Chapter 17 - Specializations

Question 1

An estimate of the quantity, quality, or value of something. The process through which conclusions of property value are obtained; also refers to the report that sets forth the process of estimation and conclusion of value.

Answer 1

appraisal

Question 2

A person who conducts the sale of property by competitive bid using any method, format, or venue; licensed by the Texas Department of licensing and Regulation.

Answer 2

auctioneer

Question 3

Brokers that specialize in business property, including offices, shopping centers, stores, theaters, hotels, industrial parks, and parking facilities.

Answer 3

commercial broker

Question 4

Brokers that specialize in farms, timberland, pastureland, ranches, & orchards.

Answer 4

farm and ranch or land sales broker

Question 5

The business of providing the funds necessary to complete real estate transactions.

Answer 5

financing

Question 6

A person who conducts business activities related to oil, gas, and mineral explorations.

Answer 6

petroleum landman

Question 7

A business that includes the work of land developers and subdividers who purchase raw land, divide it into lots, build roads, and install utilities. It also involves builders and architects who plan and construct the houses and other buildings, which are then sold.

Answer 7

property defelopment

Question 8

A real estate agent who operates a property for its owner.

Answer 8

property management

Question 9

Brokers who deal in property used for housing, including small city lots, acreage, and single family and multifamily units in urban, suburban, and rural areas.

Answer 9

residential broker

Question 10

A person who help clients choose among the various alternatives involved in purchasing, using, or investing in real property.

Answer 10

real estate counselor

Question 11

A person who, under the indirect supervision of a professional inspector, accepts employment for the purpose of performing a real-property inspection for a buyer or seller.

Answer 11

real estate inspector

Question 12

A person other than the owner of the property or an onsite manager, who offers, for consideration, to locate a unit in an apartment complex for lease to a prospective tenant.

Answer 12

residential rental locator

Question 13

A form of ownership where permission is given to use certain property for certain intervals of time; may be fee simple title or merely a right to use (license).

Answer 13

time-share