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Texas Principles of Real Estate 1 Vocabulary questions & answers.
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Texas Principles of Real Estate 1 Vocabulary questions & answers.
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Texas Principles of Real Estate 1Vocabulary questions & answers.
Brokerage ANS -the business of bringing buyers and sellers together and assisting in negotiations for the
terms of sale of real estate.
Real Estate Broker ANS -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 ANS -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 ANS -a type of property that includes one to four dwelling units
Commercial Property ANS -property that produces rental income or that is used in a business.
Properties with five or more dwelling units are considered this.
Industrial Property ANS -property that is used by companies or persons for manufacturing,
warehousing, or assemblage of components.
Special Purpose Property ANS -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 ANS -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.
Improvements ANS -Changes or additional made to a property, such as walls and roads. These typically
increase the value of a property, except in some cases of over......
Non-homogeneity ANS -A physical characteristic of land describing that land as a unique commodity
, Value ANS -The present worth of future benefits.
Price ANS -The amount a purchaser agrees to pay and a seller agrees to accept under the circumstances
surrounding a transaction.
Cost ANS -The total dollar expenditure for labor, materials, and other items related to construction.
Supply ANS -The amount of goods offered for sale within a given market at a given price during a given
time period.
Demand ANS -The amount of goods consumers are willing and able to buy at any given price during any
given time period.
Demography ANS -the study of social and economic statistics of a community.
Agent ANS -A person authorized to act on behalf of another.
Principal ANS -The employer of an agent.
Customer ANS -The party the agent brings to the principal as seller or buyer of the property.
General Agent ANS -An agent with full authority over one property of the principal, suchas a property
manager.
Special Agent ANS -An agent with limited authority to act on behalf of the principal, such as created by a
listing.
Fiduciary Duty ANS -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 pressures.
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