Aceable Agent Texas Real Estate Principles I

Aceable Agent Texas Real Estate Principles I Broker's Price Opinion (BPO) - ANS A broker's price opinion is the process used by a hired sales agent to determine the potential selling price or estimated value of a real estate property Closing - ANS The completion of a real estate transaction in which the buyer receives ownership and the seller receives the contract amount Comparative Market Analysis (CMA) - ANS A report comparing the prices of sold homes that are similar to the subject property (called comparables), created by a license holder to help the seller or buyer determine the market value Seller's Market - ANS a market condition in which the number of properties for sale does not meet the demand (number of people looking to buy) Buyer's Market - ANS relatively low demand for real estate in the area (it will take 6 months or more to sell a house) Agent - ANS A person who acts on behalf of someone else Seller's Disclosure Notice - ANS A document filled out by the seller concerning any defects in the improvements on the property Subagent - ANS A license holder from one office who represents the seller through cooperation with the listing broker of another company Material Fact - ANS Any fact that is significant or essential to the transaction Principle - ANS the individual who authorizes another person to act on their behalf Intermediary Relationships - ANS occur when the same real estate office is representing both the seller and the buyer as clients in the same transaction Third Party - ANS the individual with whom the agent and principal enter into real estate negotiations. The third party is also sometimes referred to as the customer Agency Relationship Disclosure - ANS Agency relationships should be disclosed at first contact