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Texas Real Estate Unit 1 Exam 2024/2025 Questions With Completed & Verified Solutions.
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Texas Real Estate Unit 1 Exam 2024/2025 Questions With Completed & Verified Solutions.
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Texas Real Estate Unit 1Appraiser - ANS An independent person trained to provide an unbiased estimate of value
appreciation - ANS An increase in the worth or value of a property due to economic or related
causes, which may prove to be either temporary or permanent; opposite of depreciation.
assessment - ANS the imposition of a tax, charge or levy, usually according to established rates
associate licensee - ANS A licensed real estate salesperson who is employed by or associated
with the broker to perform brokerage activities on behalf of or for the broker.
Broker - ANS One who acts as an intermediary on behalf of others for a fee or commission.
capital gain - ANS a profit from the sale of property or of an investment.
caveat emptor - ANS let the buyer beware
code of ethics - ANS A written system of standards for ethical conduct.
cost recovery - ANS An Internal Revenue Service term for depreciation.
demand - ANS the amount of good people are willing and able to buy at a given price
Demographics - ANS statistical data relating to the population and particular groups within it.
development - ANS the construction of improvements that benefit land
equity buildup - ANS That portion of the loan payment directed toward the principal rather than
the interest, plus any gain in property value due to appreciation.
Ethics - ANS A system of moral principles and rules that become the standard for professional
conduct
Home Inspection - ANS A thorough inspection by a professional that evaluates the structural
and mechanical condition of a property. A satisfactory home inspection is often included as a
contingency by the purchaser.
immobility - ANS the fact that property cannot be relocated to satisfy demand where supply is
low, nor can buyers always relocate to areas with greater supply
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