Principles of Real Estate 1 Exam With 100% Correct Answers 2024

Principles of Real Estate 1 Exam With 100% Correct Answers 2024 brokerage - answerThe business of bringing buyers and sellers together and assisting in negotiations for the terms of sale of real estate. real estate broker - answerA 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 - answerA 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 - answerA type of property that includes one to four dwelling units commercial property - answerProperty that produces rental income or that is used in business. Properties with five or more dwelling units are considered commercial property. industrial property - answerProperty that is used by companies or persons for manufacturing, warehousing, or the assemblage of components special purpose property - answerA 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 - answerAny 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 brokerage - answerThe business of bringing buyers and sellers together and assisting in negotiations for the terms of sale of real estate is known as...? public parks - answerGovernment held properties include which of the following...? yes - answerMust property inspections must be licensed by the Texas Real Estate Commission...? special purpose - answerA church is a definition of a _____________ ____________ property. continuing education courses - answerWhat courses must be taken after you obtain your real estate license...? 60 (part I and part II) - answerThe qualifying Real Estate Principles course consists of how many classroom hours in total...? 3600 - answerHow many points must an applicant earn in order to obtain their real estate broker's license...? educational standards advisory - answerThe mission of the _______________ _______________ ________________ Committee (ESAC) is to regularly review and revise the curriculum standards, course content requirements, and instructor certification requirements for qualifying and continuing education courses...? qualifying education - answerThe pre-licensing courses needed to obtain your real estate license are considered what type of courses...? improvements - answerChanges 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 improvement non-homogeneity - answerA physical characteristic of land describing that land as a unique commodity value - answerThe present worth of future benefits price - answerThe amount a purchaser agrees to pay and a seller agrees to accept under the circumstances surrounding a transaction cost - answerThe total dollar expenditure for labor, materials, and other items related to construction supply - answerThe amount of goods offered for sale within a given market at a given price during a given time period demand - answerThe amount of goods consumers are willing and able to buy at any given price during any given time period demography - answerThe study of the social and economic statistics of a community no - answerIs value the same as price? cost of labor - answerWhich of the following affects supply...? Employment Cost of labor Population All of the above improvements - answerChanges or additions made to a property, such as walls and roads are known as...? value - answerThe present worth of future benefits is referred to as...? agent - answerA person authorized to act on behalf of another principal - answerThe employer of an agent customer - answerThe party the agent brings to the principal as seller or buyer of the property. general agent - answerAn agent with full authority over one property of the principal, such as a property manager special agent - answerAn agent with limited authority to act on behalf of the principal, such as created by a listing listing contract - answerA contract in which a property owner employs a real estate broker to market the property described in the contract fiduciary duty - answerThat 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 pressure fiduciary - answerA person in a position of trust and confidence, as between principal and broker; broker as fiduciary owes certain loyalty which cannot be breached under the rules of agency caveat emptor - answerLet the buyer beware. The buyer must examine the goods or property and buy at his or her own risk disclosure - answerWhich of the following is a fiduciary duty owed by an agent to their client...? Indemnification Disclosure Compensation All of the above Texas Real Estate Dealers Act - answerThis Act established the real estate licensing requirements in Texas in 1939...? Fair Housing Act Texas Real Estate Commission Act Texas Real Estate Dealers Act U.S. Real Estate Licensing Act someone acting under a power of attorney - answerWhich of the following is exempt from having to obtain a real estate license to buy or sell real estate on someone else's behalf...? Someone acting under a power of attorney Architects Appraisers All of the above agent - answerA person authorized to act on behalf of another is known as a/an...? Principal Agent Customer Attorney customer - answerThe party the agent brings to the principal as seller or buyer of the property is known as the...? Customer Broker Intermediary All of the above fiduciary - answerA person in a position of trust and confidence, as between principal and broker, is known as a...? Customer Principal Client Fiduciary appraised value - answerAn evaluation of a property's value based on a given point in time that is performed by a professional appraiser during the mortgage origination process. market comparison approach - answerA means of comparing similar type properties, which have recently sold, to the subject property. Commonly used in comparing residential properties. cost approach - answerAn analysis in which a value estimate of a property is derived by estimating the replacement cost of the improvements, deducting therefrom the estimated accrued depreciation, then adding the market value of the land. income approach - answerOne of the three methods of the appraisal process generally applied to income producing property, and involves a three-step process - (1) find net annual income, (2) set an appropriate capitalization rate or "present worth" factor, and (3) capitalize the income dividing the net income by