Texas Principles of Real Estate 1: Chapter 1 Quiz

Listing Contract

A contract in which a property owner employs a real estate broker to market the property described in the contract is known as the...

General Agent

A property manager is an example of what type of agent...?

Commercial Property

Properties with five or more dwelling units are considered...?

Principal

The employer of an agent is known as the...?

Market Comparison Approach

A means of comparing similar type properties, which have recently sold, to the subject property is known as the...?

Special Agent

A real estate agent is an example of what type of agent...?

The salesperson's sponsoring broker

If a real estate salesperson closes on a transaction, who pays the salesperson their commission...?

Supply

The amount of goods offered for sale within a given market at a given price during a given time period is known as...

Residential Commercial Industrial

The general uses of real property include which of the following...?

Residential

The market comparison approach is commonly used for this property type...?