Texas Principles of Real Estate Express Exam 2023 QUESTIONS & ANSWERS (100% CORRECT)

What kind of professionals manage the legal aspects of a development project? Real Estate attorneys, title companies, surveyors, property insurance companies and government regulatory officials What types of professionals are involved in the transfer of rights and interest in Real Estate? Titles companies, Real Estate Brokers/ Sales Persons, Mortgage Brokers, Mortgage Bankers, Appraisers, Insurers Property is classified into what three types? Residential, Commercial, and Investment properties Real Estate Agents in Texas would benefit from belonging to which two trade organizations? NAR - National Association of Realtors Texas Assoc. of Realtors If a broker chooses to specialize by geographic area, how might the area be defined? Natural Barriers, Streets/ Highways, By a certain set of Sub Divisions What are some of the individual brokerage services that one might perform for a pre-set fee? Comparative price analysis, prospect screening, site analysis, Database search The laws most relevant to agents and brokers relate to what topics? Agency, Contracts, Disclosure, Environmental, Impact, Fair housing, What are the four sources of real estate law? FederalGovernment, State Government, Local Government, Courts Members of NAR (National Association of Realtors) Are Known as?? Realtors What are the two types of Real Estate Managers? Property Managers and Asset Managers Which action is often used to define specific aspects of newly created law? Court Decision Market Equilibrium: a market tends toward a state of equilibrium in which supply equals demand, and price, cost, and value are identical.