Chapter 1: Introduction to Real Estate Flashcards
TACLB
Professional organization for Appraisers
RLMO
Mortgage/Loan Officers
TREC
License and governs real estate agents and inspectors in Texas
ESAC
Education advisory committee that sets curriculum and certification requirements for TREC
NAR
Professional organization - National Association of Realtors, manages MLS
BOMA
Professional organzation for commercial builders, owners and managers
FHA
Federal Housing Association - type of mortgage insurance through federal government
TRELA
Texas Real Estate Licensing Act - State legislature to set real estate standards
Land is:
Indestructible
Immobile
Non-Homogeneity
Modifications
Changes, Improvements, roads, that increase value
Fixity
Refers to the amount of time to pay for land and the land is in a fixed location that can not be moved
Situs
Economic Location
Value
Means the monetary cost or return on your investment
Agents
Must have a broker sponsor them and their license is valid only in Texas
Appraisal
Providing a professional opinion of the value of real property