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Might I suggest you Google it?
Should be used all the time, But when a buyer or seller should know something obvioous,,,, and that thing finaincial hurts them they tend to claim no responsibility. And BLAME their Realtor.
Hope your classes went well and you are earning a good living as an agent now.
Jacqueline.....You won't learn much if you don't ask. You asked, good for you. As suggested by other answers to your question google the term as it relates to Real Estate.
So, are you a student? You can probably find an answer that applies to your particular jurisdiction using Google.
Usually on the real estate licensing exam.
I think Susan Emo has a great suggestion.
Why do you keep asking questions that you should be looking up on your own. Please do your own homework.
I suggest you search and do your own home work. Whenever you are licensed we may be able to help you.