Real Estate Glossary

An individual or company in charge of finding, acquiring and managing the real estate property on behalf of the partnership

A real estate agent's license being temporarily withdrawn. Usually, reactivation is automatic the day after the suspension is lifted.

There are various grounds for suspension, including failure to comply with educational requirements, violation of the law or conduct deemed requirements, violation of the law or conduct deemed unethical by the department. A suspension carries with it a term during which the license may not perform any function that requires a license.

A clause that allows real estate buyers to back out of a purchase contract during a fixed period of time that precedes it's official closing date

Any abuse, disobedience, lawbreaking, transgression, or wrongdoing. It may result in punishment or litigation