Dictionary

Definition:   to cause or cease operating for a period of time; the temporary withholding of a person’s license rendering it ineffective; a period of enforced inactivity Pronunciation:   \sə-ˈspen(t)-shən\ Used in a Sentence:   During a suspension, a licensee is prohibited from engaging in any real estate activities.

Definition:  the quantity of goods or services offered for sale to consumers Pronunciation:  \sə-ˈplī\ Used in a Sentence:    The supply of moderately priced houses is low creating a seller’s market.

Definition:  a lien that takes priority over all other liens Pronunciation:   \su̇-ˈpir-ē-ər\ \ˈlēn\ Used in a Sentence:    Real estate property tax liens are a type of superior lien.

Definition:   emergency or immediate action taken by the Secretary of the DBPR against a license to protect the public Pronunciation:   \ˈsə-mə-rē\ \sə-ˈspen(t)-shən\ Used in a Sentence:   When it was discovered a broker was stealing thousands of dollars from an escrow account, a summary suspension was issued against him.

Definition:   an act of suing; an action in a court of law for the recovery of a right or claim Pronunciation:   \ˈsüt\ Used in a Sentence:   The seller filed a suit against the broker for improper handling of escrow funds.

Definition:   a legal process ordering a witness to appear and give testimony under penalty of law Pronunciation:   \sə-ˈpē-nə\ Used in a Sentence:   I received a subpoena to appear as a witness for the prosecution.

Definition:   a clause in which the holder of a mortgage permits a subsequent mortgage to take priority Pronunciation:   \sə-ˈbȯr-də-ˈnā-shən\ \ˈklȯz\ Used in a Sentence:    This clause provides that if a prior mortgage is paid off or renewed, the junior mortgage will continue in its subordinate position and will not automatically become higher or first mortgage.

Definition:   a written agreement between holders of liens on a property that changes the priority of mortgage, judgement, or other liens under certain circumstances Pronunciation:     \sə-bȯr-də-ˈnā-shən\  \ə-ˈgrē-mənt\ Used in a Sentence:   The seller of the land agreed to a subordination agreement in order for the land to be developed.

Definition:   a lessee leasing a property to a third party for a period of time less than the original lease.  Also called subletting. Pronunciation:   \ˈsəb-ˈlēs\ Used in a Sentence:   When I had to move out of town for business I signed a sublease for my apartment.