Real Estate Vocabulary (Guide to Passing the PSI Real Estate Exam) 346
Q&A.| 2025 LATEST UPDATED
National Association of Realtors - (answers)the primary organization real estate licensees join
Business cycles - (answers)general swings in business activity resulting in expanding and
contracting activity during different phases of the cycle
Seller's market - (answers)the housing market where there are more buyers than sellers
buyer's market - (answers)the housing market where there are more sellers than buyers
broker - (answers)a person who for a fee sells, lists, leases, exchanges, negotiates of deals in the
restate of others
brokerage - (answers)a business that serves as an intermediary between buyers and sellers
Errors and Omiissions Insurance - (answers)Insurance that protects real estate licensees from
liability due to mistakes or negligence
independent contractor - (answers)a person who contracts to do a job for another.
licensee - (answers)a person licensed under state law to practice real estate
salesperson - (answers)a real estate licensee agent who is associated with an employing broker
and may perform most of the acts of a broker
statutory nonemployee - (answers)a real estate licensee who is treated as an independent
contractor for tax purposes
吗？还是指某个特定的词或概
,how are the members of the Alabama Real estate commission appointed - (answers)resident of us
for 10 years
must have been a real estate broker or saleperson for at least 10 years
no convictions in federal or state real estate license law
serve 5 year terms
no more than 2 consecutive terms served
Associate broker - (answers)a licensee who has passed the broker exam but does not act as the
qualifying broker of a brokerage and is not responsible for the actions of other licensees
broker - (answers)a licensee who has passed the broker exam
engage - (answers)contractural relationship between a qualifying broker and an associate broker
or salesperson licensed under him or her
license period - (answers)2 year period from October 1 of even numbered years
qualifying broker - (answers)a broker under whom a sole proprietorship or other business
organization is licensed, who is responsbile for supervising the acts of the company and all real
estate licensees licensed with the company
qualifcations for a license applicant - (answers)1. trustworthy and competent
2. at least 19
3. high school graduate
4, have had no license or application rejected within the past two year
5. us citizen
6. if non resident-sign an affidavit giving the Alabama real estate commision jurisdiciton over
themselves
吗？还是指某个特定的词或概
,Reciprocal Licenses - (answers)holds a real estate license in another state but applies by
complete the 6 hour alabama reciprocal license law course
pass the state portion of the state licensing exam and apply for a reciprocal license from the
alabama real estate commission
total application fee
active
inactive - (answers)active-210
inactive-180
continuing education - (answers)15 hours every 2 years
3hrs of required risk management course
12 hrs of state approved electives
real estate recover fund - (answers)active members pay 30 to pay compensatory damages caused
by a licensee's practice of real estate
no greater than 50,000 and one transaction not greater than 25,000
qualifying broker requirements - (answers)1. broker is licensed in alabama
2. principal business is that of real estate broker
3. in a position to supervise the real estate activities of the associate broker of salesperson
real property - (answers)the physical land and everything attached to it and the bundle of rights
in the real estate. also called realty
land - (answers)includes the surface of the earth, the subsurface to the center of the earth , and
the air above the land
吗？还是指某个特定的词或概
, real estate - (answers)the actual physical land and everything both natural and man made that is
permanently attached to it.
Bundle of rights - (answers)1. possession
2. quiet enjoyment
3. disposition
4. exlusion
5. control
possession - (answers)gives the owner the right to physically occupy the land and to use the land
and make it productive.
