Level 1: Introduction to Modern Real Estate Practice Flashcards
a real estate license holder
who locates dwelling units for prospective tenants
Apartment Locator
one who possesses a property under a lease
without ownership
Tenant
someone who assists in buying and selling
to receive a commission
Broker
the person that an agent is representing,
made official through a representation document
Client
an
educational requirement for courses in the first two
years of being licensed as a real estate agent
Sales Agent Apprentice Education (SAE)
a person or company that buys or leases
any product or service
Consumer
the surface of the earth, extending down to
the center of the earth and up into space
Land
includes the land and any natural or
manmade improvements attached to it
Real Estate
includes land and any natural or
manmade improvements attached to it, plus the
bundle of legal rights of ownership
Real Property
items that can easily be removed from the land
Personal Property
characteristic of land stating that land
has a particular geographical location that will remain
constant, barring erosion or slow, geological changes
Immobility
a person or corporation who
markets to find buyers and sellers to put together in
exchange for a commission
Real Estate Broker
a _______ is the process used by a hired sales agent to
determine the potential selling price or estimated
value of a real estate property.
Broker’s Price Opinion (BPO)
the completion of a real estate transaction
in which the buyer receives ownership and the seller
receives the contract amount
Closing
a report
comparing the prices of sold homes that are similar
to the subject property (called comparables); created
by a license holder to help the seller or buyer determine the market price
Comparative Market Analysis (CMA)
a false statement (spoken or
written) that is made unintentionally
Misrepresentation
a person involved in a contract for sale, lease,
or agency
Party
an illegal act of a license holder who
mixes their own money with a client’s or customer’s
money
Commingle
forms prepared and authorized by the Texas Real Estate Commission that MUST
be used by real estate license holders
Promulgated Forms
forms prepared and authorized
by the Texas Real Estate Commission that CAN be
used by real estate license holders
Approved Forms
an encumbrance that keeps the
title to the property from transferring easily
Cloud on the Title
the exaggeration of opinions about real estate
Puffing
a plea in a criminal court in
which the defendant accepts the punishment without admitting guilt
Nolo Contendere
