Dictionary

Definition:   A tenancy in real property with no set end date that can be measured by the lifetime of an individual or can be inherited by heirs. Pronunciation:   \ˈfrē-ˌhōld\\i-ˈstāt\ Used in a Se...

Definition:  Title to real property that is absolute and unburdened by any liens, mortgages, clouds or other encumbrances. Pronunciation: Used in a Sentence:    After review the abstract of title t...

Definition:   A secondary mortgage market institution that buys and sells conventional, FHA and VA loans. Pronunciation: Used in a Sentence:   Two months after our closing our lender sold our mortg...

Definition:   The intent to intentionally deceive or misrepresent a material fact in order to gain an unfair advantage or to harm another person. Pronunciation:  \ˈfrȯd\ Used in a Sentence:   He w...

Definition:   A session in which testimony and evidence are presented, especially before an official. Pronunciation:  \ˈfȯr-məl\ \ˈhir-iŋ\ Used in a Sentence:    The licensee requested a formal he...

Definition:  Any agreement that contains all the essentials of a contract, including that it is in writing and under seal,  a contract that depends on a particular form. Pronunciation:   \ˈfȯr-məl...

Definition:   An outline of the charges against a licensee that must be addressed within the statutory time frame. Pronunciation:   \ˈfȯr-məl\ \kəm-ˈplānt\ Used in a Sentence:   The licensee recei...

Definition:   A legal procedure whereby property used as security for a debt is sold to satisfy the debt owing to default in payment of the mortgage note or default in other terms of the mortgage d...

Definition:   What a sales associate does after a sale to maintain customer contact and goodwill. Pronunciation:   \ˈfä-lō-ˌəp\ Used in a Sentence:   A few weeks after the sale the agent did a foll...