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Aceable Agent Texas Real Estate Principles I Exam with 100% correct Answers
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Aceable Agent Texas Real Estate Principles I Exam
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Aceable Agent Texas Real Estate Principles I ExamBroker's Price Opinion (BPO) - Answer- 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
Closing - Answer- The completion of a real estate transaction in which the buyer receives ownership and the seller receives the contract amount
Comparative Market Analysis (CMA) - Answer- 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
Seller's Market - Answer- a market condition in which the number of properties for sale does not meet the demand (number of people looking to buy)
Buyer's Market - Answer- relatively low demand for real estate in the area (it will take 6 months or more to sell a house)
Agent - Answer- A person who acts on behalf of someone else
Seller's Disclosure Notice - Answer- A document filled out by the seller concerning any defects in the improvements on the property
Subagent - Answer- A license holder from one office who represents the seller through cooperation with the listing broker of another company
Material Fact - Answer- Any fact that is significant or essential to the transaction
Principle - Answer- the individual who authorizes another person to act on their behalf
Intermediary Relationships - Answer- occur when the same real estate office is representing both the seller and the buyer as clients in the same transaction
Third Party - Answer- the individual with whom the agent and principal enter into real estate negotiations. The third party is also sometimes referred to as the customer
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