ACEABLE AGENT FINAL TEST PAPER
UPDATED COMPLETE QUESTIONS AND
CORRECT ANSWERS
●● 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 value
●● Seller's Market
Answer: a market condition in which the number of properties for sale
does not meet the demand (number of people looking to buy)
●● Buyer's Market
Answer: relatively low demand for real estate in the area (it will take 6
months or more to sell a house)
●● 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
●● Principle
Answer: the individual who authorizes another person to act on their
behalf
●● Intermediary Relationships
Answer: occur when the same real estate office is representing both the
seller and the buyer as clients in the same transaction
●● Third Party
Answer: the individual with whom the agent and principal enter into real
estate negotiations. The third party is also sometimes referred to as the
customer
UPDATED COMPLETE QUESTIONS AND
CORRECT ANSWERS
●● 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 value
●● Seller's Market
Answer: a market condition in which the number of properties for sale
does not meet the demand (number of people looking to buy)
●● Buyer's Market
Answer: relatively low demand for real estate in the area (it will take 6
months or more to sell a house)
●● 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
●● Principle
Answer: the individual who authorizes another person to act on their
behalf
●● Intermediary Relationships
Answer: occur when the same real estate office is representing both the
seller and the buyer as clients in the same transaction
●● Third Party
Answer: the individual with whom the agent and principal enter into real
estate negotiations. The third party is also sometimes referred to as the
customer
