Principles of Real Estate 1 Key Terms Flashcards
Apartment Locator
A real estate license holder who locates dwelling units for prospective tenants
Tenant
One who possess a property under a lease without ownership
Broker
Someone who assists in buying and selling to receive a commission
Client
The person that an agent is representing, made official through a representation document
Sales Agent Apprentice Education (SAE)
An educational requirement for courses in the first two years of being licensed as a real estate agent
Consumer
A person or company that buys or leases any product or service
Consideration
Something of value as a part of a contract
Land
The surface of the earth, extending down to the center of the earth and up into space
Real Estate
Includes the land and any natural or man made improvements attached to it
Real Property
Includes the land and any natural or man made improvements attached to it, plus the bundle of legal rights of ownership
Personal Property
Items that can easily be removed from the land
Immobility
Characteristic of land stating that land has a particular geographical location that will remain constant, barring erosion or slow, geographical changes
Fixity
The permanence of land
Real Estate Broker
A person or corporation who markets to find buyers and sellers to put together in exchange for a commission
Broker’s Price Opinion (BPO)
A broker’s price opinion is the process used by a hired sales agent to determine the potential selling price or estimated value of a real estate property
Closing
The completion of a real estate transaction in which the buyer receives ownership and the seller receives the contract amount
Comparative Market Analysis (CMA)
A report comparing the prices of sold homes that are similar to the subject property, is created by a license holder to help the seller or buyer determine the market price
Misrepresentation
An unintentional mistake, spoken or written
Party
A person involved in a contract for sale, lease, or agency
Commingle
An illegal act of a license holder who mixes their own money with a client’s or customer’s money
Promulgated Contracts
Contracts prepared and authorized by the Texas Real Estate Commission that must be used by real estate license holders; there are a few exceptions to this rule
Cloud on the Title
An encumbrance that keeps the title to the property from transferring easily
Puffing
The exaggeration of opinions about real estate
Nolo Contendere
A plea in a criminal court in which the defendant accepts the punishment without admitting guilt