Chapter 1: Introduction to Real Estate Flashcards

1
Q

TACLB

A

Professional organization for Appraisers

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2
Q

RLMO

A

Mortgage/Loan Officers

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3
Q

TREC

A

License and governs real estate agents and inspectors in Texas

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4
Q

ESAC

A

Education advisory committee that sets curriculum and certification requirements for TREC

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5
Q

NAR

A

Professional organization - National Association of Realtors, manages MLS

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6
Q

BOMA

A

Professional organzation for commercial builders, owners and managers

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7
Q

FHA

A

Federal Housing Association - type of mortgage insurance through federal government

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8
Q

TRELA

A

Texas Real Estate Licensing Act - State legislature to set real estate standards

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9
Q

Land is:

A

Indestructible
Immobile
Non-Homogeneity

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10
Q

Modifications

A

Changes, Improvements, roads, that increase value

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11
Q

Fixity

A

Refers to the amount of time to pay for land and the land is in a fixed location that can not be moved

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12
Q

Situs

A

Economic Location

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13
Q

Value

A

Means the monetary cost or return on your investment

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14
Q

Agents

A

Must have a broker sponsor them and their license is valid only in Texas

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15
Q

Appraisal

A

Providing a professional opinion of the value of real property

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16
Q

Brokerage

A

Overseeing the needs of the parties to a real estate transaction and seeing it to its completion

17
Q

Common Law

A

Body of Laws based on Common sense

18
Q

Statutory Laws

A

Body of Laws and enacted by federal and state legislative bodies

19
Q

Supply and Demand

A

The primary determinants of real estate values

20
Q

Sior

A

Industrial, Office, Sales manager, executive manager, or Advisory service