Brokerage & Agency (Ch 8)
This agreement creates the relationship between a broker and a buyer
Buyer Representation Agreement
This manager focuses on long-term investment performance.
what is an Asset Manager?
This type of housing is built in a factory and transported to the site.
What are Manufactured Homes?
This is the main business and financial center of a city.
What is the Central Business District (CBD)?
This estate has the right to extract oil and gas and is considered dominant.
What is the Mineral Estate?
In a residential lot development, why would adding amenities increase the price for each lot?
less lots to develop; cost of building the amenity has to be absorbed in sales price
A broker must put the client’s interests ahead of their own. This duty is called this.
What is Fiduciary Duty?
This manager handles day-to-day operations and tenants.
What is a Property Manager?
Apartments, condos, and co-ops fall under this category.
What is Residential or What is Multifamily housing?
Retail centers anchored by big box stores like Costco or Home Depot are called this.
What is a Power Center or Big Box Center?
Neighbor drills and captures oil from beneath your land.
What is the Rule of Capture?
how many acres are in a quarter section of land?
160
This duty requires an agent to reveal known material facts about a property.
What is Disclosure?
This contract governs the relationship between owner and property manager.
What is a Management Agreement?
A developer studies vacancy rates, job growth, and population trends before building.
What is Market Analysis?
This refers to the mix of businesses within a shopping center.
What is a Tenant Mix?
The payment received (like rent) by a mineral owner as a % of production revenue off the lease.
What is a Royalty Interest?
increases the market value of it
the intent to mislead or deceive a party to a RE transaction is called
What is fraud?
This person would make strategic decisions like should we refinance due to lower interest rates or change our tenant mix do to changing trends in area.
What is the owner or asset manager
Months of residential inventory lots drops sharply in a market. This is a sign of what?
Sellers Market; shortage of supply; demand spike
A retail center gets 65% of its customers from a nearby neighborhood.
What is Primary Trade Area?
An ownership interest in the operations of the well
What is a Working Interest?
In energy production, Texas leads the nation in oil and gas production. What else does it lead the nation in?
Wind and Solar
This is the fiduciary role an employee has with their employer
What is Agent?
Property Management companies typically get paid in this way
what is a % of collected monthly rent?
Interest rates spike significantly—what happens to housing demand?
What is Demand Decreases (or affordability declines)?
A contaminated former industrial site that requires cleanup before redevelopment.
What is a Brownfield Development?
You own land but not the minerals. A drilling company builds a pad site on your land. Why do they have this right?
What are Severed Minerals and/or What is the Dominant Estate?
having lot inventory or a lot pipeline to support an increased amount of homes he can build