Aceable agent texas real estate principles I Questions And Answers Rated A+ New Update Assured Satisfaction

Addenda - Documents containing additional terms, information, or obligations that are attached to a contract Agency Relationship Disclosure - Agency relationships should be disclosed at first contact Agency Relationship Forms - TREC has chosen not to create contracts that establish agency relationships Agent - A person who acts on behalf of someone else Amendment - Changes or makes modifications to an already agreed upon contract An Attorney - may also create a buyer representation form on behalf of the property owner Annually - How often will real estate professionals be formally evaluated in the workplace? Approved - Promulgated Bilateral Contract - An agreement in which both parties give consideration and promise to perform the actions specified in a contract Broker's Price Opinion (BPO) - 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 Buyer's Market - relatively low demand for real estate in the area (it will take 6 months or more to sell a house)Chapter 1101 - The law which imposes a code of ethics and standard of conduct on members of the commission Closing - The completion of a real estate transaction in which the buyer receives ownership and the seller receives the contract amount Commisioners - responsible for informing employees of their conduct expectations and responsibilities Community Reinvestment Act - Helps commercial banks and savings associations meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods Comparative Market Analysis (CMA) - 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 Executed Contract - a contract that has been fully performed on both sides Executory Contract - A contract that is not completely executed or performed Federal Tax Liens - The Homestead Act does not protect homeowners from this type of lien Four Corners Doctrine - A legal concept stating that the court can only consider information that appears within the four corners of the documents four corners doctrine - a legal concept that states that the court can only consider what appears within the four corners of the documents Home Mortgage Disclosure - Federal act that requires lenders to disclose specific lending information, which HUD then uses to map lending patternsHomestead - A property that a person or family owns and occupies as their primary residence Intermediary Relationships - occur when the same real estate office is representing both the seller and the buyer as clients in the same transaction lease with option to buy - a contract in which the buyer can lease a property for a period of time (usually a year) and then have an option to buy the property at the end of the lease period Material Fact - Any fact that is significant or essential to the transaction One to Four Family Residential Contract - the standard contract form and is used for the sale of single-family residential properties Principle - the individual who authorizes another person to act on their behalf Redlining - The illegal act of a lender denying mortgages in certain areas of town right of first refusal - an agreement with an owner in which they would have the opportunity to buy the property before any other buyers' offers are considered