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Aceable Agent Level 1,2,3 Exam Bundle Questions and Answers(SCORED A+)
Aceable Agent Level 1,2,3 Exam Bundle Questions and Answers(SCORED A+)
[Show more]Aceable Agent Level 1,2,3 Exam Bundle Questions and Answers(SCORED A+)
[Show more]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 numb...
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Add to cartComparative 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 numb...
A married couple buys a home for $400,000. Five years later, they sell it for $550,000. How much of their sale is taxable capital gain? -ANSWER - $0. 
 
They get a $500,000 capital gains tax exclusion, and they made $150,000 in profit, so all of their profit is excluded from taxation. 
 
Arthur, Be...
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Add to cartA married couple buys a home for $400,000. Five years later, they sell it for $550,000. How much of their sale is taxable capital gain? -ANSWER - $0. 
 
They get a $500,000 capital gains tax exclusion, and they made $150,000 in profit, so all of their profit is excluded from taxation. 
 
Arthur, Be...
Down Payment -ANSWER - The initial payment made when buying something on credit, a ____________ is paid directly by the buyer to the seller 
 
Proration -ANSWER - The allocation or distribution of an annual expense across smaller chunks of time 
 
Acreage -ANSWER - A unit of measurement used to dete...
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Add to cartDown Payment -ANSWER - The initial payment made when buying something on credit, a ____________ is paid directly by the buyer to the seller 
 
Proration -ANSWER - The allocation or distribution of an annual expense across smaller chunks of time 
 
Acreage -ANSWER - A unit of measurement used to dete...
PRINCIPAL - ANSWER-What is the term that describes the money that is lent? 
 
CASH TO CLOSE - ANSWER-Down payment minus earnest money? 
 
TOTAL SALES PRICE - ANSWER-Loan payment + loan principal? 
 
ORIGINATION POINTS - ANSWER-Loan points/fees charged 1% to compensate loan officers for underwriting ...
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Add to cartPRINCIPAL - ANSWER-What is the term that describes the money that is lent? 
 
CASH TO CLOSE - ANSWER-Down payment minus earnest money? 
 
TOTAL SALES PRICE - ANSWER-Loan payment + loan principal? 
 
ORIGINATION POINTS - ANSWER-Loan points/fees charged 1% to compensate loan officers for underwriting ...
Real property refers to the land and improvements on it plus the set of rights associated with real estate ownership. - ANSWER-land, and improvements on it plus the set of rights associated with real estate ownership 
Sponsoring Broker - ANSWER-Sales agents accept commission from 
Counteroffer - ANS...
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Add to cartReal property refers to the land and improvements on it plus the set of rights associated with real estate ownership. - ANSWER-land, and improvements on it plus the set of rights associated with real estate ownership 
Sponsoring Broker - ANSWER-Sales agents accept commission from 
Counteroffer - ANS...
Ben has recently purchased a policy for title insurance. Two weeks after making his purchase, it is revealed that there were unknown liens attached to the title. What is TRUE of this situation? - ANSWER -Any problems that arise after policy purchase are not covered. 
 
Which of the following is an e...
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Add to cartBen has recently purchased a policy for title insurance. Two weeks after making his purchase, it is revealed that there were unknown liens attached to the title. What is TRUE of this situation? - ANSWER -Any problems that arise after policy purchase are not covered. 
 
Which of the following is an e...
Tenant - ANSWER -one who possesses a property under a lease without ownership 
 
Broker - ANSWER -someone who assists in buying and selling to receive a commission 
 
Client - ANSWER -a person or company that buys or leases any product or service 
 
Land - ANSWER -the surface of the earth, extending...
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Add to cartTenant - ANSWER -one who possesses a property under a lease without ownership 
 
Broker - ANSWER -someone who assists in buying and selling to receive a commission 
 
Client - ANSWER -a person or company that buys or leases any product or service 
 
Land - ANSWER -the surface of the earth, extending...
General Data - ANSWER-information about the area surrounding a property; this could include the city, region, and neighborhood in which the property is situated 
 
Specific Data - ANSWER-information regarding the property itself 
 
Limited appraisal - ANSWER-a simpler, abbreviated version of a regul...
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Add to cartGeneral Data - ANSWER-information about the area surrounding a property; this could include the city, region, and neighborhood in which the property is situated 
 
Specific Data - ANSWER-information regarding the property itself 
 
Limited appraisal - ANSWER-a simpler, abbreviated version of a regul...
Real Estate Mortgage Investment Conduit (REMIC) - ANSWER -A type of SPV that holds commercial and residential mortgages in trust, assembles said mortgages into pools based on risk, and issues bonds (securities) on these pools to sell to investors in the secondary mortgage market is a(n): 
 
a conces...
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Add to cartReal Estate Mortgage Investment Conduit (REMIC) - ANSWER -A type of SPV that holds commercial and residential mortgages in trust, assembles said mortgages into pools based on risk, and issues bonds (securities) on these pools to sell to investors in the secondary mortgage market is a(n): 
 
a conces...
Home inspector - ANSWER-A professional (that requires their own licensing) who performs a visual assessment of a property's physical condition for a buyer or seller. Prepares report of findings. 
 
