Principles 1: Level 1

apartment locator

a real estate license holder who locates dwelling units for prospective tenants

approved forms

forms prepared and authorized by the Texas Real Estate Commission that can be used by real estate license holders

broker

a person or business entity who is licensed to represent one of the parties in a real estate transaction in exchange for a commission or other valuable consideration

broker price opinion (BPO)

a broker's opinion of the value of a piece of real property, given in writing

client

the person whom an agent is representing, made official through a representation document

cloud

any claim to or encumbrance on the title to a property which affects transferability

comparative market analysis

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 value

consumer

a person or company that buys or leases any product or service

immobility

characteristic of land stating that land has a particular geographical location that will remain constant, barring erosion or slow, geological changes

fixity

refers to the fact that real estate exists in a fixed location and cannot be moved; describes this truth about land from an economic viewpoint

land

the surface of the earth, including all permanently attached natural features, extending downwards to the center of the earth and upwards to infinity

misrepresentation

a false statement (spoken or written) that is made unintentionally

party

a person involved in a contract for sale, lease, or agency

personal property (a.k.a. chattel)

any unattached, movable asset on the property not considered real estate (land plus improvements); also known as personal property or personalty

promulgated forms

forms prepared and authorized by the Texas Real Estate Commission that must be used by real estate license holders

puffing

the making of exaggerated claims (technically opinions) in order to achieve a sale or some other objective

real estate

a part of the surface of land to the center of the earth and upward to space, plus all improvements made by man or nature

real property

land from the surface to the center of earth and upward into space, including everything attached by man or nature as well as the bundle of legal rights of ownership

Sales Agent Apprentice Education (SAE)

an educational requirement for courses in the first two years of being licensed as a real estate agent

situs

the economic significance of a property's location

tenant

one who possesses a property under a lease without ownership