ACEABLE AGENT FINAL EXAM | QUESTIONS AND ANSWERS |
VERIFIED ANSWERS | LATEST EXAM
Real Property - CORRECT ANSWER - Land and everything permanently
attached to it, including the legal rights and interests associated with ownership.
Personal Property - CORRECT ANSWER - Movable items not permanently
affixed to real estate, also known as chattel.
Bundle of Rights - CORRECT ANSWER - The legal rights of real property
ownership—possession, control, enjoyment, exclusion, and disposition.
Fee Simple Estate - CORRECT ANSWER - The highest and most complete
form of ownership, potentially unlimited in duration and inheritable.
Life Estate - CORRECT ANSWER - An interest in property that lasts for the
duration of an individual's life.
Leasehold Estate - CORRECT ANSWER - An interest in property that gives
the holder a temporary right to possess real estate without ownership.
Tenancy in Common - CORRECT ANSWER - A form of co-ownership where
each owner holds an undivided interest that can be unequal and transferable.
Joint Tenancy - CORRECT ANSWER - A form of co-ownership with equal
shares and right of survivorship; requires unity of time, title, interest, and
possession.
,Tenancy by the Entirety - CORRECT ANSWER - Co-ownership exclusive to
married couples with rights of survivorship and protection from individual
debts.
Metes and Bounds - CORRECT ANSWER - A method of land description
using distance and direction, often defined by physical landmarks.
Lot and Block - CORRECT ANSWER - A legal land description using a
recorded subdivision map (plat).
Zoning - CORRECT ANSWER - Government regulations that control land use
and structure types in different areas.
Variance - CORRECT ANSWER - A permitted deviation from zoning
requirements.
Nonconforming Use - CORRECT ANSWER - A property use that was legal
under prior zoning laws but is now not in compliance.
Eminent Domain - CORRECT ANSWER - The government's power to take
private land for public use, with compensation.
Escheat - CORRECT ANSWER - The reversion of property to the state when
a person dies without a will or heirs.
Police Power - CORRECT ANSWER - Government authority to regulate land
use for health, safety, and welfare.
Agency - CORRECT ANSWER - A legal relationship where one person (the
agent) represents another (the principal) in dealings with third parties.
, Fiduciary - CORRECT ANSWER - A person in a position of trust and
confidence, legally obligated to act in another's best interest.
Principal - CORRECT ANSWER - The client in an agency relationship who
authorizes the agent to act.
Customer - CORRECT ANSWER - A third party in a transaction who is not
represented by an agent.
Broker - CORRECT ANSWER - A licensed person authorized to represent
others in real estate transactions.
Salesperson - CORRECT ANSWER - A licensed individual who works under
the supervision of a real estate broker.
Subagent - CORRECT ANSWER - An agent authorized to assist another agent
in carrying out agency duties.
Dual Agency - CORRECT ANSWER - Representation of both buyer and seller
in the same transaction, requiring informed written consent.
Designated Agency - CORRECT ANSWER - An arrangement where different
agents from the same brokerage represent each party in the transaction.
Listing Agreement - CORRECT ANSWER - A written contract that authorizes
a broker to sell a property on behalf of the seller.
Exclusive Right to Sell - CORRECT ANSWER - A listing where the broker
earns commission regardless of who finds the buyer.
VERIFIED ANSWERS | LATEST EXAM
Real Property - CORRECT ANSWER - Land and everything permanently
attached to it, including the legal rights and interests associated with ownership.
Personal Property - CORRECT ANSWER - Movable items not permanently
affixed to real estate, also known as chattel.
Bundle of Rights - CORRECT ANSWER - The legal rights of real property
ownership—possession, control, enjoyment, exclusion, and disposition.
Fee Simple Estate - CORRECT ANSWER - The highest and most complete
form of ownership, potentially unlimited in duration and inheritable.
Life Estate - CORRECT ANSWER - An interest in property that lasts for the
duration of an individual's life.
Leasehold Estate - CORRECT ANSWER - An interest in property that gives
the holder a temporary right to possess real estate without ownership.
Tenancy in Common - CORRECT ANSWER - A form of co-ownership where
each owner holds an undivided interest that can be unequal and transferable.
Joint Tenancy - CORRECT ANSWER - A form of co-ownership with equal
shares and right of survivorship; requires unity of time, title, interest, and
possession.
,Tenancy by the Entirety - CORRECT ANSWER - Co-ownership exclusive to
married couples with rights of survivorship and protection from individual
debts.
Metes and Bounds - CORRECT ANSWER - A method of land description
using distance and direction, often defined by physical landmarks.
Lot and Block - CORRECT ANSWER - A legal land description using a
recorded subdivision map (plat).
Zoning - CORRECT ANSWER - Government regulations that control land use
and structure types in different areas.
Variance - CORRECT ANSWER - A permitted deviation from zoning
requirements.
Nonconforming Use - CORRECT ANSWER - A property use that was legal
under prior zoning laws but is now not in compliance.
Eminent Domain - CORRECT ANSWER - The government's power to take
private land for public use, with compensation.
Escheat - CORRECT ANSWER - The reversion of property to the state when
a person dies without a will or heirs.
Police Power - CORRECT ANSWER - Government authority to regulate land
use for health, safety, and welfare.
Agency - CORRECT ANSWER - A legal relationship where one person (the
agent) represents another (the principal) in dealings with third parties.
, Fiduciary - CORRECT ANSWER - A person in a position of trust and
confidence, legally obligated to act in another's best interest.
Principal - CORRECT ANSWER - The client in an agency relationship who
authorizes the agent to act.
Customer - CORRECT ANSWER - A third party in a transaction who is not
represented by an agent.
Broker - CORRECT ANSWER - A licensed person authorized to represent
others in real estate transactions.
Salesperson - CORRECT ANSWER - A licensed individual who works under
the supervision of a real estate broker.
Subagent - CORRECT ANSWER - An agent authorized to assist another agent
in carrying out agency duties.
Dual Agency - CORRECT ANSWER - Representation of both buyer and seller
in the same transaction, requiring informed written consent.
Designated Agency - CORRECT ANSWER - An arrangement where different
agents from the same brokerage represent each party in the transaction.
Listing Agreement - CORRECT ANSWER - A written contract that authorizes
a broker to sell a property on behalf of the seller.
Exclusive Right to Sell - CORRECT ANSWER - A listing where the broker
earns commission regardless of who finds the buyer.
