Principles Of Real Estate I - Champions
Schools Questions And Answers With
Verified Solutions 100% Correct!!!
Brokerage - ANSWER✔✔ the aspect of the real estate business that pertains to
overseeing the needs of the parties and COMPLETING A TRANSACTION. Not
the same as agency; a brokerage transaction may or may not involve agency
relationships.
Appraisal - ANSWER✔✔ the business of providing a professional opinion of
value of real property. Lenders rely on the reports to make sound lending
decisions. Buyers rely on the reports when negotiating the purchase of a property.
Can be a useful guide for a seller when pricing a property for resale.
Mortgage Lending - ANSWER✔✔ the business of providing money to individuals
or corporations for the conditional transfer or pledge of real estate as security for
the payment of a debt.
- ANSWER✔✔ The Texas Department of Savings and Mortgage Lending licenses
Residential Mortgage Loan Originators in Texas.
Property Management - ANSWER✔✔ includes the management of residential and
commercial properties on behalf of the investor-owner of the property. Generally
responsible for the day-to-day operations of the property, maintenance, and tenant
relations. In commercial real estate, the manager may be responsible for leasing the
property. In other cases, a brokerage firm may be responsible for leasing.
Apartment Locators - ANSWER✔✔ work for firms that specialize in locating units
for tenants in multifamily complexes. Should be familiar with the amenities of all
complexes in the market area. Generally paid fees by the apartment complexes for
referrals. Must have a real estate license in Texas.
, Home Inspectors - ANSWER✔✔ licensed in Texas by the Texas Real Estate
Commission (TREC).
Real Estate Development - ANSWER✔✔ most often involves the acquisition of
land for development into RESIDENTIAL SUBDIVISIONS, retail centers, and
other commercial uses.
Petroleum Landmen - ANSWER✔✔ individuals with a real estate background who
are employed by oil and gas companies. May employed to do title work to
determine mineral ownership and might negotiate oil and gas leases with mineral
owners.
National Association of REALTORS (NAR) - ANSWER✔✔ the largest
professional organizations for real estate professionals. Consists of state
associations and local associations or boards. The local associations or boards
operate the multiple listing service (MLS) in markets throughout the U.S.
Institute of Real Estate Management (IREM) - ANSWER✔✔ an international
community of real estate managers dedicated to ethical business practices,
maximizing the value of investment real estate, and promoting superior
management through education and information sharing.
CCIM Institute - ANSWER✔✔ Established in 1954 to give commercial real estate
practitioners an opportunity to further their business practices through education
and networking opportunities.
CCIM - ANSWER✔✔ Certified Commercial Investment Member
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