AceableAgent key terms Exam 2023/2024
Apartment Locators - ANSWER-A real estate license holder who locates dwellings for perspective tenants
tenant - ANSWER-One who possesses a propert under a lease without ownership
Broker - ANSWER-Someone who assists in buying and selling to receive a co...
AceableAgent key terms Exam
2023/2024
Apartment Locators - ANSWER-A real estate license holder who locates dwellings for perspective tenants
tenant - ANSWER-One who possesses a propert under a lease without ownership
Broker - ANSWER-Someone who assists in buying and selling to receive a commission
client - ANSWER-The person that an agent is representing, made official through a representation
document
Sales agent apprentice education SAE - ANSWER-an educational requirement for courses in the first two
years of being licensed as a real estate agent
Consumer - ANSWER-A person or company that buys or leases any product or service
land - ANSWER-The surface extending down to the center of the earth and up into space
real estate - ANSWER-Includes the land and any natural or man made improvements attached to it, plus
the bundle of legal rights of ownership
Personal Property - ANSWER-Items that can easily be removed from the land
immobility - ANSWER-Characteristic of land stating that land has a particular geographical location that
will remain constant, barring erosion or slow, geological changes
Real Estate Broker - ANSWER-A person or corporation who markets to find buyers and sellers to put
together in exchange for a commission
, broker's price opinion (BPO) - ANSWER-A broker's price opinion is the process used by a hired sales
agent to determine the potential selling price or estimated value of a real estate property.
Closing - ANSWER-The completion of a real estate transaction, at which point required documents are
transmitted and funds are transferred
Comparative Market Analysis (CMA) - ANSWER-a report comparing the prices of sold homes that are
similar to the subject property; is created by a license holder to help the seller or buyer determine the
market price
Misrepresentation - ANSWER-A false statement (spoken or written) that is made unintentionally
Party - ANSWER-A person involved in a contract for sale, lease or agency
Commingle - ANSWER-An illegal act of a license holder who loses their own money with a clients or
customers money
Promulgated Forms - ANSWER-Forms prepared and authorized by the Texas real estate commission that
MUST be used by the real estate license holders
Approved forms - ANSWER-Forms prepared and authorized by the TREC that CAN be used by real estate
license holders
Cloud on the title - ANSWER-An encumbrance that keeps the title to the property from transferring
easily
Puffing - ANSWER-The exaggeration of opinions about real estate
nolo contendere - ANSWER-A pleas in a criminal court in which the defendant accepts the punishment
without admitting guilt
Personal Property - ANSWER-Any item that is not real estate, also known as chattel or personality
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