RealEstateU: Texas Real Estate Principles Part 1 Final
Exam supply - The amount of goods offered for sale within a given market at a given price during a given time period.General Agent - A property manager is an example of what type of agent?Special Agent - A real estate agent is an example of what type of agent?Residential, Commercial, and Industrial - The general uses of real property include the
following:
Market Comparison Approach - A means of comparing similar type properties would
have recently sold to the subject property is known as:
Surface Rights - Mineral rights are typically considered dominant to which of the following rights real estate - Land and everything permanently attached to land is defined as Personal Property - All property that is not land and is not permanently attached to land is known as Bundle of Rights - The right of exclusion which allows a landowner to prevent others from entering or occupying their property is included in the Kitchen cabinets - Which of the following is an example of a fixture Intentions of the party, adaption of the item, mold and permanence of house item was attached - Which of the following is considered a legal test for determining if an item is a fixture or not customer - This refers to the party the agent brings to the principal as seller or buyer of the property.General Agent - An agent with full authority over one property of the principal is known as a Special Agent - An agent with limited authority to act on behalf of the principal is referred to as a The agent finds a buyer who is ready, willing, and able to purchase the property. - A seller's agent is entitled to a commission after 1 / 2
customer - A broker will work for a client and with a Care - The "C" in the acronym COALD stands for which fiduciary duty?Assisting with counteroffers. - The fiduciary duty of care when representing a buyer includes loyalty - A broker must always place his/her client's interests above their own. This is an example of what fiduciary duty?disclosure - A seller's broker is required to tell their client any relationship they may have with the buyer. This is an example of what fiduciary duty?honesty - Which of the following is owed to a customer by an agent?condominium - a form of ownership of real property recognized in all states that consists of individual ownership of some aspects and co-ownership in other aspects of the property is known as cooperative - Not a form of real property Propietary Lease - Owners of a cooperative apartment holds this type of lease.Converted use property - A local real estate developer bought an abandoned school building with the intention of converting it to residential units. This is an example of...$250,000 - An individual is exempt from paying taxes on capital gains for up to how much in profit if he/she lived in the house for at least 2 of the last 5 years.principal - The employer of an agent is referred to as the...Express Agency - An agency relationship created by oral or written agreement between principal and the agent is known as...Listing Contract - A contract whereby a property owner employs a real estate broker to market the property described in the contract is referred to as the...Buyer Representation Agreement - When a real estate broker represents a buyer in a transaction, the broker and buyer are bound by which of the following contracts?Inform the seller of any material information, present all offers to the seller, and answer to the seller. - As a seller's agent in a transaction, the agent is required to do which of the following?loyalty - The "L" in the acronym COALD stands for which fiduciary duty?
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