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Texas Principles of Real Estate I Course Flashcards questions & answers.
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Texas Principles of Real Estate I Course Flashcards questions & answers.
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Texas Principles of Real Estate I CourseFlashcards questions & answers.
National Association of REALTORS® (NAR) ANS - The largest professional organization in the country for
real estate professionals
Education Standards Advisory Committee (ESAC) ANS - Created by the Texas Legislature in 2011 to
assess and recommend improvements to real estate education standards, including curriculum and
requirements for course content and instructor certification
Assessed value ANS - The price placed on a home by a municipality to calculate property taxes
Depreciated value ANS - Calculated for income tax purposes to determine basis for taxable amount;
accelerated depreciated programs have been used by the federal government to stimulate the economy
Investment value ANS - One way to determine investment value; the higher the ROI, the better the
investment
List price ANS - The amount for which an owner has offered to sell a property
Market value ANS - The purchase price agreed to by the buyer and seller sets the market value
Supply ANS - The amount of that item available at a given time for a given price
Demand ANS - How many of a particular item consumers are willing and able to buy at a given time for
a given price
Buyer's market ANS - When supply is high and demand is low
Seller's market ANS - When demand is high and supply is low; also referred to as a "hot market"
,Stagnant market ANS - When supply is low and demand is also low; no one is buying or selling
License laws ANS - Designed to protect consumers who are parties to real estate transactions
Annexation ANS - An attachment of personal property to real property, thereby making it a fixture (also
known as an attachment)
Chattel ANS - Another word for personal property
Control ANS - The right to determine how the property will be used by the owner or by others
Disposition ANS - The right to dispose of any interest in the property
Emblements ANS - Another name for fruits of industry, including crops of fruits, vegetables, wheat, and
corn
Enjoyment ANS - The right to use the property in any legal way the owner desires
Exclusion ANS - The right to refuse others' entry to or use of the property
Fruits of industry ANS - Plants that require annual cultivation include crops of fruits, vegetables, wheat,
and corn. Fruits of industry are considered personal property
Fruits of nature ANS - Plants in the ground and attached to the soil that don't require annual cultivation,
including trees, perennial shrubs, and some grasses; considered to be real estate and therefore transfer
with the land
Improvements ANS - Permanent, human-made attachments that include things such as fencing,
buildings, and walkways
, Land ANS - The earth's surface extending downward to the center of the earth and upward to infinity,
including permanently attached natural objects
Possession ANS - The right to occupy a property
Real Estate ANS - Land plus all things permanently attached to it naturally or artificially
Real property ANS - Real estate plus the interests, benefits, and rights automatically included with real
estate ownership
Severance ANS - A transition of real property to personal property through the act of detachment
Trade fixtures ANS - Affixed items in commercial properties that are the lessees' personal property (e.g.,
display shelves installed by a business owner in a leased building)
Elevation certificate ANS - ensures that buildings and improvements are properly elevated—are used by
builders and homeowners in communities with special flood hazard zones in order to obtain insurance.
The Biggert-Waters Flood Insurance Reform Act of 2012 ANS - implemented to make the NFIP more
financially stable, and required FEMA to eliminate subsidized rates that didn't reflect the true risk for
structures in high-risk areas.
Homeowner Flood Insurance Affordability Act of 2014 ANS - passed in an effort to delay increases in
flood insurance premiums that came as a result of the Biggert-Waters Act.
National Flood Insurance Program (NFIP) ANS - established to help homeowners in flood hazard areas
obtain insurance; administered by the Federal Emergency Management Agency (FEMA.
CLUE Report ANS - Comprehensive Loss Underwriting Exchange (CLUE) report; used by insurance
companies to review a candidate's claim history.
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