1.1 Real Estate - A Business of Many Specializations

Special Purpose Property

A category of real property created as a result of combining the land and its improvements for a single highest and best use.

Real Estate Broker

A person or an organization acting as the agent for others in negotiating the purchase and sale of real property or other commodities for a fee.

Real Estate Salesperson

A person performing any of the acts included in the definition of real estate broker but while associated with and supervised by a broker.

Residential Property

A type of property that includes one to four dwelling units.

Mixed-Use property

Any urban, suburban or village development, or even a single building, that blends a combination of residential, commercial, cultural, institutional, or industrial uses, where those functions are physically and functionally integrated, and that provides pedestrian connections.

Which of the following is an example of a special purpose property...? Church High-rise office tower Shopping Center Self storage facility

Church

Property that produces rental income or that is used in business is known as...?

Commercial Property

These real estate brokers specialize in the sale and lease of shopping centers and office buildings...? Residential brokerage Apartment brokerage Commercial brokerage Special use brokerage

Commercial brokerage

Industrial Property

Property that is used by companies or persons for manufacturing, warehousing, or the assemblage of components.

Commercial Property

Property that produces rental income or that is used in business. Properties with five or more dwelling units are considered commercial property.

Government held properties include which of the following...? Ranches Churches Office buildings Public parks

Public Parks

A type of property that includes one to four dwelling units is known as...? Commercial Property Mixed-Use Property Residential Property Special Purpose Property

Residential Property

Brokerage

The business of bringing buyers and sellers together and assisting in negotiations for the terms of sale of real estate.

Property inspections must be licensed by the Texas Real Estate Commission...? True False

True