Texas Principles of Real Estate 1

TEXAS PRINCIPLES OF REAL ESTATE 1 brokerage The business of bringing buyers and sellers together and assisting in negotiations for the terms of sale of real estate. real estate broker 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 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 A type of property that includes one to four dwelling units commercial property Property that produces rental income or that is used in business. Properties with five or more dwelling units are considered commercial property. industrial property Property that is used by companies or persons for manufacturing, warehousing, or the assemblage of components special purpose property 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 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 brokerage The business of bringing buyers and sellers together and assisting in negotiations for the terms of sale of real estate is known as...? public parks Government held properties include which of the following...? yes Must property inspections must be licensed by the Texas Real Estate Commission...? special purpose A church is a definition of a _____________ ____________ property. continuing education courses What courses must be taken after you obtain your real estate license...? 60 (part I and part II) The qualifying Real Estate Principles course consists of how many classroom hours in total...? 3600 How many points must an applicant earn in order to obtain their real estate broker's license...? educational standards advisory The 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...?