergency or immediate action taken by the Secretary of the DBPR against a license to protect the public Pronunciation: \ˈsə-mə-rē\ \sə-ˈspen(t)-shən\ Used in a Sentence: When it was discovered a broker was stealing thousands of dollars from an escrow account, a summary suspension was issued ag..
Definition: a lien that takes priority over all other liens Pronunciation: \su̇-ˈpir-ē-ər\ \ˈlēn\ Used in a Sentence: Real estate property tax liens are a type of supe..
Definition: the quantity of goods or services offered for sale to consumers Pronunciation: \sə-ˈplī\ Used in a Sentence: The supply of moderately priced houses is low creating a seller’..
Definition: to cause or cease operating for a period of time; the temporary withholding of a person’s license rendering it ineffective; a period of enforced inactivity Pronunciation: \sə-ˈspen(t)-shən\ Used in a Sentence: During a suspension, a licensee is prohibited from engaging in any real estate a..
Definition: an interior lot that suffers from its location at the end of a t-intersection Pronunciation: \ˌin-tər-ˈsek-shən\ Used in a Sentence: T-intersection lots are usually less desirable because of the inconvenience of car headlights shining into..
Definition: a written commitment from a financial institution certifying that permanent financing will be provided when the project is completed Pronunciation: Used in a Sentence: With a written takeout commitment from the future lender, it is much easier for a developer to find a constructi..