ACEABLE AGENT PRINCIPLES OF REAL
ESTATE II 2026 PRACTICE EXAM
QUESTIONS AND SOLUTIONS COMPLETE
STUDY GUIDE
◉ 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 value
◉ Seller's Market
Answer: a market condition in which the number of properties for
sale does not meet the demand (number of people looking to buy)
◉ Buyer's Market
, Answer: relatively low demand for real estate in the area (it will take
6 months or more to sell a house)
◉ Agent
Answer: A person who acts on behalf of someone else
◉ Seller's Disclosure Notice
Answer: A document filled out by the seller concerning any defects
in the improvements on the property
◉ Subagent
Answer: A license holder from one office who represents the seller
through cooperation with the listing broker of another company
◉ Material Fact
Answer: Any fact that is significant or essential to the transaction
◉ Principle
Answer: the individual who authorizes another person to act on
their behalf
◉ Intermediary Relationships
ESTATE II 2026 PRACTICE EXAM
QUESTIONS AND SOLUTIONS COMPLETE
STUDY GUIDE
◉ 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 value
◉ Seller's Market
Answer: a market condition in which the number of properties for
sale does not meet the demand (number of people looking to buy)
◉ Buyer's Market
, Answer: relatively low demand for real estate in the area (it will take
6 months or more to sell a house)
◉ Agent
Answer: A person who acts on behalf of someone else
◉ Seller's Disclosure Notice
Answer: A document filled out by the seller concerning any defects
in the improvements on the property
◉ Subagent
Answer: A license holder from one office who represents the seller
through cooperation with the listing broker of another company
◉ Material Fact
Answer: Any fact that is significant or essential to the transaction
◉ Principle
Answer: the individual who authorizes another person to act on
their behalf
◉ Intermediary Relationships
