Aceable Agent Exam with correct Answers
Apartment 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 - 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
