Module 1 Flashcards
Land has three physical characteristics:
Immobility
Indestructibility
Nonhomogeneity
Economic Characteristics of Land
Scarcity
Modification
Fixity
Situs
Statutory Law
The body of laws and regulations enacted by federal and state legislative bodies.
The primary determinants of real estate values.
Supply and Demand
The body of law based on custom, usage and court decisions.
Common Law
A type of real estate, usually, over 10 acres, used for growing crops and raising animals.
Farm and Ranch
For a commission or fee, bringing together parties interested buying, selling, exchanging or leasing real property.
Brokerage
The management of residential and commercial properties on behalf of the investor-owner of the property
Property Management
Involves the acquisition of land for development into residential subdivisions, retail centers and other commercial uses
Real Estate Development
A license holder who works for a firm that specializes in locating units for tenants in multi-family complexes.
Apartment Locator
An estimate of the quantity, quality or value of something. The process through which conclusions of property values are obtained: also refers to the report that sets forth the process of estimation and conclusion of value.
Appraisal
Does title work to determine mineral ownership and negotiate oil and gas leases with mineral owners
Petroleum landmen
The statute that controls the licensing of persons permitted to practice real estate brokerage in Texas.
Texas Real Estate License Act
The business of providing money to individuals or corporations for the conditional transfer or pledge of real estate as security for the payment of debt.
Mortgage lending
A group of people appointed by the governor to set policy in implementing the license act.
Texas Real Estate Commission
A limited visual survey and evaluation of the basic operation of the systems and components of a building.
Home Inspection
Overseeing the needs of the parties to a real estate transaction and seeing it to its completion
brokerage
Body of laws and enacted by federal and state legislative bodies
Statutory Law
___________________ most often involves the acquisition of land for development into residential subdivisions, retail centers, and other commercial uses.
Real estate development
Location, location, location! Not from a geographic sense but from preference.
Situs
Man-made changes affect the value of land.
modification
Sometimes people buy real estate so they can live it in.
occupancy
Different pieces of land cannot take the same place or location on the earth. They are not the same.
Nonhomogeneity
Buying a lot on the lake is more expensive than the other lots in the subdivision.
Scarcity
Land never wears out and cannot be destroyed.
indestructibility
The buyer may need help with finding lenders to talk to for financing.
List of potential Lenders
If you want to see someone’s land, you have to go to it.
immobility
Land doesn’t pay for itself usually in a day. It takes a long time.
Fixity
Buying real estate to create income or appreciation.
Investment
Factors that affect real estate on a NATIONAL level include:
Federal Government Tax policy
The monetary worth of something:
Value
Federal government tax policy that affects demand includes:
Deductibility of real property taxes
Demand for real estate is primarily affected by:
Employment
Supply of real estate can be affected by:
Zoning ordinances
_____________ is a body of law developed in England and based upon “common sense” and local custom.
Common Law
Under _______________ law, a court looks to the findings of prior courts when rendering a decision.
Common Law
________________ law is the body of laws and regulations enacted by federal and state legislative bodies.
Statutory law
The purpose of TRELA is to
protect the public against unscrupulous brokers and sales agents.
In ________________ the Texas Real Estate License Act was enacted to protect the public.
1939
________________ is the understanding the relationship between the parties to a transaction.
Agency Law
__________ was created in 1949, administers the provisions of the License Act.
TREC
____________ is a body of laws and regulations enacted by federal and state legislative bodies.
Statutory Law
__________________ establishes the elements of a contract.
Contract Law
Land and additions to the land take a long period of time to pay for itself.
Fixity
Improvements affect value
Modification
Derived from the theory of supply and demand.
Scarcity
An opinion of value
Appraisal
A loan officer
RMLO
Law based upon local custom
Common Law
No two pieces of land are alike
non-homogeneity
Law based on legislation
Statutory Law
Land cannot be moved
immobility
