RealestateU- Texas
Principals of Real Estate
Part 1- 2024 Exam
Questions and Complete
Solutions Graded A+
Denning [Date] [Course title]
, Brokerage - Answer: The business of bringing buyers and sellers together and assisting in negotiations
for the terms of sale of real estate
Real Estate Broker - 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 - 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 - Answer: A type of property that includes one to four dwelling units
Commercial Property - 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 - Answer: Property that is used by companies or persons for manufacturing,
warehousing, or the assemblage of components.
Special Purpose Property - 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 - 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.
Improvements - Answer: Changes or additions made to a property, such as walls and roads. These
typically increase the value of a property, except in some cases of over improvements
Non-Homogeneity - Answer: A physical characteristic of land describing that land as a unique
commodity
Value - Answer: The present worth of future benefits
Principals of Real Estate
Part 1- 2024 Exam
Questions and Complete
Solutions Graded A+
Denning [Date] [Course title]
, Brokerage - Answer: The business of bringing buyers and sellers together and assisting in negotiations
for the terms of sale of real estate
Real Estate Broker - 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 - 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 - Answer: A type of property that includes one to four dwelling units
Commercial Property - 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 - Answer: Property that is used by companies or persons for manufacturing,
warehousing, or the assemblage of components.
Special Purpose Property - 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 - 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.
Improvements - Answer: Changes or additions made to a property, such as walls and roads. These
typically increase the value of a property, except in some cases of over improvements
Non-Homogeneity - Answer: A physical characteristic of land describing that land as a unique
commodity
Value - Answer: The present worth of future benefits
