Level 1: Introduction to Modern Real Estate Practice Flashcards

1
Q

a real estate license holder

who locates dwelling units for prospective tenants

A

Apartment Locator

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2
Q

one who possesses a property under a lease

without ownership

A

Tenant

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3
Q

someone who assists in buying and selling

to receive a commission

A

Broker

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4
Q

the person that an agent is representing,

made official through a representation document

A

Client

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5
Q

an
educational requirement for courses in the first two
years of being licensed as a real estate agent

A

Sales Agent Apprentice Education (SAE)

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6
Q

a person or company that buys or leases

any product or service

A

Consumer

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7
Q

the surface of the earth, extending down to

the center of the earth and up into space

A

Land

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8
Q

includes the land and any natural or

manmade improvements attached to it

A

Real Estate

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9
Q

includes land and any natural or
manmade improvements attached to it, plus the
bundle of legal rights of ownership

A

Real Property

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10
Q

items that can easily be removed from the land

A

Personal Property

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11
Q

characteristic of land stating that land
has a particular geographical location that will remain
constant, barring erosion or slow, geological changes

A

Immobility

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12
Q

a person or corporation who
markets to find buyers and sellers to put together in
exchange for a commission

A

Real Estate Broker

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13
Q

a _______ is the process used by a hired sales agent to
determine the potential selling price or estimated
value of a real estate property.

A

Broker’s Price Opinion (BPO)

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14
Q

the completion of a real estate transaction
in which the buyer receives ownership and the seller
receives the contract amount

A

Closing

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15
Q

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

A

Comparative Market Analysis (CMA)

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16
Q

a false statement (spoken or

written) that is made unintentionally

A

Misrepresentation

17
Q

a person involved in a contract for sale, lease,

or agency

A

Party

18
Q

an illegal act of a license holder who
mixes their own money with a client’s or customer’s
money

A

Commingle

19
Q

forms prepared and authorized by the Texas Real Estate Commission that MUST
be used by real estate license holders

A

Promulgated Forms

20
Q

forms prepared and authorized
by the Texas Real Estate Commission that CAN be
used by real estate license holders

A

Approved Forms

21
Q

an encumbrance that keeps the

title to the property from transferring easily

A

Cloud on the Title

22
Q

the exaggeration of opinions about real estate

A

Puffing

23
Q

a plea in a criminal court in

which the defendant accepts the punishment without admitting guilt

A

Nolo Contendere