Aceable Agent Exam Questions and Answers 100% Correct
Apartment Locators
partment 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
Commingle - ANSWER -an illegal act of a license holder who mixes their own money with a client's or customer's money
Promulgated Forms - ANSWER -forms prepared and authorized by the Texas Real Estate Commission that MUST be used by real estate license holders
Approved Forms - ANSWER -forms prepared and authorized by the Texas Real Estate Commission that CAN be used by real estate license holders
Cloud on the Title - ANSWER -an encumbrance that keeps the title to the property from transferring easily
Puffing - ANSWER -the exaggeration of opinions about real estate
Nolo Contendere - ANSWER -a plea in a criminal court in which the defendant accepts the punishment without admitting guilt
Allodial System - ANSWER -ownership of land in which the land is owned free and clear; it is the opposition of the feudal system
Feudal System - ANSWER -a form of ownership from England's past in which royalty owned the land
Improvement - ANSWER -any permanent man-made addition to land
Subsurface Rights - ANSWER -ownership of the minerals, gas, or oil beneath the surface of a piece of real estate
Surface Rights - ANSWER -ownership of the land in a parcel or real estate but limited only to the plane
Air Rights - ANSWER -the right to use the airspace above the surface of land
Water Rights - ANSWER -the right to enjoy the water that borders a property
Littoral Rights - ANSWER -rights that govern lakefront or oceanfront property and usually allow the property owner to use the water bordering their property
Riparian Rights - ANSWER -rights that govern the use of flowing water, such as rivers and streams that pass through or border a property
Apartment Locators
partment 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
Commingle - ANSWER -an illegal act of a license holder who mixes their own money with a client's or customer's money
Promulgated Forms - ANSWER -forms prepared and authorized by the Texas Real Estate Commission that MUST be used by real estate license holders
Approved Forms - ANSWER -forms prepared and authorized by the Texas Real Estate Commission that CAN be used by real estate license holders
Cloud on the Title - ANSWER -an encumbrance that keeps the title to the property from transferring easily
Puffing - ANSWER -the exaggeration of opinions about real estate
Nolo Contendere - ANSWER -a plea in a criminal court in which the defendant accepts the punishment without admitting guilt
Allodial System - ANSWER -ownership of land in which the land is owned free and clear; it is the opposition of the feudal system
Feudal System - ANSWER -a form of ownership from England's past in which royalty owned the land
Improvement - ANSWER -any permanent man-made addition to land
Subsurface Rights - ANSWER -ownership of the minerals, gas, or oil beneath the surface of a piece of real estate
Surface Rights - ANSWER -ownership of the land in a parcel or real estate but limited only to the plane
Air Rights - ANSWER -the right to use the airspace above the surface of land
Water Rights - ANSWER -the right to enjoy the water that borders a property
Littoral Rights - ANSWER -rights that govern lakefront or oceanfront property and usually allow the property owner to use the water bordering their property
Riparian Rights - ANSWER -rights that govern the use of flowing water, such as rivers and streams that pass through or border a property
