Dictionary

Definition:   formal permission from a constituted authority to engage in a certain activity or business Pronunciation:   \ˈlī-sən(t)s\ Used in a Sentence:   In order to get your real estate licens...

Definition:   debts, financial obligations Pronunciation:   \ˌlī-ə-ˈbi-lə-tē\ Used in a Sentence:    In a personal financial statement, assets minus liabilities equal net worth.

Definition:   the use of borrowed funds to purchase property with the expectation the property will increase in value and turn a profit. Pronunciation:  \ˈle-və-rij\ Used in a Sentence:   The devel...

Definition:   a mortgage scheduled to be repaid in equal periodic payments that include both principal and interest. Pronunciation: Used in a Sentence:   Because we had a level-payment plan we knew...

Definition:  the landlord or owner; party granting a lease Pronunciation:  \ˈle-ˌsȯr, le-ˈsȯr\ Used in a Sentence:    Lessors are free to charge as much as they want for a house.

Definition:  a tenant or leaseholder; party given a lease Pronunciation:   \le-ˈsē\ Used in a Sentence:   The lessee has the right to expect the landlord to make all necessary repairs in a timely m...

Definition:  Title insurance that is issued for the unpaid mortgage amount that protects the lender against title defects. Pronunciation: Used in a Sentence:   The bank required a lender’s policy f...

Definition:  A right acquired by an adverse user to use the land of another, created through a court of law after long and uninterrupted use. Pronunciation: \ˈēz-mənt\ \pri-ˈskrip-shən\ Used in a S...

Definition:  real property that is owned by a unit of government and is not subject to taxation. Pronunciation:   \i-ˈmyün\ Used in a Sentence:  The county courthouse is immune from taxes.