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
Used in a Sentence: During a suspension, a licensee is prohibited from engaging in any real estate activities.
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
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
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.
Used in a Sentence: When I had to move out of town for business I signed a sublease for my apartment.