Champion School of Real Estate Questions Perfectly Answered!!

Brokerage - Answer-The aspect of the real estate business that pertains to overseeing the needs of the parties and completing a transaction Property Managers are generally responsible for the following - Answer-Day to Day operations, Maintenance and Tenant Relations RMLO - Answer-Mortgage Brokers are known as NAR - Answer-The largest trade organization representing real estate professionals is Value - Answer-A fair return or equivalent in goods, services, or money for something exchanged BOMA - Answer-Building Owners & Managers Association (oldest organization) Benefits of home ownership - Answer-Occupancy, Tax Benefits, Pride, Security, Investment Federal Housing Administration - Answer-In 1934 the US Government's first major direct involvement in the residential finance market Physical Characteristic of Land: Indestructibility or Durability - Answer-Land cannot be destroyed Physical Characteristic of Land: Immobility - Answer-Land cannot be moved Physical Characteristic of Land: Nonhomogeneity - Answer-No two parcels of land are the same Economic Characteristic of Land: Scarcity - Answer-The theory of Supply & DemandEconomic Characteristic of Land: Modification - Answer-Value is affected by man made changes to the land Economic Characteristic of Land: Fixity - Answer-Land, and additions to the land such as buildings, take long periods of time to pay for themselves Economic Characteristic of Land: Situs - Answer-Location of the property or land from an economic, not a geographic viewpoint Supply & Demand - Answer-When the demand is high and the supply is low, the prices go up. Likewise, prices decline when the supply is high and the demand is low Supply can be restricted by a number of factors including: - Answer-Land costs, Construction, Taxation, Economics and Local government building codes and zoning ordanances Demand is affected by factors including: - Answer-Growth in employment, Transportation systems, Personal preference, Availability of credit and Federal government policy Size of the Employment Market - Answer-The single most important determinant of value in residential real estate Common Law - Answer-Body of law developed in England and is based on "common sense" and local customs Statutory Law - Answer-Body of laws and regulations enacted by federal and state legislative bodies - law based on legislation TRELA - Answer-The Texas Legislature passed the Texas Real Estate License Act in 1939 The purpose of TRELA is to - Answer-Protect the public against unscrupulous brokers and sales agents TREC - Answer-The Texas Real Estate Commission was created by the legislature in 1949Nine members commission (TREC) - Answer-Six members are mortgage brokers and three public members Appraisal - Answer-An opinion of value Agency agreement - Answer-The level of service provided to a buyer, seller, landlord or tenant is determined by the presence or lack of an ___________ with the broker Residential Subdivisions - Answer-As job opportunities expand, raw land is developed into __________ SIOR - Answer-Designees can hold the following specialty designations: industrial, office, sales manager, executive manager, or advisory service Long-term mortgages - Answer-During periods of high inflation, lenders are less willing to commit to _________ with the fear that holding a portfolio of below market mortgages is a risky business for them Municipality - Answer-The authority that local government has to pass and enforce building and zoning codes has a profound impact on the type of and location of development with a __________ Appraisal is the business of: - Answer-Providing a professional opinion of the value of real property NAR - Answer-A professional association whose local affiliates own and operate MLS systems throughout the US RMLOs in Texas are licensed through the: - Answer-Texas Department of Savings and Mortgage Lending Subsurface rights - Answer-Rights that include ownership of oil, gas and other minerals Rights that are conveyed in a cell tower lease include: - Answer-Surface and AirImprovement - Answer-Any man made addition to the land that is permanent is known as __________ Personal Property - Answer-Things that are of a temporary or movable nature are known as Modular Homes - Answer-Factory built housing that is built to local building codes include: Air Rights - Answer-Extend above the surface without limitation - include, cell tower leases, condominiums, outdoor advertising The Texas Railroad Commission - Answer-Controls all drilling for oil and gas in the state and regulates all drilling activity in the state