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Texas Real Estate Principles I questions with answers.
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Texas Real Estate Principles I questions with answers.
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Texas Real Estate Principles I questionswith answers.
Two principal types of managers: ANS -1. Property Managers: day-to-day operations.
2. Asset Managers: investment portfolios.
Areas of regulation: ANS -Usage, taxation & housing administration.
Professional regulatory functions: ANS -- Public planners
- Zoning administrators
- Building inspectors
- Assessors
- Administrators of specific federal statutes
Fair housing act ANS -protects from discrimination.
An owner can: ANS -- Buy
- Sell
- Assign
- Lease
- Exchange
- Inherit
- Otherwise transfer rights & interests
Participants in transfer: ANS -- Mortgage broker
- Mortgage banker
- Appraisers
- Insurance company
,- Title company
Property managers: ANS -finding tenants, collecting rent, rehab/construction, repairs, and
maintenance.
Lenders ANS -One of 8 specializations
Title ANS -disbursements of all monies, title search "abstract of title".
Appraisers ANS -1 of 8 specializations; must be trained & licensed
Mortgage brokers: ANS -earn a fee to bring borrowers and lenders together. DO NOT service loans.
Mortgage BANKERS: ANS -make, sell, and service the loans.
Home inspectors: ANS -structural, electrical & mechanical. (Tip: give a few options to clients - not one
specific recommendation.)
Surveyors ANS -formal measurements of the boundaries, dimensions, and elevations of a parcel of real
estate. Required by lenders to identify possible encroachments, easements, and flood hazards.
Trade organizations: ANS -- Training programs,
- Professional designations
- Communication channels for keeping up to date with events and laws
Real properties are commonly categorized as: ANS -Residential
Residential income
Office
Retail
Industrial
,Farm and ranch
Special purpose: public & private; also gov buildings, churches, schools or other types of buildings
Land
Mixed-use
Two well-known national trade organizations are: ANS -Members of the National Association of
REALTORS® (NAR) are known as REALTORS®. Salespersons not associated with NAR are known as real
estate licensees or agents.
Members of the National Association of Real Estate Brokers are known as Realtists.
The Lone Star State has its own professional organization: ANS -Texas REALTORS®
Texas REALTORS®. ANS -Austin: Austin Board of REALTORS®
Houston: Houston Association of REALTORS®
Dallas-Ft. Worth: MetroTex Association of REALTORS®
San Antonio: San Antonio Board of REALTORS®
If you are interested in becoming a broker, your primary real estate brokerage activities will involve ANS
-LOCATING:
a buyer for a seller
a seller for a buyer
a tenant for a landlord
Additional broker specializations ANS -- Geographical area
- Type of transaction
- Type of client
- Type of relationship
Different types of broker agents: ANS -Residential, Commercial, Industrial, Land
, The principal types of transactions are: ANS -Sales
Leases and subleases
Exchanges
Options
In recent years, many brokers have specialized in providing... ANS -advisory services to clients instead of
the traditional transaction-based, commission-compensated services.
advisory relationship ANS -the broker works on identified real estate tasks or projects in exchange for a
fee, salary, or retainer. The fee advisor may or may not focus on completing a transaction.
Necessary knowledge for an agent ANS -Local market conditions
Local properties
Real estate principles
Real estate law
Value estimation
Real estate financing
Investment principles
License laws
Related math calculations
Closing procedures
Necessary Skills of an Agent ANS -Financial qualification
Market analysis
Marketing practices
Ethical practices
Liability management
Data management
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