Exam (elaborations)
(National) Texas Real Estate Exam Chapter 5 - Real Estate Practice( Solved)
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(National) Texas Real Estate Exam Chapter 5 - Real Estate Practice( Solved)
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(National) Texas Real Estate Exam Chapter 5 - Real Estate Practice ( Solved) Competence - A licensee should practice within his/her area of Due Diligence - 1. A fair, proper, and due degree of care and activity. 2. A time period in which a buyer is given the opportunity to have experts inspect the property, examine the title and review the leases to determine whether the property matches the b uyer's needs. Federal Do Not Call Registry - A license holder who wishes to telemarketing must comply with the Exclusive Right To Sell - The broker is the exclusive agent, and receives the commission even if the seller sells the property himself. This is the type of listing a broker wants! Exclusive Agency - The broker is the exclusive agent and receives the commission unless the seller sells the property himself. Open Listing - The owner reserves the right to list with as many brokers as they choose; t he one that sells is the one that gets the commission. Net Listing - All money over the amount the owner wants for the sale of the property is treated as the broker's commission. General Agent - A property manager is a _________________ with a broad scop e of responsibilities and liabilities. Management Agreement - is used to create this relationship and define the role and responsibilities of the agent and the owner. Operating Expenses - recurring expenses necessary for the operation and maintenance of a property. Commission Agreements - Need to be in writing to be enforceable. Blockbusting - Causing panic selling by homeowners, also known as Panic Peddling. Steering - Directing buyers into or away from certain areas because of their race, color, etc. This is also known as Channeling. Americans with Disabilities ACT (ADA) - was passed in 1990 to prohibit discrimination against individuals with special needs by denying them the full and equal enjoyment of goods, facilities accommodations, services and privileges.The benefits of buying summaries with Stuvia:
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