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Texas Pre-License-Principles of Real Estate 1 questions & correct answers.
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Texas Pre-License-Principles of Real Estate 1 questions & correct answers.
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Texas Pre-License-Principles of RealEstate 1 questions & correct answers.
Apartment Locator ANS -a real estate license holder who locates dwelling units for prospective tenants
Tenant ANS -one who possesses a property under lease without ownership
Broker ANS -someone who assists in buying and selling to receive a commission
Client ANS -the person that an agent is representing, made official through representation document
Sales Agent Apprentice Education (SAE) ANS -an educational requirement for courses in the first two
years of being licensed as a real estate agent
Consumer ANS -A person or company that buys or leases any product or service
Land ANS -the surface of the earth, extending down to the center of the Earth and up into space
Real Estate ANS -includes the land and any natural or manmade improvements attached to it
Real Property ANS -includes land and any natural or manmade improvements attached to it, plus the
bundle of legal rights of ownership
Personal Property ANS -items that can easily be removed from the land
Immobility ANS -characteristic of land stating that land has a particular geographical location that will
remain constant, barring erosion or slow geological changes
Real Estate Broker ANS -a person or corporation who markets to find buyers and sellers to put together
in exchange for a commission
,broker's price opinion (BPO) ANS -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 ANS -the completion of a real estate transaction in which the buyer receives ownership and the
seller receives the contract amount
Comparative Market Analysis (CMA) ANS -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 price
Mispresentation ANS -a false statement (spoken or written) that is made unintentionally
Party ANS -a person involved in a contract for sale, lease or agency
Commingle ANS -an illegal act of a license holder who mixes their own money with a clients or
customers money
Promulgated Forms ANS -forms prepared and authorized by the Texas Real Estate Commission that
MUST be used by real estate license holders
Approved Forms ANS -forms prepared and authorized by the Texas Real Estate Commission that CAN be
used by real estate license holders
Cloud on title ANS -an encumbrance that keeps the title to the property from transferring easily
Puffing ANS -the exaggeration of opinions about real estate
Nolo contendere ANS -a plea in a criminal court in which the defendant accepts the punishment with
out admitting guilt
,Allodial System ANS -ownership of land in which the land is owned free and clear; it is the opposition of
the feudal system
Feudal System ANS -a form of ownership from England's past in which royalty owned the land
Improvement ANS -any permanent man-made addition to land
Subsurface rights ANS -ownership of the minerals, gas or oil beneath the surface of a piece of real
estate
surface rights ANS -The ownership of the land in a parcel or real estate but limited only to the plane
air rights ANS -the right to use the airspace above the surface of land
water rights ANS -the right to enjoy the water that borders a property
littoral rights ANS -rights that govern lakefront or oceanfront property and usually allow the property
owner to use the water bordering their property
riparian rights ANS -rights that govern the use of flowing water, such as rivers and streams that pass
through or border a property
personal property ANS -any item that is not real estate, also know as chattel or personalty
real estate ANS -a part of the surface of land to the center of the earth and upward, plus all
improvements made by man or nature
real property ANS -land from the surface to the center of earth and upward into space including
everything attached by man or nature as well as the bundle of legal rights of the ownership
, Fixture ANS -an object that was once personal property, but which has now been firmly attached to the
land in such a way that it becomes part of the estate
trade fixture ANS -personal property attached to real property that is owned by and needed for a
tenant's business
Adaptation ANS -the use of modification of a particular item for a specific use in a property
fructus naturales ANS -trees, bushes, grass, and uncultivated plants, usually considered to be real
property because of their permanence
fructus industriales ANS -annually cultivated crops generally considered to be personal property; also
known as emblements
cooperative ANS -a residential building in which the title is held by corporation, the residents are
stockholders in the corporation, and the residents have a lease.
Planned Unit Development (PUD) ANS -a subdivision or development that includes single family
dwellings along with some common elements such as parks, pools, community recreational centers, golf
courses
timeshare ANS -residence with multiple owners who share the right to possession for a specific period
of time with the other owners
ad valorem tax ANS -a tax calculated according to the assessed value of real estate
homestead exemption tax ANS -reduces the amount of ad valorem taxes assessed on a homestead
prorate ANS -the dividing of expenses for items like taxes, interests, and rent at the closing between the
seller and the buyer
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