Terms Used In Florida Regulations > Chapter 61E14-1 - Licensure

• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.