Aceable Agent Principles of Real Estate 2 Practice Test With Rationales Answers
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Course
Aceable Agent Principles of Real Estate 2
Institution
Aceable Agent Principles Of Real Estate 2
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 ...
Aceable Agent Principles of Real Estate 2 Practice Test With Rationales Answers
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
What is a zoning variance and what needs to happen in order for a government to approve it? - ANSWER -A variance allows the individual property to deviate from a specific provision of the zoning ordinance; it is for the benefit of one parcel (a piece of land) only.
Which of the following BEST describes the concept of the time value of money? - ANSWER -today's money is worth MORE now than the same amount will be in the future (because of the money's current potential to earn more money)
What government agency allows single-family properties to be depreciated over the course of 27.5 years? - ANSWER -The owner of a single-family rental home can depreciate (lower the value of) the property over a period of 27.5 years. Only the improvements to the land such as structures, buildings, etc. can be depreciated.
Three discount points on a $120,000 loan equals: - ANSWER -3600
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