Principles of Real Estate 1- Aceable Agent Key Revision Questions and Answers 2024

Apartment Locator - a real estate license holder who locates dwelling units for prospective tenants Tenant - one who possesses (rents) real property for a period of time, usually under a lease. The property or estate is normally owned by the landlord. Broker - Someone who assists in buying and selling to receive a commission Client - The person that an agent is representing, made official through a representation documents. Sales Agent Apprentice Education (SAE) - an educational requirement for courses in the first two years of being licensed as a real estate agent Consumer - A person or company that buys or leases any product or service Land - the surface of the earth, extending down to the center of the earth and up into space. Real Estate - included the land and any natural or manmade improvements attached to it. Real Property - items that can easily be removed from the land. Immobility - Characteristic of land stating that land has a particular geographic location that will remain constant, barring erosion or slow, geological changes. Real Estate Broker - A person or corporation who markets to find buyers and sellers to put together in exchange for a commission. Broker's Price Opinion (BPO) - A broker' 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 - the completion of a real estate transaction in which the buyer receives ownership and the seller received the contract amount. Comparative Market Analysis (CMA) - a report comparing the prices of sold homes that are similar to the subject property; is created by a license holder to help the seller or buyer determine the market price Misrepresentation - a false (spoken or written) that is made unintentionally. Party - a person involved in a contract for sale, lease or agency. Commingle - an illegal act of a license holder who mixes their own money with a client's or customers money. Promulgated Forms - forms prepared and authorized by TREC that MUST be used by RE license holders. Approved Forms - forms prepared and authorized by TREC that CAN be used by RE license holders. Cloud on the Title - An encumbrance that keeps the title to the property from transferring easily Puffing - The exaggeration of opinions about real estate Nolo Contendere - a plea by which a defendant in a criminal prosecution accepts conviction as though a guilty plea had been entered but does not admit guilt