Indestructibility - ANSWER-(Physical durability) Land is permanent. It can not be destroyed. 
 
Fixit...
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Add to cartHome inspector - ANSWER-A professional (that requires their own licensing) who performs a visual assessment of a property's physical condition for a buyer or seller. Prepares report of findings. 
 
Indestructibility - ANSWER-(Physical durability) Land is permanent. It can not be destroyed. 
 
Fixit...
Specific Data - ANSWER-Is information regarding the property itself. 
 
Principle if Anticipation - ANSWER-The idea that the present value of a property is affected by the ANTICIPATED income or utility that property will give its property owner. 
 
Principle of Contribution - ANSWER-The idea that a ...
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Add to cartSpecific Data - ANSWER-Is information regarding the property itself. 
 
Principle if Anticipation - ANSWER-The idea that the present value of a property is affected by the ANTICIPATED income or utility that property will give its property owner. 
 
Principle of Contribution - ANSWER-The idea that a ...
Industrial Real Estate - ANSWER-Some are suited for industrial property. 
EX: Warehousing, Storage, Data Centers, Etc. 
 
Commercial Real Estate - ANSWER-Primarily made up of property that is used for business. 
Income producing property 
EX: gas station, convenience stores, apartment building, e...
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Add to cartIndustrial Real Estate - ANSWER-Some are suited for industrial property. 
EX: Warehousing, Storage, Data Centers, Etc. 
 
Commercial Real Estate - ANSWER-Primarily made up of property that is used for business. 
Income producing property 
EX: gas station, convenience stores, apartment building, e...
Loss - ANSWER-a financial loss or decrease in value. 
 
Interest - ANSWER-money repaid regularly at a specified rate as compensation for money lent. 
 
Principal - ANSWER-the amount lent to a borrower to purchase a house. 
 
Mortgage - ANSWER-a secured loan that is tied to real estate, where the bor...
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Add to cartLoss - ANSWER-a financial loss or decrease in value. 
 
Interest - ANSWER-money repaid regularly at a specified rate as compensation for money lent. 
 
Principal - ANSWER-the amount lent to a borrower to purchase a house. 
 
Mortgage - ANSWER-a secured loan that is tied to real estate, where the bor...
General data - ANSWER-is information about a property's location. This could include the city, region, and neighborhood in which the property is situated. 
 
The appraisal report is usually paid by - ANSWER-the buyer 
 
Specific data - ANSWER-information regarding the property itself. 
 
What types...
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Add to cartGeneral data - ANSWER-is information about a property's location. This could include the city, region, and neighborhood in which the property is situated. 
 
The appraisal report is usually paid by - ANSWER-the buyer 
 
Specific data - ANSWER-information regarding the property itself. 
 
What types...
Tenant - ANSWER-one who possesses (rents) real property for a period of time, usually under a lease. The property or estate is normally owned by the landlord. 
 
Broker - ANSWER-Someone who assists in buying and selling to recieve a commission. 
 
Client - ANSWER-The person that an agent is represen...
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Add to cartTenant - ANSWER-one who possesses (rents) real property for a period of time, usually under a lease. The property or estate is normally owned by the landlord. 
 
Broker - ANSWER-Someone who assists in buying and selling to recieve a commission. 
 
Client - ANSWER-The person that an agent is represen...
Reasons for a BPO. 
1. The people in the home have asked to refinance the home and the lender does not want to pay for a full appraisal, but they do want to have some assurance that the home is valued at or above what the loan will be. 
2. The people in the house are about to be foreclosed on and th...
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Add to cartReasons for a BPO. 
1. The people in the home have asked to refinance the home and the lender does not want to pay for a full appraisal, but they do want to have some assurance that the home is valued at or above what the loan will be. 
2. The people in the house are about to be foreclosed on and th...
Risk - ANSWER-_______ is the potential for loss or an undesired outcome. 
 
After-tax Cash Flow - ANSWER-The_______ is the bottom-line statistic provided by an operating statement. 
 
Real Estate Investment Trust - ANSWER-The investor in a _______ enjoys greater liquidity thaan if they owned the pro...
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Add to cartRisk - ANSWER-_______ is the potential for loss or an undesired outcome. 
 
After-tax Cash Flow - ANSWER-The_______ is the bottom-line statistic provided by an operating statement. 
 
