Texas Principles of Real Estate 1 Questions with 100% Correct Answers

Brokerage Correct Answer The business of bringing buyers and sellers together and assisting in negotiations for the terms of sale of real estate. Real estate broker Correct 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 Correct 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 Correct Answer A type of property that includes one to four dwelling units Commercial property Correct 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 Correct Answer Property that is used by companies or persons for manufacturing, warehousing, or the assemblage of components Special purpose property Correct 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 Correct 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 Brokerage Correct Answer The business of bringing buyers and sellers together and assisting in negotiations for the terms of sale of real estate is known as...? Public parks Correct Answer Government held properties include which of the following...? Yes Correct Answer Must property inspections must be licensed by the Texas Real Estate Commission...? Special purpose Correct Answer A church is a definition of a _____________ ____________ property.