Aceable Agent Real Estate II Practice
Questions And Answers With Verified
Solutions Already Passed!!!
Which party is most likely to put deed restrictions in place? - ANSWER✔✔
Property Developer
- Restrictive covenants (deed restrictions) are non-governmental limitations that
control how buyers of lots within residential subdivisions use their land
Nara moved out of her apartment over a month ago, but hasn't received her security
deposit back.
What would be a LEGAL reason that her deposit had not been returned? -
ANSWER✔✔ Nara failed to provide a forwarding address
- A landlord is not obligated to return the security deposit if the tenant has not
provided a forwarding address
Jordi's house sold for a total of $300,000. In the listing agreement, Jordi agreed to
give 7% of the real estate purchase as commission to the licensed agents involved
in the purchase: 4% to the listing agent and 3% to the buyer's agent. How much did
the listing agent earn in commission from the sale? - ANSWER✔✔ $12,000
- The list agent earned $12,000 in commission ($300,000 x 0.04 = $12,000)
What type of property is typically dependent on other businesses in the area to help
create foot and car traffic? - ANSWER✔✔ Commercial Property
- Location is important when leasing a commercial property
A property is under contract for $175,000 with a 10% down payment. Find the cost
points for 2.5 discount points and a 1-point origination fee. - ANSWER✔✔
$5,512.50
,- To find the cost of the points, we need to find the loan principal, which is
$175,000 minus the down payment amount. Find the down payment amount by
multiplying the purchase price by 10%: 0.1 x $175,000 = $17,500. Then subtract
the down payment amount from the purchase price: $175,000 - $17,500 =
$157,500. Knowing that, we can find the cost of the points: 0.035 x $157,500 =
$5,512.20
What entity consists of 11 district banks that are regulated by the Federal Housing
Finance Agency? - ANSWER✔✔ FHLB
- Federal Home Loan Bank system
Micah is an appraiser in Austin. What entity is he regulated by? - ANSWER✔✔
TALCB
- Appraisers in Texas are regulated by the Texas Appraiser Licensing &
Certification Board
What is an example of inverse condemnation? - ANSWER✔✔ The government
takes some of Leslie's farmland to expand a highway. The government does NOT
provide just compensation for the land acquisition.
- Occurs when the government has over-regulated a property so that it can't be
fairly used via restrictions, permitting, etc. that virtually eliminate any use of the
property. While the property owner still owns the property, its remaining value is
greatly reduced; thus, the owner is entitled to compensation
What is generally seen as the primary incentive for choosing a commercial real
estate investment? - ANSWER✔✔ The Tax Benefits
- Commercial real estate is considered a relatively low-risk, high-reward long-term
investment
, How many 100,000 sq. ft. lots could a developer fit onto a 20-acre piece of land? -
ANSWER✔✔ 8.7
- One acre is equal to 43,560 sq. ft. To find out how many square feet 20 acres is,
multiply 20 acres by 43,560 sq. ft. to get 871,200 sq. ft. Now to find out how many
100,000 sq. ft. lots will fit in 871,200 sq. ft. divide 871,200 sq. ft. by 100,000 sq. ft.
to get 8.7
What is constructive notice? - ANSWER✔✔ The recording of a deed in publicly
accessible records
What is the name of the form that itemizes services and fees charged to the
borrower by the lender when applying for a real estate loan? This is the same form
that is received by the consumer no later than three business days before
consummation of the loan - ANSWER✔✔ Closing Disclosure
What protects consumers from abusive settlement practices, provides them with
information pertinent to all settlement costs, prohibits specific practices, such as
kickbacks, and places limitations upon the use of escrow accounts? -
ANSWER✔✔ RESPA
- The federal Real Estate Settlement Procedures Act (RESPA)
Carrie takes no action to force the removal of a driveway that her neighbor on the
adjacent lot uses to access their property. In Texas, after a period of 10 years this
encroachment may continue through a(n): - ANSWER✔✔ Easement by
Prescription
- Granted after the dominant estate has used the property in a hostile, continuous,
and open manner for a statutorily prescribed number of years
On the Closing Disclosure, prorated interest paid before closing on an existing
assumed mortgage is a: - ANSWER✔✔ Debit to the buyer and credit to the seller
