Intro to Modern Real Estate Flashcards
Define ‘Real estate professionals’
Individuals and business organizations whose sole objective is performing a real estate-related service or function
What are Property managers responsible for?
Finding tenants, collecting rent, rehabbing/constructing new space for tenants, ordering repairs and overall maintaining their properties.
What do Asset managers do? And how are they different from apartment managers?
Oversee groups of properties.
Their role is to achieve investment objectives rather than managing day-to-day operations.
Broker
A professional that a buyer or seller selects to perform real estate services
Agent
A sponsored employee/independent contractor of the broker
What does the Title company do?
They complete an “abstract of title” and handle the disbursements of all monies.
“Abstract of Title”
A search of the records in the county where the property is held.
Mortgage Brokers
They Bring borrowers and lenders together.
Property value
The worth of a piece of real estate based on the price that a buyer and seller agree upon.
TRELA
The Real Estate License Act
TREC
Texas Real Estate Commission
What is TREC in charge of?
In charge of administering and enforcing license laws. And may also pass regulations.
Price
The amount of money that a buyer has agreed to pay and a seller has agreed to accept.
Market equilibrium principle
Supply and Demand (market demand moves to meet supply, and supply moves to meet demand)
Supply
quantity of a product or service available
Demand
quantity of a product or service that is desired
What is the experience requirement for an applicant for a broker’s license?
four years of active licensed experience within 5 years preceding the application date
When applying for a salesperson’s license, you must have at least two semester hours covering what four topics?
Law of Agency
Law of Contracts
Promulgated Contract Forms
Real estate finance
The Education Committee consists of how many members appointed by TREC?
12 members
The Education Standards Advisory Committee (ESAC) is comprised of how many GENERAL PUBLIC members?
one
What do mortgage brokers do?
bring lenders and borrowers together
ARELLO
Association of Real Estate License Law Officials.
How many members are on the Commission (TREC) and who appoints them?
Nine members (six brokers and three members of the public). Appointed by the Governor.
What is the definition of market equilibrium?
When supply meets demand
What causes vacancy to rise and prices to fall until supply-demand equilibrium results?
New Construction
How long does the term of a TREC member last?
6 years
