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Texas Real Estate Principles 1 > Chapter 1 Key Terms > Flashcards

Chapter 1 Key Terms Flashcards

1
Q

RE Professionals

A

Individuals and business orgs who main priority is to perform or provide real estate services/functions or duties

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2
Q

Property Managers (Think about if you had properties that you needed help managing; what all would they help with?)

A

Professionals who oversee properties for owners; Maintain property conditions and financial performance; Finding tenants and collecting rent; rehabbing space and constructing new space; ordering repairs and maintaining property

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3
Q

Asset Managers

A

investment is their main objectives of their clients; oversee groups and portfolios; DO NOT deal with day-day operations

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4
Q

Broker

A

performs real estate services for buyers and sellers; locating, negotiating and closing process etc.

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5
Q

Agent

A

a sponsored employee or independent contractor of a broker; hired by principle (broker OR business entity) to perform RE duties and services

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6
Q

Lenders (Mortgage Bankers)

A

Make loans

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7
Q

Title Company

A

Completes “Abstract of Title”- search of records for property in county; handle all disbursements of money

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8
Q

Appraisers

A

trained and licensed to appraise properties for other parties (find the value of property or how much its worth)

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9
Q

Mortgage Broker

A

bring borrowers and lenders together for a fee; DO NOT service loans

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10
Q

Professional Inspector

A

Inspect properties and gives opinions of property conditions; Includes: Structural, Electrical and Mechanical systems

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11
Q

Surveryors

A

licensed to take formal measurements of boundaries, dimensions, and elevations of a parcel (a piece of land) of real estate

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12
Q

Residential Property

A

People own and use for housing; apartments, duplexes, single family homes

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13
Q

Commercial Property

A

Retail or office space; industrial (factories)

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14
Q

Investment Property

A

In property that owners hold for investments

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15
Q

TREC: Texas RE Commission/ How many members/member break down/who appoints

A

administering and enforcing laws; pass regulations to clarify or refine state statues; Administering TRELA; 9 members- 6 brokers, 3 public; governor appoints

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16
Q

Property Value

A

worth of piece of land based on buyer and seller agreement; determined by what market will bear; community factors- nice school districts, highways, strip malls, power plants etc.

17
Q

Value

A

present worth of future benefits that person could gain from owning real estate

18
Q

Price

A

Amount of money or other asset that buyer has agreed to pay and seller agreed to accept to complete exchange

19
Q

Market Equilibrium Principle

A

demand moves to meet supply and supply moves to meet demand

20
Q

Unit of Residential Demand

A

a household; lease vs buy; house vs apartment

21
Q

Unit of Commercial (retail/office) & Industrial RE Demand

A

square footage; demand for lease space vs. purchase space; improved area rather than total lot area

22
Q

Supply/Units for Residential, Commercial/Industrial and Agricultural/Influenced by what?

A

how much of something is available for sale or lease; dwellings units (residential); sq ft (commercial/industrial), acres (agricultural); influenced by cost (labor), availability of financing, investment returns, govn’t and community regulation and planning

23
Q

Demand/ Each measured how- Residential, Commercial/Industrial and Agricultural

A

How many people actually want something (supply); households (residential), sq ft (commercial/industrial), acres (agricultural)

24
Q

ARELLO & it’s responsibility

A

Association Real Estate License Law Officials; promotes consistent policies and standards for license law and enforcement of license law

25
Q

Topics of laws most relevant to agents and brokers

A

Agency, Contracts, Disclosure, Environmental Impact, Fair Housing

26
Q

Market Equilibrium

A

Supply equals demand in market trend

27
Q

Value is based on what 4 things?

A

Scarcity (availability)
Utility (usefulness)
Desire (How much do I want it)
Purchase Power (can afford to pay for it)

28
Q

If supply goes UP and demand goes DOWN price does what?

A

Price decreases

29
Q

If demand goes UP and supply goes DOWN price does what?

A

Price increases

30
Q

Total Employment includes?

A

Base, Secondary and Support

31
Q

Base Employment

A

total number of persons employed in businesses that rep. economic foundations of an area

32
Q

Education Committee/total members and break down/appointed by who

A

12 members; 7 RE members who have been active for at least 5 years, 4 owners or instructors of RE schools; 1 public member; appointed by TREC

Texas Real Estate Principles 1 (1 decks)

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