![]() ![]() Relationship between a client and a brokerĬreated when an agent is given permission to act on behalf a client through conduct/communication but permission is not established orally/in writing. Stands for Principal, Interest, Taxes, and Insurance, which are the components of most mortgage payments Stands for Comprehensive Loss Underwriting Exchange, a database used by insurance agencies that contains information on any claims made in the past five years by property owners on specific properties Payment for an item or service after it is received The process of paying off a debt/mortgage in regular installments based on a fixed payment schedule The dividing of expenses for items like taxes, interest, and rent at the closing between the seller and the buyer ![]() ![]() Reduces the amount of ad valorem taxes assessed on a homestead Residence with multiple owners who share the right to possession for a specific period of time with the other ownersĪ tax calculated according to the assessed value of real estate Trees, bushes, grass, and uncultivated plants, usually considered to be real property because of their permanenceĪnnually cultivated crops generally considered to be personal property alsoĪ residential building in which the title is held by a corporation, the residents are stockholders in the corporation, and the residents have a leaseĪ subdivision or development that includes single-family dwellings along with some common elements such as parks, pools, community recreational centers, or golf courses The use and modification of a particular item for a specific use in a property Personal property attached to real property that is owned by and needed for a tenant’s business 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 the ownershipĪn object that was once personal property, but which has now been firmly attached to the land in such a way that it becomes part of the estate Rights that govern the use of flowing water, such as rivers and streams that passĪny item that is not real estate, also known as chattel or personaltyĪ part of the surface of land to the center of the earth and upward to space, plus all improvements made by man or nature Rights that govern lakefront or oceanfront property and usually allow the property owner to use the water bordering their property The right to enjoy the water that borders a property The right to use the airspace above the surface of land Ownership of the land in a parcel or real estate but limited only to the plane Ownership of the minerals, gas, or oil beneath the surface of a piece of real estate Ownership of land in which the land is owned free and clear it is the opposition of the feudal systemĪ form of ownership from England’s past in which royalty owned the land Which the defendant accepts the punishment without admitting guilt The exaggeration of opinions about real estate Has a particular geographical location that will remainĬonstant, barring erosion or slow, geological changes Items that can easily be removed from the land Manmade improvements attached to it, plus the The center of the earth and up into space The surface of the earth, extending down to Years of being licensed as a real estate agent Made official through a representation documentĪn educational requirement for courses in the first two The person that an agent is representing, Someone who assists in buying and selling One who possesses a property under a lease Principles of RE 1 Texas Real Estate License Exam Section 1 of 6: Principles of Real Estate 1 QuestionĪ real estate license holder who locates dwelling units for prospective tenants ![]()
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