Real Estate Investment Trust - ANSWER-The investor in a _______ enjoys greater liquidity thaan if they owned the pro...
A) To pay an aggrieved party who has won a judgment against a licensee for damages from a real estate transaction 
B) To pay commission that agents were wrongfully deprived of 
C) For taxes for the state of Texas 
D) For TREC to recover the funds to keep their computer systems up to date -ANSWER- A)...
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Add to cartA) To pay an aggrieved party who has won a judgment against a licensee for damages from a real estate transaction 
B) To pay commission that agents were wrongfully deprived of 
C) For taxes for the state of Texas 
D) For TREC to recover the funds to keep their computer systems up to date -ANSWER- A)...
-Supervise financial institutions for safety and soundness 
 
-Make large financial institutions resolvable 
 
-Manage receiverships 
 
-Insures deposits up to $250k per depositor, per account. 
 
The Federal Reserve System - ANSWER-Is the nations central bank, and it operates to maintain sound cred...
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Add to cart-Supervise financial institutions for safety and soundness 
 
-Make large financial institutions resolvable 
 
-Manage receiverships 
 
-Insures deposits up to $250k per depositor, per account. 
 
The Federal Reserve System - ANSWER-Is the nations central bank, and it operates to maintain sound cred...
real estate - ANSWER-is the land plus improvements. 
 
Improvements - ANSWER-is any non-natural structure built on or affixed to land. Buildings, fences, decks, and roads are all examples of improvements, but a tree is NOT (trees are as natural as natural gets, Ernst !). Improvements MUST be permane...
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Add to cartreal estate - ANSWER-is the land plus improvements. 
 
Improvements - ANSWER-is any non-natural structure built on or affixed to land. Buildings, fences, decks, and roads are all examples of improvements, but a tree is NOT (trees are as natural as natural gets, Ernst !). Improvements MUST be permane...
Tenant - ANSWER-a holder of land rights; a person who holds the right to live in a residence; an occupant 
 
Broker - ANSWER-An agent that can own a real estate firm and can hire other agents to work for them 
 
Client - ANSWER-A customer that is contractual 
 
Sales Agent Apprentice Education (SAE)...
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Add to cartTenant - ANSWER-a holder of land rights; a person who holds the right to live in a residence; an occupant 
 
Broker - ANSWER-An agent that can own a real estate firm and can hire other agents to work for them 
 
Client - ANSWER-A customer that is contractual 
 
Sales Agent Apprentice Education (SAE)...
TEXAS REAL ESTATE COMMISSION (TREC) 1949 - ANSWER-Which commission was created to enforce TRELA (it's main purpose)? Also regulates educational and licensing programs that maintain standards AND interprets legislation that effects the real estate profession, but these are not it's main function. 
...
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Add to cartTEXAS REAL ESTATE COMMISSION (TREC) 1949 - ANSWER-Which commission was created to enforce TRELA (it's main purpose)? Also regulates educational and licensing programs that maintain standards AND interprets legislation that effects the real estate profession, but these are not it's main function. 
...
TREC's purpose is to -ANSWER- regulate educational and licensing programs that maintain standards AND interpret legislation that affects the real estate profession — primarily the Texas Real Estate License Act (TRELA). 
 
Integrity -ANSWER- Satisfy to the commission (TREC) that the candidate meet...
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Add to cartTREC's purpose is to -ANSWER- regulate educational and licensing programs that maintain standards AND interpret legislation that affects the real estate profession — primarily the Texas Real Estate License Act (TRELA). 
 
Integrity -ANSWER- Satisfy to the commission (TREC) that the candidate meet...
What is an example of PROPERTY? - ANSWER-A can of soup could be considered property - just as a building or a car could - it is ANYTHING that can be OWNED. 
 
What is the difference between tangible and intangible property? - ANSWER-Tangible property is something that you could touch with your hands...
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Add to cartWhat is an example of PROPERTY? - ANSWER-A can of soup could be considered property - just as a building or a car could - it is ANYTHING that can be OWNED. 
 
What is the difference between tangible and intangible property? - ANSWER-Tangible property is something that you could touch with your hands...
DEED OF TRUST - ANSWER-A security instrument that places the deed to the property in a trust held by the lender until a mortgage is paid off, when the trustee will transfer the deed to the borrower. 
 
TRUSTEE VS TRUSTOR - ANSWER-A trustee is an individual person given control of property in trust w...
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Add to cartDEED OF TRUST - ANSWER-A security instrument that places the deed to the property in a trust held by the lender until a mortgage is paid off, when the trustee will transfer the deed to the borrower. 
 
TRUSTEE VS TRUSTOR - ANSWER-A trustee is an individual person given control of property in trust w...
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