Intro to Modern Real Estate

Question 1

Brokerage

Answer 1

the business of bringing parties together who are interested in conducting a real estate transaction

Question 2

Broker

Answer 2

the agent for the buyer or the seller, or in some cases both parties, in negotiating the sale, purchase or renting of property. authorized to operate a real estate brokerage ( sec.1101.002 of TRELA )

Question 3

Commercial Properties

Answer 3

Ex: strip mall or an empty lot zoned commercial

Question 4

Residential Properties

Answer 4

Ex: single family homes or lots on which to build such

Question 5

What are specialized brokerages

Answer 5

property management
rental properties
farm and ranch properties

Question 6

Sales Agent

Answer 6

is a license employed by or associated with a broker, who conducts brokerage activities on behalf of the broker in return for a fee or a commission

Question 7

what are some “regarding legal advice?

Answer 7

• if they are not licensed in the state of Texas they can not practice in the state
• TREC under TRELA has the authority to suspend or even revoke a brokers license if they conduct the unlawful practice of law

Question 8

TREC

Answer 8

Texas Real Estate Commission

Question 9

what are some other discipline in the real estate field

Answer 9

• banking
  -appraising services
  -title insurance
  -property insurance
  -legal services
  -property management services
  -surveying
  -property development
  -education services

Question 10

Education Standards Advisory Committee

Answer 10

Aka: ESAC
-their job is to approve and regulate continuing education providers and accredited schools offering real estate courses

Question 11

what is the function of the education advisory committee?

Answer 11

the function is to regularly review and revise curriculum standards, course content requirements and instructor certification requirements for core and MCE courses

Question 12

The education advisory committee consists of 12 members appointed by the the commission as follows:

Answer 12

1. Seven members who have been engaged in the practice of for at least five years before the members appointment
2. Four members who are real estate instructors or owners of real estate schools accredited by the commission that provide or continuing education
3. One member who represents the public

Question 13

There is four characters of land

Answer 13

• scarcity
• modification
• fixity
• situs

Question 14

Scarcity

Answer 14

shortage of land in a given geographical area where there is a great demand for land
ex: Manhattan island, new York city

Question 15

Modification

Answer 15

aka: improvements
man made developments made to real property
ex: apartments to airports, schools to sewers, farms to factories

Question 16

Fixity

Answer 16

aka: investment permanence
land, buildings and other improvements require long periods of time to pay for themselves
ex: income generated by apartments or office building may take upwards 20 to 30 years to repay the costs associated with the development

Question 17

Situs

Answer 17

aka: location preference
refers to location from a economic rather than geographical standpoint
ex: residential areas = natural factors like weather views and air quality affect this