Download Aceable Agent Exam Questions With Complete Solutions and more Exams Real Estate Management in PDF only on Docsity!
Complete Solutions
Apartment Locators - correct answer ✅a real estate license holder who locates dwelling units for prospective tenants Tenant - correct answer ✅one who possesses a property under a lease without ownership Broker - correct answer ✅someone who assists in buying and selling to receive a commission Client - correct answer ✅a person or company that buys or leases any product or service Land - correct answer ✅the surface of the earth, extending down to the center of the earth and up into space Real Estate - correct answer ✅includes the land and any natural or manmade improvements attached to it
Complete Solutions
Real Property - correct answer ✅includes land and any natural or manmade improvements attached to it, plus the bundle of legal rights of ownership Personal Property - correct answer ✅items that can easily be removed from the land Immobility - correct answer ✅characteristic of land stating that land has a particular geographical location that will remain constant, barring erosion or slow, geological changes Real Estate Broker - correct answer ✅a person or corporation who markets to find buyers and sellers to put together in exchange for a commission Broker's Price Opinion (BPO) - correct answer ✅a broker's price opinion is the process used by a hired sales agent to determine the potential selling price or estimated value of a real estate property
Complete Solutions
Promulgated Forms - correct answer ✅forms prepared and authorized by the Texas Real Estate Commission that MUST be used by real estate license holders Approved Forms - correct answer ✅forms prepared and authorized by the Texas Real Estate Commission that CAN be used by real estate license holders Cloud on the Title - correct answer ✅an encumbrance that keeps the title to the property from transferring easily Puffing - correct answer ✅the exaggeration of opinions about real estate Nolo Contendere - correct answer ✅a plea in a criminal court in which the defendant accepts the punishment without admitting guilt Allodial System - correct answer ✅ownership of land in which the land is owned free and clear; it is the opposition of the feudal system
Complete Solutions
Feudal System - correct answer ✅a form of ownership from England's past in which royalty owned the land Improvement - correct answer ✅any permanent man-made addition to land Subsurface Rights - correct answer ✅ownership of the minerals, gas, or oil beneath the surface of a piece of real estate Surface Rights - correct answer ✅ownership of the land in a parcel or real estate but limited only to the plane Air Rights - correct answer ✅the right to use the airspace above the surface of land Water Rights - correct answer ✅the right to enjoy the water that borders a property
Complete Solutions
Fixture - correct answer ✅an object that was once personal property, but which has now been firmly attached to the land in such a way that it becomes part of the estate Trade Fixture - correct answer ✅personal property attached to real property that is owned by and needed for a tenant's business Adaptation - correct answer ✅the use and modification of a particular item for a specific use in a property Fructus Naturales - correct answer ✅trees, bushes, grass, and uncultivated plants, usually considered to be real property because of their permanence Fructus Industriales - correct answer ✅annually cultivated crops generally considered to be personal property; also known as emblements
Complete Solutions
Cooperative - correct answer ✅a residential building in which the title is held by a corporation, the residents are stockholders in the corporation, and the residents have a lease Planned Unit Development (PUD) - correct answer ✅a subdivision or development that includes single- family dwellings along with some common elements such as parks, pools, community recreational centers, or golf courses Timeshare - correct answer ✅residence with multiple owners who share the right to possession for a specific period of time with the other owners Ad Valorem Tax - correct answer ✅a tax calculated according to the assessed value of real estate Homestead Tax Exemption - correct answer ✅reduces the amount of ad valorem taxes assessed on a homestead
Complete Solutions
Express Agency - correct answer ✅agency created by a specific agreement Implied Agency - correct answer ✅created when an agent is given permission to act on behalf a client through conduct or communication, but the permission is not established orally or in writing. Does not have to be an action, but can be a statement that leads the principal to believe that the license holder is their agent. Agency by Ratification - correct answer ✅created when a license holder acts on behalf of but without prior authorization of a principal and that principal accepts the license holder's action after the fact Intermediary Broker - correct answer ✅a broker who negotiates a contract between two parties that are both being represented by that broker Appointed License Holder - correct answer ✅a sales agent license holder who was designated to work with a client during an intermediary transaction
Complete Solutions
Special Agency - correct answer ✅the relationship between a broker and a principal wherein the broker has restricted authority to act on behalf of the principal to achieve one specific objective Agent - correct answer ✅a person who acts on behalf of someone else Seller's Disclosure Notice - correct answer ✅a document filled out by the seller concerning any defects in the improvements on the property Subagent - correct answer ✅a license holder from one office who represents the seller through cooperation with the listing broker of another company Material Fact - correct answer ✅any fact that is significant or essential to the transaction
Complete Solutions
certain areas, either to keep the area demographically the same or to change the demography of the area American with Disabilities Act - correct answer ✅a federal law enacted to remove barriers for individuals with disabilities Equal Opportunity in Housing - correct answer ✅the concept that everyone will have equal access to housing with no discriminatory actions taking place Texas Department of Housing and Community Affairs - correct answer ✅a department that administers assigned programs on Texas housing, invests resources strategically, and develops high quality affordable housing which allows Texas communities to thrive Reasonable Accommodation - correct answer ✅a change in rules, policies, or practices that may be necessary to afford a person with a disability an equal opportunity to use or enjoy a dwelling
Complete Solutions
Protected Classes - correct answer ✅groups that are illegal to discriminate against, as defined by the Fair Housing Act Housing and Community Development Act - correct answer ✅a 1988 amendment to the Fair Housing Act, that added familial status and disability to the list of protected classes Familial Status - correct answer ✅protected class that applies to any family with at least one person under 18 years of age with at least one parent or legal guardian Blockbusting - correct answer ✅to sell their homes by creating fear that minorities are moving into the area; also known as panic peddling Equal Credit Opportunity Act (ECOA) - correct answer ✅law prohibiting credit discrimination on the basis of race, color, religion, national origin, sex, marital status, age, or use of public assistance
Complete Solutions
Code of Ethics - correct answer ✅a document created by the National Association of REALTORS® that their members pledge
