Aceable Agent Level 1,2,3 Exam Bundle Questions and Answers(SCORED A+)

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...

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...

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 ...

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...

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...

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...

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...

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...

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...

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 ...

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...

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...

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...

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...