ACEABLE REAL ESTATE STUDY GUIDE EXAM 2026/2027
QUESTIONS AND SOLUTIONS RATED A+
✔✔probate - ✔✔a process by which courts determine and grant the appropriate
ownership interest of an estate to creditors, taxing entities, and heirs of an owner who
dies intestate
✔✔procuring cause - ✔✔the defining action or actions that brought a buyer to purchase
a property
✔✔promissory note - ✔✔a negotiable financial instrument that is evidence of a debt and
a promise to pay that debt; often referred to as "the note"
✔✔property - ✔✔any item which may be owned, including the rights associated with
ownership
✔✔property management - ✔✔the vocation of renting or leasing someone else's real
property on their behalf in exchange for compensation and in accordance with a
property management employee contract
✔✔property management report - ✔✔a report that informs the property owner(s) of their
property's expenses, income, and disbursements; prepared by the property manager
✔✔property manager - ✔✔someone who is hired by a property owner to market,
maintain, and oversee the day-to-day operation of a property (usually a rental property)
✔✔proprietary lease - ✔✔long-term and exclusive lease given to resident and stock
owner of a cooperative
✔✔proration - ✔✔the act of dividing or allocating expenses between buyers and sellers
based on the actual period of usage of the item or service
✔✔protection period - ✔✔a limited time frame after an agency agreement ends where
an agent can be owed compensation *if* certain situations occur
✔✔pur autre vie - ✔✔a life estate characterized by ownership lasting only for the
duration of a designated party's lifetime
✔✔purchase-money mortgage - ✔✔instrument given by the purchaser to a seller who
"takes back" a note for part or all of the purchase price
✔✔purchaser - ✔✔a person who acquires or attempts to acquire an interest in land
, ✔✔quiet enjoyment - ✔✔a lessee's right to possess a property without interference from
lessor, previous owner, or anyone else about the claim to the title
✔✔quiet title suit - ✔✔a lawsuit brought with the purpose of removing any outstanding
ownership claim, title defect, or encumbrance on a property
✔✔quitclaim deed - ✔✔a type of deed that conveys any interest, title, or right to a parcel
of land the grantor has at the time the deed is executed
✔✔radon - ✔✔an odorless, radioactive gas produced by the decay of other radioactive
materials in rocks under the surface of the earth; can cause lung cancer
✔✔range - ✔✔the area of land between two consecutive range lines
✔✔ratification - ✔✔an unauthorized action taken on behalf of a principal which is
accepted and legitimized after the fact by the principal
✔✔real estate - ✔✔land plus improvements
✔✔real estate investment trust (REIT) - ✔✔a trust that invests in, owns, or acquires real
property and is owned by investors who share the trust's profits according to shares.
✔✔Real Estate Owned (REO) property - ✔✔bank-owned property that has been
through the foreclosure process
✔✔real property - ✔✔land from the surface to the center of the earth and upward into
space, all attachments, and the bundle of legal rights of ownership
✔✔recording - ✔✔the act of documenting any transfer or claim of interest in the title to
real property in public records per state law
✔✔rectangular survey system - ✔✔a system of legal land description that uses the
global lines of longitude and latitude to create a surveyed grid of meridians, base lines,
townships, and ranges to describe a piece of land; a.k.a. the government survey system
✔✔redlining - ✔✔the illegal act of a lender refusing to issue mortgages in a specific
area
✔✔refinancing - ✔✔the process of obtaining a new mortgage in an effort to reduce
monthly payments, lower interest rates, take cash out of a home for large purchases, or
change mortgage companies
✔✔Regulation Z - ✔✔the part of the truth in lending act (tila) that seeks to protect
consumers by requiring proper disclosures and fair lending practices
QUESTIONS AND SOLUTIONS RATED A+
✔✔probate - ✔✔a process by which courts determine and grant the appropriate
ownership interest of an estate to creditors, taxing entities, and heirs of an owner who
dies intestate
✔✔procuring cause - ✔✔the defining action or actions that brought a buyer to purchase
a property
✔✔promissory note - ✔✔a negotiable financial instrument that is evidence of a debt and
a promise to pay that debt; often referred to as "the note"
✔✔property - ✔✔any item which may be owned, including the rights associated with
ownership
✔✔property management - ✔✔the vocation of renting or leasing someone else's real
property on their behalf in exchange for compensation and in accordance with a
property management employee contract
✔✔property management report - ✔✔a report that informs the property owner(s) of their
property's expenses, income, and disbursements; prepared by the property manager
✔✔property manager - ✔✔someone who is hired by a property owner to market,
maintain, and oversee the day-to-day operation of a property (usually a rental property)
✔✔proprietary lease - ✔✔long-term and exclusive lease given to resident and stock
owner of a cooperative
✔✔proration - ✔✔the act of dividing or allocating expenses between buyers and sellers
based on the actual period of usage of the item or service
✔✔protection period - ✔✔a limited time frame after an agency agreement ends where
an agent can be owed compensation *if* certain situations occur
✔✔pur autre vie - ✔✔a life estate characterized by ownership lasting only for the
duration of a designated party's lifetime
✔✔purchase-money mortgage - ✔✔instrument given by the purchaser to a seller who
"takes back" a note for part or all of the purchase price
✔✔purchaser - ✔✔a person who acquires or attempts to acquire an interest in land
, ✔✔quiet enjoyment - ✔✔a lessee's right to possess a property without interference from
lessor, previous owner, or anyone else about the claim to the title
✔✔quiet title suit - ✔✔a lawsuit brought with the purpose of removing any outstanding
ownership claim, title defect, or encumbrance on a property
✔✔quitclaim deed - ✔✔a type of deed that conveys any interest, title, or right to a parcel
of land the grantor has at the time the deed is executed
✔✔radon - ✔✔an odorless, radioactive gas produced by the decay of other radioactive
materials in rocks under the surface of the earth; can cause lung cancer
✔✔range - ✔✔the area of land between two consecutive range lines
✔✔ratification - ✔✔an unauthorized action taken on behalf of a principal which is
accepted and legitimized after the fact by the principal
✔✔real estate - ✔✔land plus improvements
✔✔real estate investment trust (REIT) - ✔✔a trust that invests in, owns, or acquires real
property and is owned by investors who share the trust's profits according to shares.
✔✔Real Estate Owned (REO) property - ✔✔bank-owned property that has been
through the foreclosure process
✔✔real property - ✔✔land from the surface to the center of the earth and upward into
space, all attachments, and the bundle of legal rights of ownership
✔✔recording - ✔✔the act of documenting any transfer or claim of interest in the title to
real property in public records per state law
✔✔rectangular survey system - ✔✔a system of legal land description that uses the
global lines of longitude and latitude to create a surveyed grid of meridians, base lines,
townships, and ranges to describe a piece of land; a.k.a. the government survey system
✔✔redlining - ✔✔the illegal act of a lender refusing to issue mortgages in a specific
area
✔✔refinancing - ✔✔the process of obtaining a new mortgage in an effort to reduce
monthly payments, lower interest rates, take cash out of a home for large purchases, or
change mortgage companies
✔✔Regulation Z - ✔✔the part of the truth in lending act (tila) that seeks to protect
consumers by requiring proper disclosures and fair lending practices
