Dictionary

Definition: The formal act of announcing a statute or an administrative rule. Pronunciation: \ˈprä-məl-ˌgāt\ Used in a Sentence: The FREC may promulgate rules and regulations. Demystifying "Promul...

Definition:   a written promise to pay a certain sum of money to another at a future specified time Pronunciation:   \ˈprä-mə-ˌsȯr-ē\\ˈnōt\ Used in a Sentence:   A broker must disclose to the sell...

Definition:   a principal of appraisal that states that the value of an inferior property is enhanced by its association with superior properties of the same type Pronunciation:    \prə-ˈgre-shən\ ...

Definition:  a projected annual operating statement that shows expected income and expenses Pronunciation: Used in a Sentence:   A pro forma statement should be clearly labeled as a projection and ...

Definition:   money that is made in a business after all the costs and expenses are paid Pronunciation:   \ˈprä-fət\ Used in a Sentence:   The company made a profit this year.

Definition:   a member of the FREC that holds either an active broker license or an active sales associate license Pronunciation:   \prə-ˈfesh-nəl\ \ˈmem-bər\ Used in a Sentence:    The broker from...

Definition:   a business corporation consisting of one or more individuals engaged in a primary business that provides a professional service (e.g., lawyer, doctor) Pronunciation:    \prə-ˈfesh-nəl...

Definition:   the person whose efforts are the cause of an executed sale contract, regardless of who actually writes the contract Pronunciation:   \prə-ˈkyu̇r, prō-\ Used in a Sentence:    To be a ...

Definition:   an administrative penalty imposed by the FREC that allows the licensee to continue to practice real estate under the guidance of the FREC Pronunciation:   \prō-ˈbā-shən\ Used in a Sen...