Texas Real Estate 199 Questions And Answers
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Terms in this set
199
Broker
a person who, in exchange for a commission or other valuable consideration or with the expectation of receiving a commission or other valuable consideration, performs for another person one of the following acts, including helping another person to conduct a real estate transaction
TRELA
The Real Estate License Act (TRELA), a broker is the agent for the buyer or the seller, or in some cases, both parties, in negotiating the sale, purchase, or renting of property. A broker is authorized to operate a real estate brokerage (business).
Sales Agent
is a licensee employed by or associated with a broker, who conducts brokerage activities on behalf of the broker in return for a fee or a commission. They perform real estate transactions under the ultimate supervision of the broker.
ESAC
Education Standard Advisory Committee
The function is to regularly review and revise curriculum standards, course content requirements and instructor certification requirements for core and MCE courses.
-Committee consists of 12 members
-Seven members who have been engaged in the practice of real estate
-Four members who are real estate instructors or owners of real estate
-One member who represents the public
The function is to regularly review and revise curriculum standards, course content requirements and instructor certification requirements for core and MCE courses.
-Committee consists of 12 members
-Seven members who have been engaged in the practice of real estate
-Four members who are real estate instructors or owners of real estate
-One member who represents the public
Economic Characteristics of Land
-Scarcity
-Modification
-Fixity, and
-Situs.
-Modification
-Fixity, and
-Situs.
Scarcity
s a shortage of land in a given geographical area where there is a great demand for land
Modification
also called improvements, are man-made developments made to real property. Modifications greatly influence land use and value. They can be anything from apartments to airports, schools to sewers, farms to factories.
Fixity
also called investment permanence, means that land, buildings, and other improvements require long periods of time to pay for themselves.This is why an investment in real estate is regarded as a fixed or "sunk" cost.
Situs
or location preference, refers to a location from an economic rather than a geographic standpoint. Residential, commercial, and industrial properties have different location preferences for different reasons. is the reason why house lots on street corners, corner offices, and apartments with commanding views are valued more highly than identically-sized lots in less-preferred locations
Nonhomogeneity
Also known as heterogeneity, nonhomogeneity means that no two parcels of land are exactly alike—because no two parcels of land can occupy the exact same space on the globe.