Aceable Agent: Level 1 Exam Questions
& Answers 2023/2024
Five Catagories of Real Estate Properties - ANSWER-(1) Residential, (2) Commercial, (3) Industrial, (4)
Farm & Land/ Agriculture (5) Special Purpose
Apartment Locator - ANSWER-A real estate license holder who locates dwelling units for prospective
tenants
Tenant - ANSWER-one who possesses (rents) real property for a period of time, usually under a lease.
The property or estate is normally owned by the landlord.
Broker - ANSWER-Someone who assists in buying and selling to recieve a commission.
Client - ANSWER-The person that an agent is representing, made official through a representation
document.
Sales Agent Apprentice Education (SAE) - ANSWER-an educational requirement for courses in the first
two years of being licensed as a real estate agent.
Consumer - ANSWER-A person or company that buys or leases any product or service.
Education Standards Advisory Committee (ESAC) - ANSWER-To review and revise curriculum standards,
course content and instructor certification requirements for both qualifying and continuing education
courses.
Committee Members - ANSWER-12 members appointed by the commission.
*Seven members who are license holders.
*Four education members who are real estate instructors or owners of real estate schools.
*One member who represents the public.
, *Serve staggered two- year terms.
Real Estate Industry Services - ANSWER-Brokerage, Appraisal, Property Managment, Development,
Counceling, Financial and Education.
Residential Real Estate - ANSWER-Single Family Dwelling, Duplex, Triplex, and Fourplex.
Co-ops.
Commercial Real Estate - ANSWER-Primarily made up of (Income Produced) property that is used for
business.
Gas Stations, Office Buildings, Parks and Convenience Stores.
Industrial Real Estate - ANSWER-Manufacturing, Storage, Distribution Centers, Research, Warehouse and
Data Centers.
Farm & Land (Agriculture) - ANSWER-Rural Properties.
Ranches, Farms and acreage.
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 human- made improvments attached to it.
Real Property - ANSWER-Includes land and any natural or human- made improvments attached to it, plus
the budle of legal rights of ownership.
Goes with the property; Immovable.
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