Chapter 1: Introduction to Real Estate

Question 1

TACLB

Answer 1

Professional organization for Appraisers

Question 2

RLMO

Answer 2

Mortgage/Loan Officers

Question 3

TREC

Answer 3

License and governs real estate agents and inspectors in Texas

Question 4

ESAC

Answer 4

Education advisory committee that sets curriculum and certification requirements for TREC

Question 5

NAR

Answer 5

Professional organization - National Association of Realtors, manages MLS

Question 6

BOMA

Answer 6

Professional organzation for commercial builders, owners and managers

Question 7

FHA

Answer 7

Federal Housing Association - type of mortgage insurance through federal government

Question 8

TRELA

Answer 8

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

Question 9

Land is:

Answer 9

Indestructible
Immobile
Non-Homogeneity

Question 10

Modifications

Answer 10

Changes, Improvements, roads, that increase value

Question 11

Fixity

Answer 11

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

Question 12

Situs

Answer 12

Economic Location

Question 13

Value

Answer 13

Means the monetary cost or return on your investment

Question 14

Agents

Answer 14

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

Question 15

Appraisal

Answer 15

Providing a professional opinion of the value of real property

Question 16

Brokerage

Answer 16

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

Question 17

Common Law

Answer 17

Body of Laws based on Common sense

Question 18

Statutory Laws

Answer 18

Body of Laws and enacted by federal and state legislative bodies

Question 19

Supply and Demand

Answer 19

The primary determinants of real estate values

Question 20

Sior

Answer 20

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