Aceable Agent Exam with correct Answers, Exams of Real Estate Management

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Aceable Agent Exam with correct

Answers

Apartment Locators - Answer- a real estate license holder who locates dwelling units for prospective tenants Tenant - Answer- one who possesses a property under a lease without ownership Broker - Answer- someone who assists in buying and selling to receive a commission Client - Answer- a person or company that buys or leases any product or service Land - Answer- the surface of the earth, extending down to the center of the earth and up into space Real Estate - Answer- includes the land and any natural or manmade improvements attached to it Real Property - Answer- includes land and any natural or manmade improvements attached to it, plus the bundle of legal rights of ownership Personal Property - Answer- items that can easily be removed from the land Immobility - 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 - 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) - 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 Closing - Answer- the completion of a real estate transaction in which the buyer receives ownership and the seller receives the contract amount Comparative Market Analysis (CMA) - Answer- a report comparing the prices of sold homes that are similar to the subject property (called comparables); created by a license holder to help the seller or buyer determine the market price

Misrepresentation - Answer- a false statement (spoken or written) that is made unintentionally Party - Answer- a person involved in a contract for sale, lease, or agency Commingle - Answer- an illegal act of a license holder who mixes their own money with a client's or customer's money Promulgated Forms - Answer- forms prepared and authorized by the Texas Real Estate Commission that MUST be used by real estate license holders Approved Forms - Answer- forms prepared and authorized by the Texas Real Estate Commission that CAN be used by real estate license holders Cloud on the Title - Answer- an encumbrance that keeps the title to the property from transferring easily Puffing - Answer- the exaggeration of opinions about real estate Nolo Contendere - Answer- a plea in a criminal court in which the defendant accepts the punishment without admitting guilt Allodial System - Answer- ownership of land in which the land is owned free and clear; it is the opposition of the feudal system Feudal System - Answer- a form of ownership from England's past in which royalty owned the land Improvement - Answer- any permanent man-made addition to land Subsurface Rights - Answer- ownership of the minerals, gas, or oil beneath the surface of a piece of real estate Surface Rights - Answer- ownership of the land in a parcel or real estate but limited only to the plane Air Rights - Answer- the right to use the airspace above the surface of land Water Rights - Answer- the right to enjoy the water that borders a property Littoral Rights - Answer- rights that govern lakefront or oceanfront property and usually allow the property owner to use the water bordering their property Riparian Rights - Answer- rights that govern the use of flowing water, such as rivers and streams that pass through or border a property

Personal Property - Answer- any item that is not real estate, also known as chattel or personalty Real Estate - Answer- a part of the surface of land to the center of the earth and upward to space, plus all improvements made by man or nature Real Property - Answer- land from the surface to the center of earth and upward into space including everything attached by man or nature as well as the bundle of legal rights of the ownership Fixture - 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 - Answer- personal property attached to real property that is owned by and needed for a tenant's business Adaptation - Answer- the use and modification of a particular item for a specific use in a property Fructus Naturales - Answer- trees, bushes, grass, and uncultivated plants, usually considered to be real property because of their permanence Fructus Industriales - Answer- annually cultivated crops generally considered to be personal property; also known as emblements Cooperative - 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) - 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 - Answer- residence with multiple owners who share the right to possession for a specific period of time with the other owners Ad Valorem Tax - Answer- a tax calculated according to the assessed value of real estate Homestead Tax Exemption - Answer- reduces the amount of ad valorem taxes assessed on a homestead Prorate - Answer- the dividing of expenses for items like taxes, interest, and rent at the closing between the seller and the buyer

Amortization - Answer- the process of paying off a debt/ mortgage in regular installments based on a fixed payment schedule Arrears - Answer- payment for an item or service after it is received CLUE Reports - Answer- stands for Comprehensive Loss Underwriting Exchange, a database used by insurance agencies that contains information on any claims made in the past five years by property owners on specific properties PITI - Answer- stands for Principal, Interest, Taxes, and Insurance, which are the components of most mortgage payments Agency - Answer- relationship between a client and a broker Express Agency - Answer- agency created by a specific agreement Implied Agency - 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 - 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 - Answer- a broker who negotiates a contract between two parties that are both being represented by that broker Appointed License Holder - Answer- a sales agent license holder who was designated to work with a client during an intermediary transaction Special Agency - 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 - Answer- a person who acts on behalf of someone else Seller's Disclosure Notice - Answer- a document filled out by the seller concerning any defects in the improvements on the property Subagent - Answer- a license holder from one office who represents the seller through cooperation with the listing broker of another company Material Fact - Answer- any fact that is significant or essential to the transaction

Fiduciary Duties - Answer- a responsibility to act in the best interest of your client — the highest standard Fraud - Answer- a misstatement made intentionally to deceive Civil Rights Act of 1866 - Answer- the first law that began to promise equal rights for all citizens regardless of race or color Fair Housing Act - Answer- a federal law that prohibits discrimination in housing based upon race, color, religion, or national origin and was amended to include sex, disability, and familial status; a.k.a. the Fair Housing Act of 1968 Disability - Answer- a physical or mental impairment that limits at least one major activity in someone's life Steering - Answer- an illegal act of channeling buyers or tenants to certain areas, either to keep the area demographically the same or to change the demography of the area American with Disabilities Act - Answer- a federal law enacted to remove barriers for individuals with disabilities Equal Opportunity in Housing - Answer- the concept that everyone will have equal access to housing with no discriminatory actions taking place Texas Department of Housing and Community Affairs - 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 - 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 Protected Classes - Answer- groups that are illegal to discriminate against, as defined by the Fair Housing Act Housing and Community Development Act - Answer- a 1988 amendment to the Fair Housing Act, that added familial status and disability to the list of protected classes Familial Status - 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 - 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) - Answer- law prohibiting credit discrimination on the basis of race, color, religion, national origin, sex, marital status, age, or use of public assistance Community Reinvestment Act - Answer- helps commercial banks and savings associations meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods Redlining - Answer- the illegal act of an lender denying mortgages in certain areas of town Home Mortgage Disclosure - Answer- federal act that requires lenders to disclose specific lending information, which HUD then uses to map lending patterns Disability - Answer- a physical or mental impairment that substantially limits one or more of an individual's major life activities REALTOR® - Answer- a registered trademark designed for the sole use of identifying the members of a local board who are affiliated with the National Association of REALTORS® Code of Ethics - Answer- a document created by the National Association of REALTORS® that their members pledge