Texas Principles of Real Estate Study guides, Class notes & Summaries

brokerage - The business of bringing buyers and sellers together and assisting in negotiations for the terms of sale of real estate. real estate broker - 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 - 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 - A type...

Samantha is a real estate licensee. She's showing her client a property. The client asks about some spots on the ceiling and wonders if they're an indication of a roof leak. What should Samantha do? - Suggest that her client contact a roofing expert to make a determination. Buying and selling homes is Samantha's area of expertise, not identifying roof leaks. She shouldn't offer an opinion about whether the roof leaks, but she should suggest contacting an expert in this field. Not w...

The approach used as the best indicator of value for existing properties. a. functional obsolescence b. sales comparison c. highest and best use d. market value e. external obsolescence - B Refers to the loss in desirability of the style, layout, or function of an element of a property over time. a. functional obsolescence b. sales comparison c. highest and best use d. market value e. external obsolescence - A The price a willing seller will sell for, and the price a willing buyer ...

TRELA Texas Real Estate License Act - -law that governs all real estate licensees and sets powers for TREC TREC Texas Real Estate Commission - -three prong test to determine if license required (Is activity or dealing in real property for compensation for others?) -Lists, Leases, Buys, Exchanges, Auctions, Negotiates, Sells (LLBEANS) -acts w/o license punishable ($4k + 1 year in jail) -practicing w/o license punishable by court w/penalty of up to 1 to 3x total money received TRELA & TR...

Fraction - A fraction is part of the whole. You'll need to convert fractions to decimals doing real estate math problem Profit - The result of selling something for more than what it cost to purchase it. Interest - The money earned or received from a loan investment. Simple interest - The money that is paid only for the amount of principal the borrower still owes. Compound interest - Interest which is computed on the principle amount plod accrued interest. Points - One-time service c...

Tenant - Who is the lessee in a lease agreement? operating budget - an annual budget that includes income and expenses for a property's operation. competition - Which economic principle is related to supply and demand? Real Estate Syndicate - What type of real estate investment may meet the definition of being a security and must adhere to the rules and regulations of the Securities and Exchange Commission? Formal appraisal - Rico is an appraiser who is performing a valuation on a pro...

Texas Principles Of Real Estate II Final Exam Questions & Correct Answers Latest Updated Complete Version Guaranteed A+

Texas Principles of Real Estate II Final Exam Questions and Correct Answers

If the base side of a triangular plot measures 45' and the height line measures 12', what is the area of the plot in square feet?([b x h] x ½ = A) - 270 square feet An applicant is allowed to use what electronic devices during the real estate exam? - Hand-held calculator