Texas Principles of Real Estate 1 Chapter 1 questions with answers
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Module
Texas Principles of Real Estate 1 Chapter 1
Institution
Texas Principles Of Real Estate 1 Chapter 1
A partnership or limited liability partnership - Acting as a broker or salesperson through a partner
who is a licensed broker
A person employed by an owner - In the sale of structure and land on which structures are located,
if the structures are erected by the owner in the course of the owners ...
Texas Principles of Real Estate 1 Chapter 1
A partnership or limited liability partnership - ✔✔Acting as a broker or salesperson through a partner
who is a licensed broker
A person employed by an owner - ✔✔In the sale of structure and land on which structures are located,
if the structures are erected by the owner in the course of the owners business.
A transaction involving - ✔✔the sale, lease or transfer of a mineral or mining interest in the real
property; the sale, lease or transfer of a cemetery lot; the lease or management of a hotel or motel; or
the sale of real property under a power of sale conferred by a deed of trust or other contract lien.
Absorption - ✔✔Amount of available property that becomes occupied over a period of time.
Absorption - ✔✔Filling up of vacancy.
Advisory relationship - ✔✔Broker works on identified real estate tasks/projects in exchange for monies.
Agent - ✔✔Party in an agency relationship (a licensed employee of the broker) who is hired by the client
to perform certain duties. Must also uphold fiduciary (entrusted with money or property) duties owed
the client.
Alteration - ✔✔Economic worth of land depends heavily on how it is developed, altered, and modified
by building and other developments and amenities.
An auctioneer - ✔✔Licensed under chapter 1802 while conducting the sale of real estate by auction, if
the auctioneer does not perform another act of a broker or salesperson.
An owner or the owners employee - ✔✔who leases the owner's real estate
Appraisers - ✔✔Licensed professionals that perform appraisals of property value.
, Asset Managers - ✔✔Oversee groups of properties or portfolios to achieve the investment objectives of
the owner, as opposed to managing operations.
Attorneys - ✔✔Represents a client and licensed to give legal advice.
Attorneys-at-law - ✔✔Provide legal services in course of duties as attorneys, licensed in Texas only.
Attorneys-in-fact - ✔✔Acting under a power of attorney from an owner or lessor to conduct a real
estate transaction, provided the attorney in fact receives no fee.
Bankers - ✔✔Own or act as officers in a bank.
Base Employment - ✔✔Number of persons employed in the businesses that represent the economic
foundation of the area.
Base employment, total employment and population determine: - ✔✔Overall demand.
Broker License - ✔✔May work independently, requires at least 4 years of experience, and associates
may be brokers.
Broker Skills - ✔✔Time management, market analysis, selling, writing, etc.
Brokers - ✔✔A broker is a direct agent of the client hired for compensation to perform a stated service,
such as negotiating the sale of property.
Claim for Payment from Trust Account - ✔✔Party may proceed to collect from the licensee. If licensee
cannot pay full amount, party may apply to the court for an order. The order directs court to pay
balance from the real estate recovery fund.
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