Dictionary
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Suspension
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.
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Superior Lien
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.
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Summary Suspension
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.
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Subordination Clause
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.
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Subordination Agreement
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.