ACEABLE AGENT TEST 2025/2026 QUESTIONS WITH
ANSWERS GRADED A+
✔✔Define flat fee - ✔✔or based commission is a fixed fee paid per unit, not based on a
percentage of the income.
✔✔How are fees determined? - ✔✔they are determined by the owner and their goals
for the property
✔✔What do percentage fees do? - ✔✔provide incentive to the manager to increase the
income for the buildings
✔✔What are the three valuation products? - ✔✔appraisal
comparative market analysis (CMA)
broker opinion of price (BPO)
✔✔Define appraisal - ✔✔an official valuation of a property value
✔✔Define comparative market analysis (CMA) - ✔✔report that compares the prices of
recently sold homes to determine market value of a similar property
✔✔What are the differences between an appraisal and a CMA - ✔✔appraisals are
usually done at a price
CMAs are usually done for free
CMAs are less detailed and less reliable than an appraisal
✔✔Define common area maintenance - ✔✔expenses and fees paid by tenants to
landlords to help cover cost associated with overhead and operating expenses for
common areas
✔✔Define Brokers price opinion - ✔✔a brokers opinion of the value of a piece of real
property
✔✔Define loan originations - ✔✔multi-step process through which a borrower obtains a
mortgage loan from a lender
✔✔Define mortgage loan origination - ✔✔process to get a loan
✔✔What are the phases of development and construction? - ✔✔acquire land
subdividing and developing land
recording the subdivision plat map
✔✔What is a plat map? - ✔✔the proposed map of a to be developed subdivision
, ✔✔What is the Department of business and professional regulation (DPBR)? -
✔✔Florida state department that administers work
✔✔What is chapter 475? - ✔✔Florida real estate law that was passed by the legislature
in 1923
✔✔What is the Florida real estate commission(FREC)? - ✔✔a quasi-judicial body that
administers and enforces license law in Florida
✔✔What are the four main parts of chapter 475? - ✔✔1. real estate, brokers, sales
associates, and schools
2. appraisers
3. the commercial real estate sales commission lien act
4. the commercial real estate leasing commission lien act
✔✔what is the first part of chapter 475, real estate brokers sales associates and
schools? - ✔✔this section is what regulates brokers, sales associates, and schools
✔✔what is the second part of chapter 475, appraisers? - ✔✔this sections sets out the
rules for appraisers including licensing requirements
✔✔what is the third part in chapter 475, the commercial real estate sales commission? -
✔✔this gives commercial brokers the right to put a lien on property they've sold to
collect their commission
✔✔what is the fourth part in chapter 475, the commercial real estate leasing
commission lien act - ✔✔this gives commercial brokers the right to put a lien on
property they've sold to collect their commission for rental properties
✔✔What dos "475.001 F.s. mean" - ✔✔Florida statues chapter 475 subchapter 001
✔✔What is 61J2? - ✔✔this technically isn't a law, its is a set a rules created by FREC
✔✔what is the difference between chapter 475, and 61J2? - ✔✔475 was passed by
Florida legislature
legislature created FREC to enforce rules like 61J2
61J2 is the "how" and chapter 475 is the "what"
✔✔what does 61J2 - 3.015 FAC mean? - ✔✔Florida administrative code 61J2 (where
the real estate rules are) chapter 3 part 015
✔✔What is chapter 20 entitled and what does it deal with? - ✔✔Organizational
structure, it deals with the executive branch of Florida government
ANSWERS GRADED A+
✔✔Define flat fee - ✔✔or based commission is a fixed fee paid per unit, not based on a
percentage of the income.
✔✔How are fees determined? - ✔✔they are determined by the owner and their goals
for the property
✔✔What do percentage fees do? - ✔✔provide incentive to the manager to increase the
income for the buildings
✔✔What are the three valuation products? - ✔✔appraisal
comparative market analysis (CMA)
broker opinion of price (BPO)
✔✔Define appraisal - ✔✔an official valuation of a property value
✔✔Define comparative market analysis (CMA) - ✔✔report that compares the prices of
recently sold homes to determine market value of a similar property
✔✔What are the differences between an appraisal and a CMA - ✔✔appraisals are
usually done at a price
CMAs are usually done for free
CMAs are less detailed and less reliable than an appraisal
✔✔Define common area maintenance - ✔✔expenses and fees paid by tenants to
landlords to help cover cost associated with overhead and operating expenses for
common areas
✔✔Define Brokers price opinion - ✔✔a brokers opinion of the value of a piece of real
property
✔✔Define loan originations - ✔✔multi-step process through which a borrower obtains a
mortgage loan from a lender
✔✔Define mortgage loan origination - ✔✔process to get a loan
✔✔What are the phases of development and construction? - ✔✔acquire land
subdividing and developing land
recording the subdivision plat map
✔✔What is a plat map? - ✔✔the proposed map of a to be developed subdivision
, ✔✔What is the Department of business and professional regulation (DPBR)? -
✔✔Florida state department that administers work
✔✔What is chapter 475? - ✔✔Florida real estate law that was passed by the legislature
in 1923
✔✔What is the Florida real estate commission(FREC)? - ✔✔a quasi-judicial body that
administers and enforces license law in Florida
✔✔What are the four main parts of chapter 475? - ✔✔1. real estate, brokers, sales
associates, and schools
2. appraisers
3. the commercial real estate sales commission lien act
4. the commercial real estate leasing commission lien act
✔✔what is the first part of chapter 475, real estate brokers sales associates and
schools? - ✔✔this section is what regulates brokers, sales associates, and schools
✔✔what is the second part of chapter 475, appraisers? - ✔✔this sections sets out the
rules for appraisers including licensing requirements
✔✔what is the third part in chapter 475, the commercial real estate sales commission? -
✔✔this gives commercial brokers the right to put a lien on property they've sold to
collect their commission
✔✔what is the fourth part in chapter 475, the commercial real estate leasing
commission lien act - ✔✔this gives commercial brokers the right to put a lien on
property they've sold to collect their commission for rental properties
✔✔What dos "475.001 F.s. mean" - ✔✔Florida statues chapter 475 subchapter 001
✔✔What is 61J2? - ✔✔this technically isn't a law, its is a set a rules created by FREC
✔✔what is the difference between chapter 475, and 61J2? - ✔✔475 was passed by
Florida legislature
legislature created FREC to enforce rules like 61J2
61J2 is the "how" and chapter 475 is the "what"
✔✔what does 61J2 - 3.015 FAC mean? - ✔✔Florida administrative code 61J2 (where
the real estate rules are) chapter 3 part 015
✔✔What is chapter 20 entitled and what does it deal with? - ✔✔Organizational
structure, it deals with the executive branch of Florida government
