TREC vocabulary Exam Review questions sections.

TREC vocabulary Exam Review questions sections. code of ethics - TRELA - The Texas Real Estate License Act- passed by legislation to protect the public REALTOR® - A license holder who is a member of the National Association of REALTORS® (NAR) Sunset Act - a law establishing a procedure to periodically review agencies of state government to determine if they should be abolished or revised in structure and function CMA - Comparative Market Analysis Comparative Market Analysis (CMA) - A comparison of the prices of recently sold homes that are similar to a listing seller's home in terms of location, style, and amenities. TREC - The Texas Real Estate Commission- 6 broker members and 3 public members- created to administer the provisions of the license act- they promulgate contract forms for licensees NAR - National Association of Realtors Occupations Code - is the statutory authority for the Commission to establish rules that law enforcement agencies and officers must follow. BPO - Broker's Price Opinion Broker's Price Option - the estimated value of a property as determined by a real estate broker or other qualified individual or firm based on the characteristics of the property being considered. TAR - Texas Association of Realtors situs - Refers to the economic location of real estate. improvement - Any permanent human-made addition to land Subsurface Rights - Ownership rights in a parcel of real estate to the water, minerals, gas, oil, and so forth that lie beneath the surface of the property. Surface Rights - Ownership rights in a parcel of real estate that are limited to the surface of the property and do not include the air above it (air rights) or the minerals below the surface (subsurface rights). Air Rights - The right to use the open space above a property, usually allowing the surface to be used for another purpose.