Exam (elaborations)
ACEABLE AGENT PRINCIPLES OF REAL ESTATE 2 PRACTICE TEST
- Course
- Institution
ACEABLE AGENT PRINCIPLES OF REAL ESTATE 2 PRACTICE TEST
[Show more]
Content preview
ACEABLE AGENTPRINCIPLES OF
REAL ESTATE 2
PRACTICE TEST
What is investment gain? - Answers -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? - Answers -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? - Answers -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? - Answers
-She CAN claim depreciation on her residential property; she can NOT claim
depreciation on her undeveloped land.
Define a lease purchase agreement: - Answers -A lease where part of a tenant's rent is
applied to the property's purchase price; the property title transfers upon full payment.
Emanuel wants to purchase a resort property on the beach, but he needs to make some
renter revenue in order to pay for both his primary residence and his resort property.
What factor should Emanuel NOT be prioritizing? - Answers -If the resort homebuyer
wants or needs rental revenue to make the purchase work for them, they need to
consider important factors
A REMIC is a type of special purpose vehicle comprised of: - Answers -a pool of
mortgage loans sold as investment-grade bonds known as mortgage-backed securities
, Maite uses a wheelchair and needs to install a wheelchair ramp in front of the duplex
she will be renting so that she can enter and exit the property independently. Maite
speaks with her landlord about installing the ramp and offers to pay for the ramp herself.
Which of the following is TRUE? - Answers -Maite's landlord MUST allow Maite to install
the wheelchair ramp, even if they do not want to.
A tenant operates a small retail store in a shopping center. The landlord pays all
operating expenses; the tenant pays a base rent of $1,500 per month, plus 15% of
monthly gross profits over $15,000. The tenant has a: - Answers -percentage lease
Tyrell is an appraiser who has been working for 8 months. His level of appraisal allows
him to participate in one to four residential unit transactions, no matter the value of
those transactions. What level of appraisal does he have? - Answers -Certified
Residential Appraiser
Which of the following is NOT one of the minimum requirements for a deed to be valid in
Texas: - Answers -the deed must be signed by a municipal agent
The Texas Veterans Land Board is a bond-financed program that provides financial
assistance to veterans. This loan program consists of three different loan programs: -
Answers -home loans, land loans, and home improvement loans
An area is zoned for residential use only. If a person would like to operate a business in
their home, what could he or she do? - Answers -Seek a conditional-use permit from the
zoning board, if it is defined as allowable.
Conducting periodic inspections to catch minor issues before they become major
failures is: - Answers -preventative maintenance
Ownership transfers from the grantor to the grantee when the deed is: - Answers -
delivered to and accepted by the grantee
Angie is hoping to close on a loan, but a cloud has been created on the title. What is
NOT a possibility why this may have happened? - Answers -Angie failed to include an
inspection report
How many feet are in a mile? - Answers -5280
Craig qualifies for the Texas Bootstrap Loan Program. This means that Craig: - Answers
-The Texas Bootstrap Loan Program is a self-help housing construction program that
provides very low-income families (owner-builders) an opportunity to purchase or
refinance real property on which to build new housing or repair their existing homes
through "sweat equity."
Which is NOT one of the three approaches to value? - Answers -anticipation
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Greaterheights. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75323 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now