ACEABLE AGENT REAL ESTATE FINAL
EXAM QUESTIONS 2026/2027 WITH
CORRECT DETAILED ANSWERS ALREADY
GRADED A+PASS GUARANTEED
Asset - ANSWER anything of value that is owned. for example, real estate is an
asset... the buyer hopes their asset will increase in value, with a goal of earning
equity
Equity - ANSWER property's total value owned outright by the owner (all the
value ABOVE what an owner owes their lender.
- I buy a home for $200,000 and put $20,000 down. that being said, I have $20,000
in equity
Legal Title - ANSWER complete legal ownership of real property and the
bundle of rights associated
Taking Title - ANSWER when you officially assume ownership of a property.
How is real property transferred? - ANSWER by deed
What is the conveyance of real estate governed by? (3 regulatory bodies) -
ANSWER - Federal government
- State government
,- Local government
What is common law? - ANSWER the side of law that arises from
judgements/decisions made in court rather than explicit legislation.
- "commonly accepted"
Personal property (chattel) - ANSWER unattached, movable asset. not
considered real estate, it goes with the seller unless otherwise specified in bill of
sale.
Fructus Naturales - ANSWER trees, bushes, grass, and uncultivated plants,
usually considered to be real property because of their permanence
Fructus Industriales (Emblements) - ANSWER cultivated plants that are often
harvested, considered personal property
Fixture - ANSWER an item of personal property that has been converted to real
property by being permanently affixed to the realty
Trade Fixture - ANSWER an article installed by a tenant under the terms of a
lease and needed for a tenant's business, removable by the tenant even when the
lease expires
Severance - ANSWER changing an item of real estate to personal property by
detaching it from the land. opposite of affixation.
,Is it a fixture? Use M.A.R.I.A. - ANSWER Method of attachment
Adaptability
Relationship of the parties
Intent the homeowner had when installing it
Agreement between the parties -in writing- (TRUMPS ALL)
Accession - ANSWER the right to access anything your land produces
Accretion - ANSWER the process that results in the gradual increase in land
area through deposits of soil by natural forces
Erosion - ANSWER gradual loss of land over time, usually caused by bodies of
water
Reliction - ANSWER gradual recession of water resulting in an increase of land
Avulsion - ANSWER the sudden loss of land by flood, or when a stream or
river changes course
Scarcity - ANSWER informs principle of supply and demand, value affected by
availability
Situs - ANSWER economic significance of a location
, Modification - ANSWER human-made changes that will affect value (ex:
building a park nearby)
Fixity - ANSWER real estate exists in a fixed location and cannot be moved
Illiquidity - ANSWER the relative difficulty of converting an asset to cash
without loss of value
Surface Rights - ANSWER right to access surface area of real property
Subsurface Rights - ANSWER aka mineral rights; right to use the space below
ground level and to extract natural resources
Supporting Rights - ANSWER a landowner has a right to the natural support
provided by land beside and beneath it, can't be jeopardized
Air Rights - ANSWER the right to use the air space above the surface of land
Water Rights - ANSWER the legal rights to use the water in a river, stream, or
other body
Doctrine of Proper Appropriation - ANSWER grants state the power to
control/regulate all water resources
EXAM QUESTIONS 2026/2027 WITH
CORRECT DETAILED ANSWERS ALREADY
GRADED A+PASS GUARANTEED
Asset - ANSWER anything of value that is owned. for example, real estate is an
asset... the buyer hopes their asset will increase in value, with a goal of earning
equity
Equity - ANSWER property's total value owned outright by the owner (all the
value ABOVE what an owner owes their lender.
- I buy a home for $200,000 and put $20,000 down. that being said, I have $20,000
in equity
Legal Title - ANSWER complete legal ownership of real property and the
bundle of rights associated
Taking Title - ANSWER when you officially assume ownership of a property.
How is real property transferred? - ANSWER by deed
What is the conveyance of real estate governed by? (3 regulatory bodies) -
ANSWER - Federal government
- State government
,- Local government
What is common law? - ANSWER the side of law that arises from
judgements/decisions made in court rather than explicit legislation.
- "commonly accepted"
Personal property (chattel) - ANSWER unattached, movable asset. not
considered real estate, it goes with the seller unless otherwise specified in bill of
sale.
Fructus Naturales - ANSWER trees, bushes, grass, and uncultivated plants,
usually considered to be real property because of their permanence
Fructus Industriales (Emblements) - ANSWER cultivated plants that are often
harvested, considered personal property
Fixture - ANSWER an item of personal property that has been converted to real
property by being permanently affixed to the realty
Trade Fixture - ANSWER an article installed by a tenant under the terms of a
lease and needed for a tenant's business, removable by the tenant even when the
lease expires
Severance - ANSWER changing an item of real estate to personal property by
detaching it from the land. opposite of affixation.
,Is it a fixture? Use M.A.R.I.A. - ANSWER Method of attachment
Adaptability
Relationship of the parties
Intent the homeowner had when installing it
Agreement between the parties -in writing- (TRUMPS ALL)
Accession - ANSWER the right to access anything your land produces
Accretion - ANSWER the process that results in the gradual increase in land
area through deposits of soil by natural forces
Erosion - ANSWER gradual loss of land over time, usually caused by bodies of
water
Reliction - ANSWER gradual recession of water resulting in an increase of land
Avulsion - ANSWER the sudden loss of land by flood, or when a stream or
river changes course
Scarcity - ANSWER informs principle of supply and demand, value affected by
availability
Situs - ANSWER economic significance of a location
, Modification - ANSWER human-made changes that will affect value (ex:
building a park nearby)
Fixity - ANSWER real estate exists in a fixed location and cannot be moved
Illiquidity - ANSWER the relative difficulty of converting an asset to cash
without loss of value
Surface Rights - ANSWER right to access surface area of real property
Subsurface Rights - ANSWER aka mineral rights; right to use the space below
ground level and to extract natural resources
Supporting Rights - ANSWER a landowner has a right to the natural support
provided by land beside and beneath it, can't be jeopardized
Air Rights - ANSWER the right to use the air space above the surface of land
Water Rights - ANSWER the legal rights to use the water in a river, stream, or
other body
Doctrine of Proper Appropriation - ANSWER grants state the power to
control/regulate all water resources
