Aceable Agent Principles of Real Estate 2 Practice Test 2023/2024
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Course
Aceable Agent Principles of Real Estate 2
Institution
Aceable Agent Principles Of Real Estate 2
Aceable Agent Principles of Real Estate 2 Practice Test 2023/2024
What is investment gain? - ANSWER-an increase in property value due to active and purposeful developments or improvements
Ben has recently purchased a policy for title insurance. Two weeks after making his purchase, it is revea...
Aceable Agent Principles of Real Estate 2
Practice Test 2023/2024
What is investment gain? - ANSWER-an increase in property value due to active and purposeful
developments or improvements
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 example of something that would be listed on a Closing Disclosure as a
credit to the buyer? - ANSWER-A credit is an amount a person receives at closing.
Gladys owns two properties: one is a residential property and the other is a plot of undeveloped land.
Which of the following is TRUE about Gladys' properties? - ANSWER-She CAN claim depreciation on her
residential property; she can NOT claim depreciation on her undeveloped land.
Landlords MUST allow tenants with disabilities to make reasonable modifications to a property so they
can enjoy it. But there are also unreasonable modifications a landlord does NOT have to allow; all of the
following are unreasonable modifications EXCEPT: - ANSWER-modifications made at the tenant's
expense
What does "REO" stand for? - ANSWER-"Real Estate Owned"
In which of the following cases would a property manager NOT need a real estate license? - ANSWER-A
property manager who is an on-site apartment manager NOT acting as an agent, leasing the owner's real
estate.
What is a fee simple subject to a condition subsequent estate? - ANSWER-an estate in which the
property MUST be used for a specific purpose and if it's not, the real estate reverts back to the original
owner
, Which of the following is NOT a principle of appraisal? - ANSWER-While appraisers do concern
themselves with the highest and best use of a property, "principle of best use" is not among the
principles.
Lara has her first investor client. She can expect her investor client to do all of the following EXCEPT: -
ANSWER-Her investor client may require Lara to conduct the majority of the activity on the selling side of
the transaction.
Michelle is purchasing a condo uptown. She received a loan of $145,000 for the condo, which leverages
67% of the financing. What is the amount of the down payment Michelle will be making? - ANSWER-The
sale price is $216,417.91 (loan amount divided by percentage), minus the loan amount ($145,000) makes
the down payment $71,417.91.
Ben would like to construct a restaurant on a parcel of land. This particular parcel is not zoned for a
commercial use. Ben should go to the city and seek a(n): - ANSWER-Ben should go to the city and seek a
use variance.
James owns several properties that are close to a state park. In marketing these properties, he denotes
that the properties have easy access to the park, but he does NOT describe the type of buyer this feature
might appeal to, i.e. "outdoorsy people," etc. What activity is James avoiding? - ANSWER-illegal target
marketing
Maria pays off her loan in equal installments of principal and interest over a period of ten years. What
can we call this method of payment? - ANSWER-amortization
Brad and Janet are getting divorced and splitting up their assets. Brad is leaving the state and giving up
his claim to their shared property. What type of deed will Janet and Brad utilize to give sole ownership to
Janet? - ANSWER-quitclaim deed
Andy is the landlord of a rental home. Andy neglects to trim the tree that shades the home and the tree
creates a hole in the roof. This develops into a severe roof leak. The ensuing roof repair would qualify as:
- ANSWER-corrective maintenance
A property is under contract for $175,000 with a 10% down payment. How much will be paid at closing
for 2.5 discount points and 1 point origination fee? - ANSWER-5512.5
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