Aceable Agent: Level 1 Exam Questions with Correct Answers

Aceable Agent: Level 1 Exam Questions with Correc t Answers Five Catagories of Real Estate Properties - answer✔✔(1) Residential, (2) Commercial, (3) Industrial, (4) Farm & Land/ Agriculture (5) Special Purpose Apartment Locator - answer✔✔A real estate license holder who locates dwelling units for prospective tenants Tenant - answer✔✔one who possesses (rents) real property for a period of time, usually under a lease. The property or estate is normally owned by the landlord. Broker - answer✔✔Someone who assists in buying and selling to recieve 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 ag ent. Consumer - answer✔✔A person or company that buys or leases any product or service. Education Standards Advisory Committee (ESAC) - answer✔✔To review and revise curriculum standards, course content and instructor certification requirements for both qua lifying and continuing education courses. Committee Members - answer✔✔12 members appointed by the commission. *Seven members who are license holders. *Four education members who are real estate instructors or owners of real estate schools. *One member who represents the public. *Serve staggered two - year terms. Real Estate Industry Services - answer✔✔Brokerage, Appraisal, Property Managment, Development, Counceling, Financial and Education. Residential Real Estate - answer✔✔Single Family Dwelling, Duplex, Triplex, and Fourplex. Co-ops. Commercial Real Estate - answer✔✔Primarily made up of (Income Produced) property that is used for business. Gas Stations, Office Buildings, Parks and Convenience Stores. Industrial Real Estate - answer✔✔Manufacturing, Stora ge, Distribution Centers, Research, Warehouse and Data Centers. Farm & Land (Agriculture) - answer✔✔Rural Properties. Ranches, Farms and acreage. Land - answer✔✔The surface of the earth. Extending down to the center of the earth and up into space. Real Es tate - answer✔✔Includes the land and any natural or human - made improvments attached to it. Real Property - answer✔✔Includes land and any natural or human - made improvments attached to it, plus the budle of legal rights of ownership. Goes with the propert y; Immovable. Immobility - answer✔✔Characteristic of land stating that land has a particular geographical location that will remain constant, barring erosion or slow, geographical changes. Fixity - answer✔✔The permanence of land. Situs - answer✔✔The desira bility of a particular location. Personal Property - answer✔✔Items that can easily be removed from the land. Goes with the person; Generally Movable. Difference between Physical and Economic Characteristics (Land and Real Estate). - answer✔✔*Physical characteristics occur naturally. *Economic characteristics are human - made.