Module 1: Texas Real Estate Exam Accurate 100%

What are the various brokerage specializations within real estate? - ANSWER residential, commercial, industrial, agricultural, and mixed-use. Price - ANSWER the amount paid for a property (sales price) Value - ANSWER based on objective and subjective factors. Subjective value is affected by the perception of the individual The business of bringing together people interested in making a real estate transaction is known as a - ANSWER brokerage The broker acts as an ____________ of the buyer or the seller (or both) in negotiating the sale, purchase, or rental of a property - ANSWER agent A ___________ is a license holder employed by or associated with a broker who conducts brokerage activities on behalf of the broker. - ANSWER sales agent The main objective of the Education Standards Advisory Committee (ESAC) is to _____________ curriculum standards, course content requirements, and instructor certification requirements. - ANSWER review and revise The committee consists of ________ members who have been actively practicing real estate for at least five years before appointment. - ANSWER seven Real estate market cycles - ANSWER 1. Expansion equals growth 2. Recession equals slowdown 3. Depression equals the bottom 4. Revival equals recovery Demand factors that influence real estate - ANSWER a) Population b) Demographics c) Employment levels d) Wage levels