RE Principles Ch. 23 Specializations

  1. The business of bringing together a buyer and a seller who are interested in making a real estate transaction is called...
  2. The broker acts as an agent of the buyer or seller (or both) in negotiating the sale, purchase, or rental of property.
  3. Texas law requires that a specialized designation or coursework to engage in specific practice areas, such as commercial real estate or property management.
    false, Texas law does not require special classes, however the agent must be competent to perform any real estate brokerage activities that require a license.
  4. The National Association of REALTORS offer professional designations to brokers and salespersons who complete education programs in various specialized practice areas.
  5. The broker is responsible for the actions of the sponsored salesperson, unless...
    the broker has limited or revoked such activities in writing
  6. The sponsoring broker is also required to ensure that the salespersons meet the statutory minimum continuing education required by the License Act.
  7. Residential brokers deal with what kind of property? What percent of REALTORS specialize in residential primary?
    • -housing, small city lots, acreage, and single-family and multifamily units.
    • 79%
  8. Properties owned by lenders and government agencies under repossession process are called..., which is typically labeled as a foreclosure in an MLS listing when the lender markets the property to buyers through a real estate agent.
    REO, real estated owned
  9. A real estate agent who operates a property for its owner is involved in...
    property managment
  10. What percent of REALTORS primary specialize in property management?
  11. Most large cities have local associations of building and property owners and managers that are affiliates of regional and national associations.
  12. What does a residential rental locator do?
    • -matches landlords and tenants.
    • -works with independent contractor for several apartment complexes, finds apartments for tenants, qualifies tenants, and negotiates leases.
    • -generally paid by the owner of the apartments and must be licensed by the TREC; have specific advertising rules
  13. Commercial brokers specialize in what types of real estate? What percent of REALTORS primary specialize in commercial real estate?
    What must commercial brokers be well equip knowledgably in?
    • -business property, offices, shopping centers, stores, theaters, hotels, industrial parks, parking facilities
    • 3%
    • -real estate investment, financing principles, and have a proper understanding of local zoning laws and commercial property valuation principles
  14. Farm and ranch or land sales brokers specialize in farms, timberland, pastureland, ranches, and orchards. Agents who specialize in this real estate category must have a good understanding of
    agricultural production principles, and how crops and timber may affect the sale of such property
  15. Live foreclosure auctions are typically conducted where?
    on the courthouse steps of the county in which the property is located
  16. Online auction companies such as list both residential and commercial real estate for sale by online and live auction.
  17. Under Chapter 1802 of the Texas Occupations Code, a person conducting any type of auction in Texas must have...
    an auctioneer's license or under the License Act, must be a licensed broker or salesperson
  18. An individual auctioneer may now act for a real estate brokerage firm license under the License Act.
  19. Auction is defined as...
    "the sale of property by competitive bid using any method, format, or venue".
  20. The process of developing an opinion of value for a parcel of real estate is called...
    appraisal; must be a licensed appraisal
  21. A real estate __________ is generally hired by a prospective purchaser to inspect real property and to give an opinion as to the condition of the structural systems, electrical systems, mechanical systems, plumbing systems, and appliances.
  22. Property inspectors must be licensed by the Texas Real Estate Commission (TREC).
  23. What are the several different professionals who are composed in property development? What are their main duties?
    • -work of land developers and subdividers; purhcase raw land, divide it into lots, build roads, and install utilities.
    • -builders and architects; plan and construct the houses and other buildings
    • -developer or builder; sells the improved real estate, either directly or through brokerage firms
  24. What does a real estate counselor do?
    helps clients choose among the various alternatives involved in purchasing, using, or investing in real property; furnish clients with the data needed to make informed decisions; must have a broad range of real estate knowledge and experience.
  25. A rapidly expanding specialization of the real estate profession is urban planning, what is this?
    urban planners work with local governments to make recommendations for new streets, sewer, and water lines, schools, parks, and libraries
  26. A landman conducts what kind of business?
    • conducts business activities related to oil, gas, and mineral exploration. 
    • -working for oil and gas company: negotiates and administers purchase or lease contracts with land or mineral interest owners and ensures compliance with government regulations.
    • -independent contractor landman: contract basis, researches courthhouse records to determine ownership; locates mineral/land owners and negotiates oil and gas purchase contracts, leases, and other agreements.
  27. Landmen are required to have a real estate license.
  28. An REO property is usually owned by...
    lender, government agency or bank
  29. A real estate inspector is generally hired by whom to inspect real property?
  30. Property inspectors are licensed by...
    Texas Real Estate Commission (TREC)
  31. A landman conducts business activities related to...
    oil, gas and mineral exploration
Card Set
RE Principles Ch. 23 Specializations
Real Estate Specialization