RealEstateU - Texas Principles of Real Estate - Part 1

Salesperson's Sponsoring Broker - Answer- a real estate salesperson closes on a transaction, who pays the salespersons commission? General Agent - Answer- An agent with full authority over one property of the principle. EX: Property Manager. Supply - Answer- Te amount of goods offered for sale within a given market at a given price during a given period. Specific Agent - Answer- Agent with limited authority to act on behalf of the principal, such as a listing. EX real estate agent. Market Comparison Approach - Answer- A means of comparing similar type properties, which have recently sold, to the subject property. Commonly used in comparing residential properties. General Uses of Real Property - Answer- 1. Residential, Commercial, & Industrial. Principal - Answer- The employer of an agent; one of the main parties in a real estate transaction, such as a buyer, borrower, seller, or lessor. Commercial Property - Answer- Properties with 5 or more dwelling units. Property that produces rental income or that is used in business Personal Property - Answer- All property that isn't land & not permanently attached to land. (MOVABLE) Which of the following is considered a legal test for determining if an item is a fixture or not...? - Answer- Intention of the parties, adaption of the item, & Mode and permanence of how the item was attached The transfer of personal property is typically done using a...? - Answer- Bill of Sale Mineral rights are typically considered dominant to which of the following rights...? - Answer- Surface rights Mobile homes not permanently attached to the land are generally considered...? - Answer- Personal Property Which of the following is an advantage to owning a home...? - Answer- Tax benefits Pride of ownership Potential for asset appreciation