ACEABLE Agent Exam Questions and Answers

Apartment Locators - Answer-a real estate license holder who locates dwelling units for prospective tenants Tenant - Answer-one who possesses a property under a lease without ownership Broker - Answer-someone who assists in buying and selling to receive a commission Client - Answer-a person or company that buys or leases any product or service Land - Answer-the surface of the earth, extending down to the center of the earth and up into space Real Estate - Answer-includes the land and any natural or manmade improvements attached to it Real Property - Answer-includes land and any natural or manmade 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 in which the buyer receives ownership and the seller receives the contract amount Comparative Market Analysis (CMA) - Answer-a report comparing the prices of sold homes that are similar to the subject property (called comparables); 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