Principles of RE1 - Vocab.Warmup

What does "agency by ratification" involve?

• Authorized action by a principal

• Unauthorized action accepted by a principal

• Legal action against a principal

• Financial agreement with a principal

What is blockbusting in real estate?

• The legal act of selling properties at a high price

• The illegal act of causing owners to sell their homes by creating fear that members of a protected class are moving into the area

• The process of renovating old buildings

• The act of dividing a property into smaller units

Match the following roles with their descriptions in the context of real estate.

• Real Estate Attorney

• A person who manages rental properties

• Real Estate Broker

• A person who provides legal advice

• Property Appraiser

• A licensee who holds a broker license and engages in activities for a commission

• Property Manager

• A person who appraises property value

The Civil Rights Act of 1866 prohibits (a)   based on race.

• Discrimination in employment
• Discrimination in housing
• Discrimination in education
• Discrimination in public transporta

What is a life estate in which you own the property?

• Leasehold Estate

• Freehold Estate

• Easement

• Encroachment

Who is the broker that assists another broker in showing the listed property to a buyer who subsequently purchases the property?

• Cooperative broker

• Cooperating broker

• Conventional broker

• Contingency broker

What is a physical or mental impairment that substantially limits one or more major life activities?

• Easement

• Encumbrance

• Disability

• Datum

What is an exclusive right to sell listing?

• A listing that allows any agent to sell the property

• An agreement where the seller guarantees a commission to the broker

• A listing that is only for rental properties

• A listing that does not require a broker

What is a fee simple determinable estate?

• An estate that lasts indefinitely

• An estate that automatically reverts to the original owner if conditions are violated

• An estate that is only for commercial properties

• An estate that is temporary

What is a fund managed by the Texas Real Estate Commission to provide payment to a party who has been damaged through the violation of The Real Estate License Act by a license holder?

• Real Estate Recovery Trust Account

• Real Estate Center

• Public improvement district

• REALTOR®