ACEABLE AGENT LATEST 2026 PRACTICE EXAM
QUESTIONS AND SOLUTIONS GUARANTEE A+
✔✔What are the different types of special purpose properties - ✔✔churches
schools
recreational facilities
cemeteries
government held land
✔✔Define target market - ✔✔a specific group demographic you appeal to
✔✔Define farming - ✔✔specific area of real estate associates choose to specialize and
become an expert in, in a certain area (town, area of industrial properties)
✔✔What is the goal in farming? - ✔✔to win over potential customers with your
specialization
✔✔Define property management - ✔✔renting or leasing someone else property on their
behalf
✔✔Define absentee owner - ✔✔someone who owns a property but doesn't occupy it
✔✔What do community association manages work with? - ✔✔mobile home parks
planned unit developments
homeowners
cooperatives
timeshares
condominiums
✔✔When you plan to market you need to... - ✔✔analyze the market
create a budget
outline a marketing tactic
✔✔When you analyze the market you need to... - ✔✔analyze the property itself
analyze the property region
analyze the properties neighborhood
✔✔Define fair marketing - ✔✔cannot choose specific race or gender, you must align
with the state and county laws, the civil rights laws, and fair housing guidelines
✔✔What are management fees? - ✔✔how much you get paid for managing a property
(clearly expressed in manager agreement)
✔✔What are the two types of management fees? - ✔✔percentage fee
, flat fee
✔✔Define percentage fee - ✔✔fee paid to the manager based on effective gross
income (EGI) of the building. This includes income from rent plus additional revenue
streams
✔✔Define flat fee - ✔✔or based commission is a fixed fee paid per unit, not based on a
percentage of the income.
✔✔How are fees determined? - ✔✔they are determined by the owner and their goals
for the property
✔✔What do percentage fees do? - ✔✔provide incentive to the manager to increase the
income for the buildings
✔✔What are the three valuation products? - ✔✔appraisal
comparative market analysis (CMA)
broker opinion of price (BPO)
✔✔Define appraisal - ✔✔an official valuation of a property value
✔✔Define comparative market analysis (CMA) - ✔✔report that compares the prices of
recently sold homes to determine market value of a similar property
✔✔What are the differences between an appraisal and a CMA - ✔✔appraisals are
usually done at a price
CMAs are usually done for free
CMAs are less detailed and less reliable than an appraisal
✔✔Define common area maintenance - ✔✔expenses and fees paid by tenants to
landlords to help cover cost associated with overhead and operating expenses for
common areas
✔✔Define Brokers price opinion - ✔✔a brokers opinion of the value of a piece of real
property
✔✔Define loan originations - ✔✔multi-step process through which a borrower obtains a
mortgage loan from a lender
✔✔Define mortgage loan origination - ✔✔process to get a loan
✔✔What are the phases of development and construction? - ✔✔acquire land
subdividing and developing land
recording the subdivision plat map
QUESTIONS AND SOLUTIONS GUARANTEE A+
✔✔What are the different types of special purpose properties - ✔✔churches
schools
recreational facilities
cemeteries
government held land
✔✔Define target market - ✔✔a specific group demographic you appeal to
✔✔Define farming - ✔✔specific area of real estate associates choose to specialize and
become an expert in, in a certain area (town, area of industrial properties)
✔✔What is the goal in farming? - ✔✔to win over potential customers with your
specialization
✔✔Define property management - ✔✔renting or leasing someone else property on their
behalf
✔✔Define absentee owner - ✔✔someone who owns a property but doesn't occupy it
✔✔What do community association manages work with? - ✔✔mobile home parks
planned unit developments
homeowners
cooperatives
timeshares
condominiums
✔✔When you plan to market you need to... - ✔✔analyze the market
create a budget
outline a marketing tactic
✔✔When you analyze the market you need to... - ✔✔analyze the property itself
analyze the property region
analyze the properties neighborhood
✔✔Define fair marketing - ✔✔cannot choose specific race or gender, you must align
with the state and county laws, the civil rights laws, and fair housing guidelines
✔✔What are management fees? - ✔✔how much you get paid for managing a property
(clearly expressed in manager agreement)
✔✔What are the two types of management fees? - ✔✔percentage fee
, flat fee
✔✔Define percentage fee - ✔✔fee paid to the manager based on effective gross
income (EGI) of the building. This includes income from rent plus additional revenue
streams
✔✔Define flat fee - ✔✔or based commission is a fixed fee paid per unit, not based on a
percentage of the income.
✔✔How are fees determined? - ✔✔they are determined by the owner and their goals
for the property
✔✔What do percentage fees do? - ✔✔provide incentive to the manager to increase the
income for the buildings
✔✔What are the three valuation products? - ✔✔appraisal
comparative market analysis (CMA)
broker opinion of price (BPO)
✔✔Define appraisal - ✔✔an official valuation of a property value
✔✔Define comparative market analysis (CMA) - ✔✔report that compares the prices of
recently sold homes to determine market value of a similar property
✔✔What are the differences between an appraisal and a CMA - ✔✔appraisals are
usually done at a price
CMAs are usually done for free
CMAs are less detailed and less reliable than an appraisal
✔✔Define common area maintenance - ✔✔expenses and fees paid by tenants to
landlords to help cover cost associated with overhead and operating expenses for
common areas
✔✔Define Brokers price opinion - ✔✔a brokers opinion of the value of a piece of real
property
✔✔Define loan originations - ✔✔multi-step process through which a borrower obtains a
mortgage loan from a lender
✔✔Define mortgage loan origination - ✔✔process to get a loan
✔✔What are the phases of development and construction? - ✔✔acquire land
subdividing and developing land
recording the subdivision plat map
