Aceable Agent- Level 1 Questions And Answers Rated A+ New Update Assured Satisfaction

Apartment Locator - A real estate license holder who locates dwelling units for prospective tenants Broker - Someone who assists in buying and selling to recieve a commission. Client - The person that an agent is representing, made official through a representation document. Commercial Real Estate - Primarily made up of (Income Produced) property that is used for business. Gas Stations, Office Buildings, Parks and Convenience Stores. Committee Members - 12 members appointed by the commission. *Seven members who are license holders. *Four education members who are real estate instructors or owners of real estate schools. *One member who represents the public. *Serve staggered two- year terms. Consumer - A person or company that buys or leases any product or service. Difference between Physical and Economic Characteristics (Land and Real Estate). - *Physical characteristics occur naturally. *Economic characteristics are human- made. Economic Characteristics:Alteration - Economic value of land depends on how heavily it is developed, altered, and modified by buildings and other developments. *A neighborhood that was once undesirable due to its inaccessibility or lack of amenities may become more desirable and see an increase in home prices if it improves its roads, schools, and hospitals. *Change doesn't have to be located on a piece of property in order to affect the property. Economic Characteristics: - *Economic Scarcity *Alteration Economic Charateristics: Economic Scarcity - Created solely by demand for land in particular areas. *Land is most valuable when its in short aupply and in high demand. Education Standards Advisory Committee (ESAC) - To review and revise curriculum standards, course content and instructor certification requirements for both qualifying and continuing education courses. Farm & Land (Agriculture) - Rural Properties. Ranches, Farms and acreage. Features of Real Estate: Non- Fungible Commodity - Land is considered a non- fungible commodity due to its uniqueness.Features of Real Estate: Perceived Value - The value may be determined by the use of land and location of property. Features of Real Estate: Person of Possession - A person in possession of the property may not always be the owner. Ex. Tenant, Lease Features of Real Estate: Portion of Property - Someone other than the owner may have the right to use a portion of the property because of an easement that has been granted. *An easement is the right to use or cross someone else's land for a specific purpose. Ex. Utility companies can come on property to fix things. Features of Real Estate: Transfer of Ownership - Ownership can be transfered without transferring the property to another location. Features of Real Estate: - 1.) Non-Fungible Commodity 2.) Perceived Value 3.) Transfer of Ownership 4.) Person in Possession 5.) Portion of the PropertyFive Catagories of Real Estate Properties - (1) Residential, (2) Commercial, (3) Industrial, (4) Farm & Land/ Agriculture (5) Special Purpose Fixity - The permanence of land. Immobility - Characteristic of land stating that land has a particular geographical location that will remain constant, barring erosion or slow, geographical changes. Industrial Real Estate - Manufacturing, Storage, Distribution Centers, Research, Warehouse and Data Centers. Land - The surface of the earth. Extending down to the center of the earth and up into space. Personal Property - Items that can easily be removed from the land. Goes with the person; Generally Movable.