Real Estate Practice Flashcards
Review best practices, ethical standards, and practical skills essential for real estate professionals in daily operations.
Which real estate term is this?
An agent’s duty to keep track of and account for all money and resources received and managed for a principal.
Accounting
Which real estate term is this?
An individual with higher licensing requirements than an agent, often overseeing agents within a real estate office.
Broker
Which real estate term is this?
Most commonly in the form of commissions, but may include other income forms such as property management fees.
Broker Fees
Which real estate term is this?
A value estimation made by a real estate professional based on property condition, surrounding values, and market conditions.
Broker Price Opinion
(BPO)
Which real estate term is this?
A written contract in which the buyer employs a broker to locate a suitable property for purchase, usually for a fee.
Buyer Representation Agreements
Which real estate term is this?
A party who has formed a contractual agreement with a real estate professional.
Client
Which real estate term is this?
A report estimating a property’s value by comparing similar properties in the same area.
Comparative Market Analysis
(CMA)
Which real estate term is this?
The protection of a client’s private information, a major fiduciary duty owed by an agent to their client.
Confidentiality
Which real estate term is this?
A person interacting with a real estate professional without a contract.
Customer
Which real estate term is this?
A principle allowing actions to be treated as if they occurred at an earlier date.
Doctrine of Relation Back
Which real estate term is this?
The obligation to provide information about agency relationships and property conditions.
Duty to Disclose
Which real estate term is this?
The requirement to inform clients of any new material facts discovered.
Duty to Inform
Which real estate term is this?
Authorizes one broker to represent a seller for commission if they find a buyer.
Exclusive Agency Listing
Which real estate term is this?
Party representing another’s rights, often in financial matters, with duties of trust and good faith.
Fiduciary/Fiduciary Duties
Which real estate term is this?
Lease where the tenant pays a base fee and the landlord covers ownership costs.
Full Service
Which real estate term is this?
A valid license temporarily taken out of service.
Inactive License
Which real estate term is this?
To guarantee or reimburse against any loss another might suffer, compensating for damage or loss.
Indemnify
Which real estate term is this?
A principal’s duty to indemnify an agent for expenses or damages incurred in fulfilling their duties.
Indemnity
Which real estate term is this?
A situation where all representation in a transaction takes place within one brokerage.
In-House Sales
Which real estate term is this?
A method for representing more than one party in a transaction, used in some states, such as Texas, in place of dual agency.
Intermediary/Intermediary Brokerage
Which real estate term is this?
A right to engage in a professional activity based on successful completion of training and testing for that profession.
License
Which real estate term is this?
A party who has been licensed by the state to provide real estate services (for this purpose) to the consumers in that jurisdiction.
Licensee
Which real estate term is this?
Real estate license holders who provide only some of the traditional broker services, e.g., for a flat fee, the licensee agrees to post information onto the MLS, but does not represent the seller in any other capacity.
Limited Service Brokers
Which real estate term is this?
An online property database service for real estate licensees and consumers to search and compare available properties based on detailed information about each property.
Multiple Listing Service
(MLS)
