RealEstateU - Texas Principles of Real Estate - Part 1 – 107 questions – with complete solutions

Salesperson's Sponsoring Broker correct answer: a real estate salesperson closes on a transaction, who pays the salespersons commission? General Agent correct answer: An agent with full authority over one property of the principle. EX: Property Manager. Supply correct answer: Te amount of goods offered for sale within a given market at a given price during a given period. Specific Agent correct answer: Agent with limited authority to act on behalf of the principal, such as a listing. EX real estate agent. Market Comparison Approach correct 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 correct answer: 1. Residential, Commercial, & Industrial. Principal correct 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 correct answer: Properties with 5 or more dwelling units. Property that produces rental income or that is used in business Personal Property correct 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...? correct answer: Intention of the parties, adaption of the item, & Mode and permanence of how the item was attached