ACEABLE REAL ESTATE 2026/2027 QUESTIONS AND
SOLUTIONS RATED A+
✔✔market value - ✔✔the price for which a property will theoretically sell under typical
conditions
✔✔marketable title - ✔✔a title that is free from significant encumbrances or defects that
might otherwise prevent a purchaser from enjoying or eventually selling the property
✔✔marketing plan - ✔✔a plan created to secure the other party needed to carry out a
real estate transaction that includes sales and advertising.
✔✔master deed - ✔✔a deed used to convey land to a condominium developer
✔✔master plan - ✔✔a written document created by the local planning board to guide
the future growth and development of a community
✔✔material fact - ✔✔a fact that, if known, could cause someone to take a different
course of action or make a different decision regarding the property to be purchased
✔✔mechanic's lien - ✔✔a type of involuntary, specific lien that a mechanic or
materialman can impose upon a property if the property owner fails to pay for materials
or work done on the property
✔✔meridian - ✔✔an imaginary line of longitude used to identify a certain area of the
earth's surface along a north-south direction
✔✔metes and bounds - ✔✔a land survey process in which a licensed land surveyor
starts at a readily identifiable point of beginning and defines the boundaries of a
property in terms of distances and compass directions, finally returning to the point of
beginning
✔✔ministerial acts - ✔✔an action performed for another according to established
procedures or guidelines and without the need for discretion or individual judgment
✔✔misrepresentation - ✔✔a statement, written or spoken, that is false or misleading;
can be actionable if also found to be fraudulent
✔✔mold - ✔✔a type of fungus found in damp building materials that can release toxins
into the environment
✔✔monument - ✔✔a fixed landmark, whether natural or human-made, used as a
reference point in a metes and bounds legal description
, ✔✔mortgage - ✔✔a legal agreement between a creditor and borrower in which the
creditor lends money with interest to the borrower for the purchase of property with the
condition that the creditor takes ownership of the title if the borrower defaults in
repayment of the loan
✔✔mortgage insurance premium (MIP) - ✔✔a borrower-paid insurance required for fha
loans, in order to insure lender in case of borrower default/foreclosure
✔✔mortgagee - ✔✔the lender of the funds in a loan
✔✔mortgagor - ✔✔the borrower of the funds in a loan
✔✔multiple listing service (MLS) - ✔✔a database in which local member brokers share
listings so that fellow member brokers can procure buyers for those properties and
establish compensation for properties sold jointly
✔✔mutual consent - ✔✔agreement by all parties to either create, amend, or terminate a
contract
✔✔negative amortization - ✔✔when a borrower's payment is not large enough to cover
the interest due on a loan, the unpaid interest is added to the principal balance
✔✔negotiable instrument - ✔✔a note that is transferable and assignable
✔✔net lease - ✔✔a lease in which the tenant pays a base rent rate plus all or part of
the operating expenses
✔✔net listing - ✔✔an agreement in which the seller names an amount they will accept
for a property and if the sales price exceeds that amount, the broker receives the
excess as commission; illegal
✔✔net operating income (NOI) - ✔✔a property's annual income that remains after
paying its operating expenses
✔✔non-conforming use - ✔✔any property use with is inconsistent with the land use
controls for that area, regardless of legality
✔✔non-prorated expense - ✔✔closing costs that are not split between the parties
✔✔notice of title - ✔✔the duty of a real estate owner to make their claim or interest on a
subject property publicly accessible
✔✔null and void - ✔✔lacking legal or binding force; invalid
SOLUTIONS RATED A+
✔✔market value - ✔✔the price for which a property will theoretically sell under typical
conditions
✔✔marketable title - ✔✔a title that is free from significant encumbrances or defects that
might otherwise prevent a purchaser from enjoying or eventually selling the property
✔✔marketing plan - ✔✔a plan created to secure the other party needed to carry out a
real estate transaction that includes sales and advertising.
✔✔master deed - ✔✔a deed used to convey land to a condominium developer
✔✔master plan - ✔✔a written document created by the local planning board to guide
the future growth and development of a community
✔✔material fact - ✔✔a fact that, if known, could cause someone to take a different
course of action or make a different decision regarding the property to be purchased
✔✔mechanic's lien - ✔✔a type of involuntary, specific lien that a mechanic or
materialman can impose upon a property if the property owner fails to pay for materials
or work done on the property
✔✔meridian - ✔✔an imaginary line of longitude used to identify a certain area of the
earth's surface along a north-south direction
✔✔metes and bounds - ✔✔a land survey process in which a licensed land surveyor
starts at a readily identifiable point of beginning and defines the boundaries of a
property in terms of distances and compass directions, finally returning to the point of
beginning
✔✔ministerial acts - ✔✔an action performed for another according to established
procedures or guidelines and without the need for discretion or individual judgment
✔✔misrepresentation - ✔✔a statement, written or spoken, that is false or misleading;
can be actionable if also found to be fraudulent
✔✔mold - ✔✔a type of fungus found in damp building materials that can release toxins
into the environment
✔✔monument - ✔✔a fixed landmark, whether natural or human-made, used as a
reference point in a metes and bounds legal description
, ✔✔mortgage - ✔✔a legal agreement between a creditor and borrower in which the
creditor lends money with interest to the borrower for the purchase of property with the
condition that the creditor takes ownership of the title if the borrower defaults in
repayment of the loan
✔✔mortgage insurance premium (MIP) - ✔✔a borrower-paid insurance required for fha
loans, in order to insure lender in case of borrower default/foreclosure
✔✔mortgagee - ✔✔the lender of the funds in a loan
✔✔mortgagor - ✔✔the borrower of the funds in a loan
✔✔multiple listing service (MLS) - ✔✔a database in which local member brokers share
listings so that fellow member brokers can procure buyers for those properties and
establish compensation for properties sold jointly
✔✔mutual consent - ✔✔agreement by all parties to either create, amend, or terminate a
contract
✔✔negative amortization - ✔✔when a borrower's payment is not large enough to cover
the interest due on a loan, the unpaid interest is added to the principal balance
✔✔negotiable instrument - ✔✔a note that is transferable and assignable
✔✔net lease - ✔✔a lease in which the tenant pays a base rent rate plus all or part of
the operating expenses
✔✔net listing - ✔✔an agreement in which the seller names an amount they will accept
for a property and if the sales price exceeds that amount, the broker receives the
excess as commission; illegal
✔✔net operating income (NOI) - ✔✔a property's annual income that remains after
paying its operating expenses
✔✔non-conforming use - ✔✔any property use with is inconsistent with the land use
controls for that area, regardless of legality
✔✔non-prorated expense - ✔✔closing costs that are not split between the parties
✔✔notice of title - ✔✔the duty of a real estate owner to make their claim or interest on a
subject property publicly accessible
✔✔null and void - ✔✔lacking legal or binding force; invalid
