Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Principles of Real Estate 1 > Module 1 > Flashcards

Module 1 Flashcards

1
Q

Land has three physical characteristics:

A

Immobility
Indestructibility
Nonhomogeneity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Economic Characteristics of Land

A

Scarcity
Modification
Fixity
Situs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Statutory Law

A

The body of laws and regulations enacted by federal and state legislative bodies.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

The primary determinants of real estate values.

A

Supply and Demand

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

The body of law based on custom, usage and court decisions.

A

Common Law

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

A type of real estate, usually, over 10 acres, used for growing crops and raising animals.

A

Farm and Ranch

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

For a commission or fee, bringing together parties interested buying, selling, exchanging or leasing real property.

A

Brokerage

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

The management of residential and commercial properties on behalf of the investor-owner of the property

A

Property Management

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Involves the acquisition of land for development into residential subdivisions, retail centers and other commercial uses

A

Real Estate Development

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

A license holder who works for a firm that specializes in locating units for tenants in multi-family complexes.

A

Apartment Locator

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

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.

A

Appraisal

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Does title work to determine mineral ownership and negotiate oil and gas leases with mineral owners

A

Petroleum landmen

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

The statute that controls the licensing of persons permitted to practice real estate brokerage in Texas.

A

Texas Real Estate License Act

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

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.

A

Mortgage lending

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

A group of people appointed by the governor to set policy in implementing the license act.

A

Texas Real Estate Commission

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

A limited visual survey and evaluation of the basic operation of the systems and components of a building.

A

Home Inspection

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Overseeing the needs of the parties to a real estate transaction and seeing it to its completion

A

brokerage

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Body of laws and enacted by federal and state legislative bodies

A

Statutory Law

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

___________________ most often involves the acquisition of land for development into residential subdivisions, retail centers, and other commercial uses.

A

Real estate development

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Location, location, location! Not from a geographic sense but from preference.

A

Situs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Man-made changes affect the value of land.

A

modification

22
Q

Sometimes people buy real estate so they can live it in.

A

occupancy

23
Q

Different pieces of land cannot take the same place or location on the earth. They are not the same.

A

Nonhomogeneity

24
Q

Buying a lot on the lake is more expensive than the other lots in the subdivision.

A

Scarcity

25
Q

Land never wears out and cannot be destroyed.

A

indestructibility

26
Q

The buyer may need help with finding lenders to talk to for financing.

A

List of potential Lenders

27
Q

If you want to see someone’s land, you have to go to it.

A

immobility

28
Q

Land doesn’t pay for itself usually in a day. It takes a long time.

A

Fixity

29
Q

Buying real estate to create income or appreciation.

A

Investment

30
Q

Factors that affect real estate on a NATIONAL level include:

A

Federal Government Tax policy

31
Q

The monetary worth of something:

A

Value

32
Q

Federal government tax policy that affects demand includes:

A

Deductibility of real property taxes

33
Q

Demand for real estate is primarily affected by:

A

Employment

34
Q

Supply of real estate can be affected by:

A

Zoning ordinances

35
Q

_____________ is a body of law developed in England and based upon “common sense” and local custom.

A

Common Law

36
Q

Under _______________ law, a court looks to the findings of prior courts when rendering a decision.

A

Common Law

37
Q

________________ law is the body of laws and regulations enacted by federal and state legislative bodies.

A

Statutory law

38
Q

The purpose of TRELA is to

A

protect the public against unscrupulous brokers and sales agents.

39
Q

In ________________ the Texas Real Estate License Act was enacted to protect the public.

A

1939

40
Q

________________ is the understanding the relationship between the parties to a transaction.

A

Agency Law

41
Q

__________ was created in 1949, administers the provisions of the License Act.

A

TREC

42
Q

____________ is a body of laws and regulations enacted by federal and state legislative bodies.

A

Statutory Law

43
Q

__________________ establishes the elements of a contract.

A

Contract Law

44
Q

Land and additions to the land take a long period of time to pay for itself.

A

Fixity

45
Q

Improvements affect value

A

Modification

46
Q

Derived from the theory of supply and demand.

A

Scarcity

47
Q

An opinion of value

A

Appraisal

48
Q

A loan officer

A

RMLO

49
Q

Law based upon local custom

A

Common Law

50
Q

No two pieces of land are alike

A

non-homogeneity

51
Q

Law based on legislation

A

Statutory Law

52
Q

Land cannot be moved

A

immobility

Principles of Real Estate 1 (12 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions