Definition of "Licensee"
In general terms, a licensee means a person or legal entity who has received authorization or permission to perform a particular activity through another party (the licensor in our case.) As a consequence, the licensee has certain obligations to meet. For instance, they have to pay a specific fee or share from their revenue for using the licensor’s permission.
You can find the term operating licensing agreement in various business domains, such as entertainment, media, and technology. Additionally, as stipulated in licensing agreements, a licensee is granted legal capacity in franchises, government, and brand licenses.
Who is a real estate licensee?
A real estate licensee lawfully retains a real estate salesperson or broker’s license. A licensee has satisfactorily passed a real estate salesperson’s or broker’s license examination and meets the real estate salesperson’s or broker’s license state legal requirements. In many states, the employing real estate broker can retain a real estate salesperson’s license.
Once the licensee obtained their real estate license, they can lawfully broker, sell, or rent properties to potential house buyers or tenants. Furthermore, they can perform their activity in various profitable real estate niches, representing a real estate brokerage. The US doesn’t allow realtors to perform this work without a real estate license.
By definition, a real estate licensee has permission to enter a property they represent, otherwise off-limits for the general public. The real estate’s owner provides the agent with this authorization to use the said land.
Real estate licensee as a creditor
Suppose the seller wishes in-depth assistance. Then, the licensee can aid the owner in deciding whether a potential buyer is certified for getting credit or a mortgage loan. You can consider a real estate licensee a “creditor” then. However, this rule applies to purchase-money mortgage sales or under a land contract. This type of contract refers to a seller who holds on to the property’s legal title. At the same time, they enable the buyer to use the land for various purposes.
The professional path of a real estate licensee
Students interested in acquiring a real estate license are expected to pass a real estate licensing exam. After the exam, which differs from state to state, they’ll become a real estate licensee or agent. Soon, they will be issued a pocket license card, proving their authority to represent clients legally. We highly recommend new real estate licensees join a real estate agency to get first-class mentorship and experience in the field. An excellent real estate agent can choose to dream big and pursue a broker’s career.
Popular Real Estate Terms
A land property estate contingent upon the occurrence or lack of occurrence of a particular event whereupon it can be created, augmented, or dismantled. ...
Money paid for a real estate project or investment that can be taken off on the tax return as an expense. Expenditures made during construction of a building that do not go directly into ...
A special agent in real estate is a real estate agent hired to do a specific task or job, as opposed to a general agent, who is a real estate agent who can do any task he or she is assigned ...
Operating property for business use, such as managing an office complex. ...
Gentrification is an urban development phenomenon wherein a specific area changes its population profile by way of an economic appreciation of its real estate. The best way to understand ...
Easement with the objective of keeping scenic beauty or to forbid constructing something else blocking that view. The property is retained in its natural setting. ...
Gift of real property as stipulated in a will. ...
An attached dwelling in a multiple housing complex having at least two floors and usually a garage. Such dwellings are typically found in condominiums and cooperatives. ...
Cubic unit of measure for a board one-foot long, one-foot wide and one inch thick, or 144 cubic inches. These measurements are not actual, since they are stated prior to finishing and ...
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