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
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
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
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
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
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
Used in a Sentence: The defendant pleaded nolo contendere to the charges of arson.
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