Common Joe 'n Jane Real Estate Wiki

Real estate exam prep made easy! Dive into our wiki for key concepts and study materials tailored for success in your exams.

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
<--Back to Wiki Home
Bite sized definition logo.

Define License in Real Estate

License: 

A license is a legal authorization given to someone that allows them to conduct a specific type of business or to use someone else's property for a specific purpose. It's a revocable right that can be taken away at any time by the owner.

Example: 

For example, a real estate agent needs a license to legally conduct business in the state in which they work. Similarly, a homeowner may grant a license to a neighbor to use a portion of their property for a specific purpose, such as accessing a shared driveway.

Illustration of Dumb Ox mascot.

"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"

A license is a right, it's true,
To use someone's property or conduct a business anew.
It's granted by the owner or the state,
And can be taken away at any rate.

A real estate agent needs a license to sell,
And help people find a home that suits them well.
A homeowner can grant a license too,
To a neighbor or friend, for a purpose that's true.

But remember, a license is not forever,
It can be revoked whenever.
It doesn't attach to the property at all,
And ends when either party takes their final call.

Invest in Your Future.

Buy Access Now!