RealEstateU - Texas
Principles of Real Estate -
Part 1 Exam Questions
and Complete Solutions
Graded A+
Denning [Date] [Course title]
, Salesperson's Sponsoring Broker - Answer: a real estate salesperson closes on a transaction, who pays
the salespersons commission?
General Agent - Answer: An agent with full authority over one property of the principle. EX: Property
Manager.
Supply - Answer: Te amount of goods offered for sale within a given market at a given price during a
given period.
Specific Agent - Answer: Agent with limited authority to act on behalf of the principal, such as a listing.
EX real estate agent.
Market Comparison Approach - Answer: A means of comparing similar type properties, which have
recently sold, to the subject property. Commonly used in comparing residential properties.
General Uses of Real Property - Answer: 1. Residential, Commercial, & Industrial.
Principal - Answer: The employer of an agent; one of the main parties in a real estate transaction, such
as a buyer, borrower, seller, or lessor.
Commercial Property - Answer: Properties with 5 or more dwelling units. Property that produces rental
income or that is used in business
Personal Property - Answer: All property that isn't land & not permanently attached to land. (MOVABLE)
Which of the following is considered a legal test for determining if an item is a fixture or not...? -
Answer: Intention of the parties, adaption of the item, & Mode and permanence of how the item was
attached
The transfer of personal property is typically done using a...? - Answer: Bill of Sale
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