quiet enjoyment - (answers)gives the owner the freedom to possess and use the land without
interference from other people or society
disposition - (answers)allows the owner to transfer all of some of the rights to other people. sell,
lease, give away divide or dispose of
exlusion - (answers)allows the owner to stop other from using the property or even from entering
the property
control - (answers)allows the owner to physically alter or change the property
appurtenances - (answers)a right that goes along with the ownership of real property, usually
transferred with the property, gut may be sold separately. Refers to both physical and
nonphysical appurtenances
accession - (answers)the acquistion of title and land by its addition to real estate already owned,
through human actions or natural processes
吗？还是指某个特定的词或概
Q&A.| 2025 LATEST UPDATED
National Association of Realtors - (answers)the primary organization real estate licensees join
Business cycles - (answers)general swings in business activity resulting in expanding and
contracting activity during different phases of the cycle
Seller's market - (answers)the housing market where there are more buyers than sellers
buyer's market - (answers)the housing market where there are more sellers than buyers
broker - (answers)a person who for a fee sells, lists, leases, exchanges, negotiates of deals in the
restate of others
brokerage - (answers)a business that serves as an intermediary between buyers and sellers
Errors and Omiissions Insurance - (answers)Insurance that protects real estate licensees from
liability due to mistakes or negligence
independent contractor - (answers)a person who contracts to do a job for another.
licensee - (answers)a person licensed under state law to practice real estate
salesperson - (answers)a real estate licensee agent who is associated with an employing broker
and may perform most of the acts of a broker
statutory nonemployee - (answers)a real estate licensee who is treated as an independent
contractor for tax purposes
吗？还是指某个特定的词或概
,how are the members of the Alabama Real estate commission appointed - (answers)resident of us
for 10 years
must have been a real estate broker or saleperson for at least 10 years
no convictions in federal or state real estate license law
serve 5 year terms
no more than 2 consecutive terms served
Associate broker - (answers)a licensee who has passed the broker exam but does not act as the
qualifying broker of a brokerage and is not responsible for the actions of other licensees
broker - (answers)a licensee who has passed the broker exam
engage - (answers)contractural relationship between a qualifying broker and an associate broker
or salesperson licensed under him or her
license period - (answers)2 year period from October 1 of even numbered years
qualifying broker - (answers)a broker under whom a sole proprietorship or other business
organization is licensed, who is responsbile for supervising the acts of the company and all real
estate licensees licensed with the company
qualifcations for a license applicant - (answers)1. trustworthy and competent
2. at least 19
3. high school graduate
4, have had no license or application rejected within the past two year
5. us citizen
6. if non resident-sign an affidavit giving the Alabama real estate commision jurisdiciton over
themselves
吗？还是指某个特定的词或概
,Reciprocal Licenses - (answers)holds a real estate license in another state but applies by
complete the 6 hour alabama reciprocal license law course
pass the state portion of the state licensing exam and apply for a reciprocal license from the
alabama real estate commission
total application fee
active
inactive - (answers)active-210
inactive-180
continuing education - (answers)15 hours every 2 years
3hrs of required risk management course
12 hrs of state approved electives
real estate recover fund - (answers)active members pay 30 to pay compensatory damages caused
by a licensee's practice of real estate
no greater than 50,000 and one transaction not greater than 25,000
qualifying broker requirements - (answers)1. broker is licensed in alabama
2. principal business is that of real estate broker
3. in a position to supervise the real estate activities of the associate broker of salesperson
real property - (answers)the physical land and everything attached to it and the bundle of rights
in the real estate. also called realty
land - (answers)includes the surface of the earth, the subsurface to the center of the earth , and
the air above the land
吗？还是指某个特定的词或概
, real estate - (answers)the actual physical land and everything both natural and man made that is
permanently attached to it.
Bundle of rights - (answers)1. possession
2. quiet enjoyment
3. disposition
4. exlusion
5. control
possession - (answers)gives the owner the right to physically occupy the land and to use the land
and make it productive.
quiet enjoyment - (answers)gives the owner the freedom to possess and use the land without
interference from other people or society
disposition - (answers)allows the owner to transfer all of some of the rights to other people. sell,
lease, give away divide or dispose of
exlusion - (answers)allows the owner to stop other from using the property or even from entering
the property
control - (answers)allows the owner to physically alter or change the property
appurtenances - (answers)a right that goes along with the ownership of real property, usually
transferred with the property, gut may be sold separately. Refers to both physical and
nonphysical appurtenances
accession - (answers)the acquistion of title and land by its addition to real estate already owned,
through human actions or natural processes
吗？还是指某个特定的词或概
