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level: Introduction to Modern Real Estate Practice

Questions and Answers List

level questions: Introduction to Modern Real Estate Practice

Question	Answer
a real estate license holder who locates dwelling units for prospective tenants	Apartment Locator
one who possesses a property under a lease without ownership	Tenant
someone who assists in buying and selling to receive a commission	Broker
the person that an agent is representing, made official through a representation document	Client
an educational requirement for courses in the first two years of being licensed as a real estate agent	Sales Agent Apprentice Education (SAE)
a person or company that buys or leases any product or service	Consumer
the surface of the earth, extending down to the center of the earth and up into space	Land
includes the land and any natural or manmade improvements attached to it	Real Estate
includes land and any natural or manmade improvements attached to it, plus the bundle of legal rights of ownership	Real Property
items that can easily be removed from the land	Personal Property
characteristic of land stating that land has a particular geographical location that will remain constant, barring erosion or slow, geological changes	Immobility
a person or corporation who markets to find buyers and sellers to put together in exchange for a commission	Real Estate Broker
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.	Broker’s Price Opinion (BPO)
the completion of a real estate transaction in which the buyer receives ownership and the seller receives the contract amount	Closing
a report comparing the prices of sold homes that are similar to the subject property (called comparables); created by a license holder to help the seller or buyer determine the market price	Comparative Market Analysis (CMA)
a false statement (spoken or written) that is made unintentionally	Misrepresentation
a person involved in a contract for sale, lease, or agency	Party
an illegal act of a license holder who mixes their own money with a client’s or customer’s money	Commingle
forms prepared and authorized by the Texas Real Estate Commission that MUST be used by real estate license holders	Promulgated Forms
forms prepared and authorized by the Texas Real Estate Commission that CAN be used by real estate license holders	Approved Froms
an encumbrance that keeps the title to the property from transferring easily	Cloud on the Title
the exaggeration of opinions about real estate	Puffing
a plea in a criminal court in which the defendant accepts the punishment without admitting guilt	Nolo Contendere