Other
CHAMPION SCHOOL OF REAL ESTATE
- Institution
- CHAMPION SCHOOL OF REAL ESTATE
CHAMPION SCHOOL OF REAL ESTATE
[Show more]
Content preview
CHAMPION SCHOOL OF REAL ESTATEBrokerage - Answers - The aspect of the real estate business that pertains to
overseeing the needs of the parties and completing a transaction
Property Managers are generally responsible for the following - Answers - Day to Day
operations, Maintenance and Tenant Relations
RMLO - Answers - Mortgage Brokers are known as
NAR - Answers - The largest trade organization representing real estate professionals is
Value - Answers - A fair return or equivalent in goods, services, or money for something
exchanged
BOMA - Answers - Building Owners & Managers Association (oldest organization)
Benefits of home ownership - Answers - Occupancy, Tax Benefits, Pride, Security,
Investment
Federal Housing Administration - Answers - In 1934 the US Government's first major
direct involvement in the residential finance market
Economic Characteristic of Land: Fixity - Answers - Land, and additions to the land such
as buildings, take long periods of time to pay for themselves
Economic Characteristic of Land: Situs - Answers - Location of the property or land from
an economic, not a geographic viewpoint
Supply & Demand - Answers - When the demand is high and the supply is low, the
prices go up. Likewise, prices decline when the supply is high and the demand is low
Supply can be restricted by a number of factors including: - Answers - Land costs,
Construction, Taxation, Economics and Local government building codes and zoning
ordanances
Demand is affected by factors including: - Answers - Growth in employment,
Transportation systems, Personal preference, Availability of credit and Federal
government policy
Size of the Employment Market - Answers - The single most important determinant of
value in residential real estate
Common Law - Answers - Body of law developed in England and is based on "common
sense" and local customs
,Statutory Law - Answers - Body of laws and regulations enacted by federal and state
legislative bodies - law based on legislation
TRELA - Answers - The Texas Legislature passed the Texas Real Estate License Act in
1939
The purpose of TRELA is to - Answers - Protect the public against unscrupulous
brokers and sales agents
Physical Characteristic of Land: Indestructibility or Durability - Answers - Land cannot
be destroyed
Physical Characteristic of Land: Immobility - Answers - Land cannot be moved
Physical Characteristic of Land: Nonhomogeneity - Answers - No two parcels of land
are the same
Economic Characteristic of Land: Scarcity - Answers - The theory of Supply & Demand
Economic Characteristic of Land: Modification - Answers - Value is affected by man
made changes to the land
TREC - Answers - The Texas Real Estate Commission was created by the legislature in
1949
Nine members commission (TREC) - Answers - Six members are mortgage brokers and
three public members
Appraisal - Answers - An opinion of value
Agency agreement - Answers - The level of service provided to a buyer, seller, landlord
or tenant is determined by the presence or lack of an ___________ with the broker
Residential Subdivisions - Answers - As job opportunities expand, raw land is
developed into __________
SIOR - Answers - Designees can hold the following specialty designations: industrial,
office, sales manager, executive manager, or advisory service
Long-term mortgages - Answers - During periods of high inflation, lenders are less
willing to commit to _________ with the fear that holding a portfolio of below market
mortgages is a risky business for them
, Municipality - Answers - The authority that local government has to pass and enforce
building and zoning codes has a profound impact on the type of and location of
development with a __________
Appraisal is the business of: - Answers - Providing a professional opinion of the value of
real property
NAR - Answers - A professional association whose local affiliates own and operate MLS
systems throughout the US
RMLOs in Texas are licensed through the: - Answers - Texas Department of Savings
and Mortgage Lending
Subsurface rights - Answers - Rights that include ownership of oil, gas and other
minerals
Rights that are conveyed in a cell tower lease include: - Answers - Surface and Air
Improvement - Answers - Any man made addition to the land that is permanent is
known as __________
Personal Property - Answers - Things that are of a temporary or movable nature are
known as
Modular Homes - Answers - Factory built housing that is built to local building codes
include:
Air Rights - Answers - Extend above the surface without limitation - include, cell tower
leases, condominiums, outdoor advertising
The Texas Railroad Commission - Answers - Controls all drilling for oil and gas in the
state and regulates all drilling activity in the state
Riparian rights - Answers - Rights that an owner has to use water from a river or a
stream on or next to a property
Littoral rights - Answers - Rights to use water from a lake, ocean or sea on or next to a
property
Accretion - Answers - addition to the land by the action of water
Alluvion - Answers - soil added to the land by accretion
Avulsion - Answers - water washes away the land from one property and deposits it on
another
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller GEEKA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
57413 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now