Aceable Agent Questions with CORRECT Answers (Grade A+)

Aceable Agent Questions with CORRECT
Answers (Grade A+)

Question:
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




Question:
Buyer's Market

Answer:

relatively low demand for real estate in the area (it will take 6 months or more to sell a house)




Question:
Agent

Answer:

A person who acts on behalf of someone else




Question:
Material Fact

Answer:

Any fact that is significant or essential to the transaction




Question:
Principle

Answer:

, the individual who authorizes another person to act on their behalf




Question:
Third Party

Answer:

the individual with whom the agent and principal enter into real estate negotiations. The third
party is also sometimes referred to as the customer




Question:
Agency Relationship Disclosure

Answer:

Agency relationships should be disclosed at first contact




Question:
Community Reinvestment Act

Answer:

Helps commercial banks and savings associations meet the needs of borrowers in all
segments of their communities, including low- and moderate-income neighborhoods




Question:
Redlining

Answer:

The illegal act of a lender denying mortgages in certain areas of town




Question:
Home Mortgage Disclosure

Answer: