ACEABLE AGENT LATEST 2026 EXAM QUESTIONS AND
SOLUTIONS GUARANTEE A+
✔✔Surface Rights - ✔✔ownership of the land in a parcel or real estate but limited only
to the plane
✔✔Air Rights - ✔✔the right to use the airspace above the surface of land
✔✔Water Rights - ✔✔the right to enjoy the water that borders a property
✔✔Littoral Rights - ✔✔rights that govern lakefront or oceanfront property and usually
allow the property owner to use the water bordering their property
✔✔Riparian Rights - ✔✔rights that govern the use of flowing water, such as rivers and
streams that pass through or border a property
✔✔Personal Property - ✔✔any item that is not real estate, also known as chattel or
personalty
✔✔Real Estate - ✔✔a part of the surface of land to the center of the earth and upward
to space, plus all improvements made by man or nature
✔✔Real Property - ✔✔land from the surface to the center of earth and upward into
space including everything attached by man or nature as well as the bundle of legal
rights of the ownership
✔✔Fixture - ✔✔an object that was once personal property, but which has now been
firmly attached to the land in such a way that it becomes part of the estate
✔✔Trade Fixture - ✔✔personal property attached to real property that is owned by and
needed for a tenant's business
✔✔Adaptation - ✔✔the use and modification of a particular item for a specific use in a
property
✔✔Fructus Naturales - ✔✔trees, bushes, grass, and uncultivated plants, usually
considered to be real property because of their permanence
✔✔Fructus Industriales - ✔✔annually cultivated crops generally considered to be
personal property; also known as emblements
✔✔Cooperative - ✔✔a residential building in which the title is held by a corporation, the
residents are stockholders in the corporation, and the residents have a lease
, ✔✔Planned Unit Development (PUD) - ✔✔a subdivision or development that includes
single-family dwellings along with some common elements such as parks, pools,
community recreational centers, or golf courses
✔✔Timeshare - ✔✔residence with multiple owners who share the right to possession
for a specific period of time with the other owners
✔✔Ad Valorem Tax - ✔✔a tax calculated according to the assessed value of real estate
✔✔Homestead Tax Exemption - ✔✔reduces the amount of ad valorem taxes assessed
on a homestead
✔✔Prorate - ✔✔the dividing of expenses for items like taxes, interest, and rent at the
closing between the seller and the buyer
✔✔Amortization - ✔✔the process of paying off a debt/ mortgage in regular installments
based on a fixed payment schedule
✔✔Arrears - ✔✔payment for an item or service after it is received
✔✔CLUE Reports - ✔✔stands for Comprehensive Loss Underwriting Exchange, a
database used by insurance agencies that contains information on any claims made in
the past five years by property owners on specific properties
✔✔PITI - ✔✔stands for Principal, Interest, Taxes, and Insurance, which are the
components of most mortgage payments
✔✔Agency - ✔✔relationship between a client and a broker
✔✔Express Agency - ✔✔agency created by a specific agreement
✔✔Implied Agency - ✔✔created when an agent is given permission to act on behalf a
client through conduct or communication, but the permission is not established orally or
in writing. Does not have to be an action, but can be a statement that leads the principal
to believe that the license holder is their agent.
✔✔Agency by Ratification - ✔✔created when a license holder acts on behalf of but
without prior authorization of a principal and that principal accepts the license holder's
action after the fact
✔✔Intermediary Broker - ✔✔a broker who negotiates a contract between two parties
that are both being represented by that broker
SOLUTIONS GUARANTEE A+
✔✔Surface Rights - ✔✔ownership of the land in a parcel or real estate but limited only
to the plane
✔✔Air Rights - ✔✔the right to use the airspace above the surface of land
✔✔Water Rights - ✔✔the right to enjoy the water that borders a property
✔✔Littoral Rights - ✔✔rights that govern lakefront or oceanfront property and usually
allow the property owner to use the water bordering their property
✔✔Riparian Rights - ✔✔rights that govern the use of flowing water, such as rivers and
streams that pass through or border a property
✔✔Personal Property - ✔✔any item that is not real estate, also known as chattel or
personalty
✔✔Real Estate - ✔✔a part of the surface of land to the center of the earth and upward
to space, plus all improvements made by man or nature
✔✔Real Property - ✔✔land from the surface to the center of earth and upward into
space including everything attached by man or nature as well as the bundle of legal
rights of the ownership
✔✔Fixture - ✔✔an object that was once personal property, but which has now been
firmly attached to the land in such a way that it becomes part of the estate
✔✔Trade Fixture - ✔✔personal property attached to real property that is owned by and
needed for a tenant's business
✔✔Adaptation - ✔✔the use and modification of a particular item for a specific use in a
property
✔✔Fructus Naturales - ✔✔trees, bushes, grass, and uncultivated plants, usually
considered to be real property because of their permanence
✔✔Fructus Industriales - ✔✔annually cultivated crops generally considered to be
personal property; also known as emblements
✔✔Cooperative - ✔✔a residential building in which the title is held by a corporation, the
residents are stockholders in the corporation, and the residents have a lease
, ✔✔Planned Unit Development (PUD) - ✔✔a subdivision or development that includes
single-family dwellings along with some common elements such as parks, pools,
community recreational centers, or golf courses
✔✔Timeshare - ✔✔residence with multiple owners who share the right to possession
for a specific period of time with the other owners
✔✔Ad Valorem Tax - ✔✔a tax calculated according to the assessed value of real estate
✔✔Homestead Tax Exemption - ✔✔reduces the amount of ad valorem taxes assessed
on a homestead
✔✔Prorate - ✔✔the dividing of expenses for items like taxes, interest, and rent at the
closing between the seller and the buyer
✔✔Amortization - ✔✔the process of paying off a debt/ mortgage in regular installments
based on a fixed payment schedule
✔✔Arrears - ✔✔payment for an item or service after it is received
✔✔CLUE Reports - ✔✔stands for Comprehensive Loss Underwriting Exchange, a
database used by insurance agencies that contains information on any claims made in
the past five years by property owners on specific properties
✔✔PITI - ✔✔stands for Principal, Interest, Taxes, and Insurance, which are the
components of most mortgage payments
✔✔Agency - ✔✔relationship between a client and a broker
✔✔Express Agency - ✔✔agency created by a specific agreement
✔✔Implied Agency - ✔✔created when an agent is given permission to act on behalf a
client through conduct or communication, but the permission is not established orally or
in writing. Does not have to be an action, but can be a statement that leads the principal
to believe that the license holder is their agent.
✔✔Agency by Ratification - ✔✔created when a license holder acts on behalf of but
without prior authorization of a principal and that principal accepts the license holder's
action after the fact
✔✔Intermediary Broker - ✔✔a broker who negotiates a contract between two parties
that are both being represented by that broker
