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brokerage - The business of bringing buyers and sellers together and assisting in negotiations for the terms of sale of real estate. real estate broker - A person or an organization acting as the agent for others in negotiating the purchase and sale of real property or other commodities for a fee real estate salesperson - A person performing any of the acts included in the definition of real estate broker but while associated with and supervised by a broker residential property - A type of property that includes one to four dwelling units commercial property - Property that produces rental income or that is used in business. Properties with five or more dwelling units are considered commercial property. industrial property - Property that is used by companies or persons for manufacturing, warehousing, or the assemblage of components special purpose property - A category of real property created as a result of combining the land and its improvements for a single highest and best use mixed use property - Any urban, suburban or village development, or even a single building, that blends a combination of residential, commercial, cultural, institutional, or industrial uses, where those functions are physically and functionally integrated, and that provides pedestrian connections brokerage - The business of bringing buyers and sellers together and assisting in negotiations for the terms of sale of real estate is known as...? public parks - Government held properties include which of the following...? yes -
Texas Principles of Real Estate 1 Latest
2023 study guide
Must property inspections must be licensed by the Texas Real Estate Commission...?
demand - The amount of goods consumers are willing and able to buy at any given price during any given time period
demography - The study of the social and economic statistics of a community no - Is value the same as price? cost of labor - Which of the following affects supply...? Employment Cost of labor Population All of the above improvements - Changes or additions made to a property, such as walls and roads are known as...? value - The present worth of future benefits is referred to as...? agent - A person authorized to act on behalf of another principal - The employer of an agent customer - The party the agent brings to the principal as seller or buyer of the property. general agent - An agent with full authority over one property of the principal, such as a property manager special agent - An agent with limited authority to act on behalf of the principal, such as created by a listing listing contract - A contract in which a property owner employs a real estate broker to market the property described in the contract fiduciary duty - That duty owed by an agent to act in the highest good faith toward the principal and not to obtain any advantage over the latter by the slightest misrepresentation, concealment, duress or pressure
caveat emptor - Let the buyer beware. The buyer must examine the goods or property and buy at his or her own risk disclosure - Which of the following is a fiduciary duty owed by an agent to their client...? Indemnification Disclosure Compensation All of the above Texas Real Estate Dealers Act - This Act established the real estate licensing requirements in Texas in 1939...? Fair Housing Act Texas Real Estate Commission Act Texas Real Estate Dealers Act U.S. Real Estate Licensing Act someone acting under a power of attorney - Which of the following is exempt from having to obtain a real estate license to buy or sell real estate on someone else's behalf...? Someone acting under a power of attorney Architects Appraisers All of the above agent - A person authorized to act on behalf of another is known as a/an...? Principal Agent Customer Attorney customer - The party the agent brings to the principal as seller or buyer of the property is known as the...? Customer Broker Intermediary All of the above fiduciary - A person in a position of trust and confidence, as between principal and broker, is known as a...?
Customer Principal Client Fiduciary appraised value -
Income Approach Cost Approach All of the above depreciate - Improvements typically ..........in value? Rescind Escalate Appreciate
Depreciate false - Price is typically equal to the cost of the property...? True False The licensee is convicted of a felony - A licensee's license may be suspended or revoked if which of the following occurs...? The licensee changes brokerages The licensee is convicted of a felony The licensee does not close a transaction within one calendar year The licensee negotiates on behalf of his/her client true - Real estate agents and brokers must be careful not to provide legal advice to their clients...? True False the agent's sponsoring broker - Who holds the real estate license of an agent...? The agent's sponsoring broker The agent themselves The Texas Real Estate Commission All of the above 18 - In order to obtain a real estate license, an applicant must be at least how many years of age...? 18 20 21 22 inactive - If a real estate salesperson terminates their employment with their sponsoring broker, the salesperson's license is considered what...? Active Inactive Revoked Suspende d
A -
A means of comparing similar type properties, which have recently sold, to the subject property is known as the...? AMarket Comparison Approach BIncome Approach CCost Approach DAssessment Approach A - The amount of goods offered for sale within a given market at a given price during a given time period is known as... ASupply BDemand CGDP DNone of the above B - A property manager is an example of what type of agent...? AGeneral Agent BSpecial Agent CSpecific Agent DUniversal Agent A - The employer of an agent is known as the...? APrincipal BCustomer CEscrow DAll of the above land - The material of the earth, whatever may be the ingredients of which it is composed, whether soil, rock, or other substance, and includes free or unoccupied space for an indefinite distance upwards as well as downwards. bundle of rights - The rights of an owner of a freehold estate to possession, enjoyment, control, and disposition of real property. mineral rights - The landowner's ability to take minerals from the earth or to sell or lease this right to others. air rights -
The rights in real property to the reasonable use of the air space above the surface of the land. real estate - Land and everything permanently attached to land.
fixture - Personal property that has become real property by having been permanently attached or adapted to real property is known as a/an...? Fixture Trade Fixture Emblements
Chattel A - Mobile homes not permanently attached to the land are generally considered...? APersonal Property BReal Property CFixtures DTrade Fixtures A - The landowner's ability to take minerals from the earth or to sell or lease this right to others is known as...? AMineral rights BAir Rights CLand Rights DBundle of RightsA A - All property that is not land and is not permanently attached to land is known as...? APersonal Property BReal Property CReal Estate DFixture A - The transfer of personal property is typically done using a...? ABill of Sale BDeed CPurchase Contract DAll of the above A - Which of the following is an example of a fixture...? AKitchen cabinets BRemovable bookshelves CCurtains DRugs condominium - A form of ownership of real property recognized in all states that consists of individual ownership of some aspects and co-ownership in other aspects of the property.
mixed-use property -
- Any urban, suburban or village development, or even a single building, that blends a combination of residential, commercial, cultural, institutional, or industrial uses, where those functions are physically and functionally integrated, and that provides pedestrian connections. mobile home - A structure transportable in one or more sections, designed and equipped to contain not more than two dwelling units to be used with or without a foundation systems. time-share - license or contractual or membership right of occupancy in a project which is not coupled with an estate in the real property. cooperative - A form of ownership in which stockholders in a corporation occupy property owned by the corporation under a lease is known as a...? Cooperative Condominium Townhouse PUD manufactured home dealerships - Who is responsible for selling newly constructed mobile homes...? Manufactured home dealerships Real estate brokers Real estate agents Mobile home owners true - Modular homes can typically be built quicker and at a lower cost as compare to homes constructed on-site...? True False shares of stock - A cooperative owner owns ........................in the cooperative? Shares of stock A deed Title All of the above deed -
Since a CONDOMINIUM is considered Real Property, each unit owner receives a at closing. common areas - Areas in a condominium that are used by all residents.
