Definition: A state tax imposed on the transfer or conveyance of realty or any realty interest by means of deed, lease, sublease, assignment or similar instrument.
Used in a Sentence: The documentary tax stamp on the deed was $524.50.
Definition: One with whom the broker or sales associate hopes to be successful in achieving the purpose of employment. Per Section 475.01, F.S., a member of the public who is or may be a buyer or seller of real property and may or may not be represented by a real estate licensee in an authorized brokerage relationship.
Used in a Sentence: The sales associate hoped to sign a new customer when the couple asked about selling their house.
Definition: When the correction of a defect results in as much added value as the cost to correct the defect.
Pronunciation: \ˈkyu̇r-ə-bəl\ \di-ˌprē-shē-ˈā-shən\
Used in a Sentence: The repair of the cracked driveway was considered a curable depreciation because the owners were able to recoup the costs by getting a higher price for their house.
Definition: Insufficient attention to duties and responsibilities by those who know, or should know, what is required of them.
Pronunciation: \ˈkəl-pə-bəl\ \ˈne-gli-jən(t)s\
Used in a Sentence: The broker was charged with culpable negligence for not managing his agents properly.
Definition: A street that is designed to connect to another street at only one end with a circular turnaround at the other end.
Pronunciation: \ˈkəl-di-ˌsak, ˈku̇l-; ˌkəl-di-ˈ, ˌku̇l-\
Used in a Sentence: Many people prefer to live on a cul-de-sac because there is less traffic.
Definition: To make an entry on the right or credit side of an account; or, a payment of value received.
Used in a Sentence: The purchase price of the property was entered as a credit to the seller on the closing statement.
Definition: A warranty, guarantee, or promise formally given in a legal document.
Pronunciation: \ˈkəv-nənt, ˈkə-və-\
Used in a Sentence: A covenant of seisin was in the deed showing the grantor is in possession of the property and has the good right to sell it.
Definition: A rejection of the original offer by proposing a new offer, thereby terminating the original offer.
Pronunciation: \ˈkau̇n-tər-ˌȯ-fər, -ˌä-fər\
Used in a Sentence: The seller rejected the initial offer and came back with a counteroffer.
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