Dictionary

Licensure

Definition:   the granting of licenses especially to practice a profession Pronunciation:    \ˈlī-sən-shər, -ˌshu̇r\ Used in a Sentence:    Licensure is obtained when an applicant passes the state license exam.

Licensee

Definition:   a person who has a valid real estate or appraisal license. Pronunciation:   \ˌlī-sən(t)-ˈsē\ Used in a Sentence:    Licensees owe a duty of good faith and honesty to customers....

License

Definition:   formal permission from a constituted authority to engage in a certain activity or business Pronunciation:   \ˈlī-sən(t)s\ Used in a Sentence:   In order to get your real estate license you...

Liabilities

Definition:   debts, financial obligations Pronunciation:   \ˌlī-ə-ˈbi-lə-tē\ Used in a Sentence:    In a personal financial statement, assets minus liabilities equal net worth.

Leverage

Definition:   the use of borrowed funds to purchase property with the expectation the property will increase in value and turn a profit. Pronunciation:  \ˈle-və-rij\ Used in a Sentence:   The developer decided...

Level-payment Plan

Definition:   a mortgage scheduled to be repaid in equal periodic payments that include both principal and interest. Pronunciation: Used in a Sentence:   Because we had a level-payment plan we knew...