Aceable Agent Key Terms Level 1 Exam Questions and Answers 100% Accurate Apartment Locator - ANSWER-a real estate license holder who locates dwelling units for prospective tenants
Tenant - ANSWER-a holder of land rights; a person who holds the right to live in a residence; an occupant
Broker - ANSWER-An agent that can own a real estate firm and can hire other agents to
work for them
Client - ANSWER-A customer that is contractual
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-can be buyer, seller, customer, or client
Land - ANSWER-the actual piece of the earth, including anything below the surface of the land and the air above it.
Real Estate - ANSWER-made up of the land AND any natural or human-made improvements attached to it (such as buildings, crops, roads, etc.).
Real Property - ANSWER-real estate PLUS the bundle of rights that come with ownership of it
Personal Property - ANSWER-items that can easily be removed from the land
ex. a desk inside of a house
3 Characteristics of land - ANSWER-immobility, indestructibility, and heterogeneity
Immobility - ANSWER-One of the characteristics of land. you can't move land
Fixity - ANSWER-the fact that real estate exists in a fixed location and cannot be moved
Situs - ANSWER-the economic significance of a property's location
Broker's price opinion (BPO) - ANSWER-the process used by a hired sales agent to determine the potential selling price or estimated value of a real estate property
Tenant - ANSWER-a holder of land rights; a person who holds the right to live in a residence; an occupant
Broker - ANSWER-An agent that can own a real estate firm and can hire other agents to
work for them
Client - ANSWER-A customer that is contractual
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-can be buyer, seller, customer, or client
Land - ANSWER-the actual piece of the earth, including anything below the surface of the land and the air above it.
Real Estate - ANSWER-made up of the land AND any natural or human-made improvements attached to it (such as buildings, crops, roads, etc.).
Real Property - ANSWER-real estate PLUS the bundle of rights that come with ownership of it
Personal Property - ANSWER-items that can easily be removed from the land
ex. a desk inside of a house
3 Characteristics of land - ANSWER-immobility, indestructibility, and heterogeneity
Immobility - ANSWER-One of the characteristics of land. you can't move land
Fixity - ANSWER-the fact that real estate exists in a fixed location and cannot be moved
Situs - ANSWER-the economic significance of a property's location
Broker's price opinion (BPO) - ANSWER-the process used by a hired sales agent to determine the potential selling price or estimated value of a real estate property
