RealestateU- Texas Principals of Real Estate Part 1

Brokerage - Answer- The business of bringing buyers and sellers together and assisting in negotiations for the terms of sale of real estate Real Estate Broker - Answer- 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 - Answer- 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 - Answer- A type of property that includes one to four dwelling units Commercial Property - Answer- Property that produces rental income or that is used in business. Properties with five or more dwelling units are considered commercial property Industrial Property - Answer- Property that is used by companies or persons for manufacturing, warehousing, or the assemblage of components. Special Purpose Property - Answer- 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 - Answer- 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 - Answer- Changes or additions made to a property, such as walls and roads. These typically increase the value of a property, except in some cases of over improvements Non-Homogeneity - Answer- A physical characteristic of land describing that land as a unique commodity Value - Answer- The present worth of future benefits Price - Answer- The amount a purchaser agrees to pay and a seller agrees to accept under the circumstances surrounding a transaction Cost - Answer- The total dollar expenditure for labor, materials, and other items related to construction Supply - An