Agency disclosure requires agents to inform all parties about who they represent in a transaction. Learn when disclosure must occur and what to expect on the real estate license exam.
Agency by estoppel occurs when a principal's actions lead a third party to believe an agent has authority. Learn how it differs from express agency and what to expect on the real estate license exam.
A transaction broker facilitates a real estate transaction without representing either party. Learn how it differs from an agent, where it is used, and what to expect on the real estate license exam.
The cost approach in real estate estimates property value by calculating the cost to rebuild minus depreciation plus land value. Learn the formula, when it applies, and what to expect on the real estate license exam.
Earnest money in real estate is a deposit that demonstrates the buyer's serious intent to purchase. Learn how it works, refund rules, and what to expect on the real estate license exam.
Functional obsolescence in real estate is a loss in property value due to outdated design, layout, or features. Learn curable vs incurable types, common examples, and what to expect on the real estate license exam.