Dictionary

Definition:   the largest real estate organization in the world with more than one million members including REALTORS® and REALTOR®-ASSOCIATES® representing all branches of the real estate industry Pronunciation: Used in a Sentence:  After I got my real estate license I joined the National Association of Realtors®.

Definition:   the license status when a sales associate has failed to successfully complete post-licensing education prior to the first renewal of the license or when a licensee has failed to renew tow or more renewal cycles Pronunciation:   \ˈnəl\ \ˈvȯid\ Used in a Sentence:   When the sales associate did not complete his post licensing course by his license expiration date his license became null and void.

Definition:   the substitution of a new legal obligation for an old one Pronunciation:    \nō-ˈvā-shən\ Used in a Sentence:    Unless there is a novation, a tenant assigning a lease to another still remains liable for the original lease.

Definition:    issued by the DBPR in the case of a minor rule violation that does not endanger the public safety, health or welfare Pronunciation:   \ˈnō-təs\ \(ˈ)nän-kəm-ˈplī-ən(t)s\ Used in a Sentence:   The broker was issued a notice of noncompliance for not having a proper entrance sign on his building.

Definition:  a document signed by the borrower of a loan and stating the loan amount, the interest rate, the time and method of repayment, and the obligation to repay Pronunciation: Used in a Sentence:   By signing the note, the buyer agreed to the terms of the mortgage and agreed to repay the loan amount.

Definition:   an estate in real property in which ownership is for a determinable time period, as in a lease Pronunciation:  \(ˈ)nän-ˈfrē-ˌhōld\\i-ˈstāt\ Used in a Sentence:   The nonfreehold estate granted us the right to use and possess the property for the duration of the lease.

Definition:   a mortgage loan, such as an FHA or VA,  that is insured or guaranteed by the federal government Pronunciation:    \(ˈ)nän-kən-ˈvench-nəl, -ˈven(t)-shə-nəl\ Used in a Sentence:   We applied for a nonconventional loan when purchasing our house.

Definition:  a permitted use of real property that was lawfully established and maintained at the time of its original construction but that no longer conforms to the current zoning law Pronunciation:   \(ˈ)nän-kən-ˈfȯrm\ Used in a Sentence:   A small grocery store located in an area that was later zoned residential is allowed to continue as a nonconforming use.

Definition:    a plea by a defendant in a criminal prosecution that without admitting guilt subjects the defendant to conviction as in the case of a guilty plea Pronunciation:  \ˈnō-(ˌ)lō-kən-ˈten-də-rē\ Used in a Sentence:    The defendant pleaded nolo contendere to the charges of arson.