Definition: the licensee requests that the DBPR cancel the license
Pronunciation: \ˈvä-lən-ˌter-ē\ \ri-ˈliŋ-kwish-mənt\
Used in a Sentence: When Sam decided to retire he notified the DBPR to voluntarily relinquish his license.
Definition: the license status that results when a licensee has met all of the requirements for licensure but chooses not to engage in the real estate business and has requested the license be put in this status.
Pronunciation: \ˈvä-lən-ˌter-ē\ \(ˌ)i-ˈnak-tiv\
Used in a Sentence: Mary placed her license in voluntary inactive status while she was on maternity leave.
Definition: a contract that because of the manner or method in which it was brought about, one of the parties is allowed to void contractual duties
Used in a Sentence: A minor’s contract is voidable because the minor can choose to void the contract.
Definition: an agreement for the tenant to pay specified rent increases based on a predetermined index (CPI) at set future dates
Pronunciation: \ˈver-ē-ə-bəl\ \ˈlēs\
Used in a Sentence: We signed a variable lease agreement on the office space.
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