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Florida Real Estate
Chapter 14
7
Real Estate & Planning
Not Applicable
06/04/2005

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Cards

Term
arrears
Definition
the state of been behind in the discharge of an obligation or paid at the end of the period for which due the opposite of an advance
Term
credit
Definition
as a verb to make an entry on the right or credit side of an account as a noun payment or value received
Term
debit
Definition
as a verb to make an entry on the left or charge side of an account as a noun a charge or expense
Term
level payment plan
Definition
a method for amortizing a mortgage whereby the borrower pays the same amounts each month
Term
principal
Definition
the party employing the services of a real estate broker or the amount of money borrowed in a mortgage loan excluding interest and other charges
Term
profit
Definition
the amount one makes over and above one's costs
Term
prorate
Definition
to divide or excess proportionate shares of charges and credits between the buyer and seller according to their individual period of ownership
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