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ACEABLE Principles 1 Practice Tests 2024 Actual Questions with Verified Answers, 100% Guarantee Pass

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  • August 22, 2024
  • 97
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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Principles 1 Aceable Practice Tests.pdf file:///C:/Users/HP/Desktop/NIW/Principles%201%20Aceable%20Pr




Aceable Practice Tests Principles 1


1. What is the money in the Recovery Trust Account used for?


A) To pay an aggrieved party who has won a judgment against a licensee fordamages

from a real estate transaction

B) To pay commission that agents were wrongfully deprived of

C) For taxes for the state of Texas

D) For TREC to recover the funds to keep their computer systems up to date

ANS A)To pay an aggrieved party who has won a judgment against a licensee for damagesfrom a

real estate transaction

2. Wesley just bought a house with a creek that flows along the south bound-ary. He

wants to use the water to irrigate his garden. Through which set of rights is he entitled to

use this water?



A) Water Rights

B) Littoral Rights






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C) Riparian Rights

D) Agricultural Use Rights

ANS C) Riparian Rights

3. According to the canons of professional ethics, what two things MUST belinked to a

brokerage's website?



A) A sample contract and TREC Notice of Representation No. 24

B) The Canons of Professional Ethics and the listing agreement

C) The IABS Notice and the Consumer Protection Notice TREC No. CN 1-2

D) The Consumer Protection Notice and the NAR Code of Ethics

ANS C) The IABSNotice and the Consumer Protection Notice TREC No. CN 1-2

4. A couple owns property as community property. If one spouse dies testate(that is, with

a will) and had children outside of this marriage, how will the community property be

distributed?



A) It all goes to the surviving spouse

B) The deceased spouse's 1/2 share will go to his or her children

C) The deceased spouse's 1/2 share will be split between the surviving spouseand the





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children of the deceased spouse

D) According to the will

ANS D) According to the will

5. Which of these owners or groups of owners are MOST likely to take title astenants in

common with no rights of survivorship?



A) David and Julie, a married couple

B) Sarah and Sally, an unmarried couple









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C) Jim, an unmarried single guy

D) Tomato Real Estate Holdings, a corporation

ANS B) Sarah and Sally, an unmarriedcouple

6. Which of the following is an example of a statutory lien?



A) An equitable lien

B) A mortgage

C) A vendor's lien

D) An IRS tax lien

ANS D) An IRS tax lien

7. What is the difference between personal property and real property?



A) Personal property is an unattached, moveable asset not considered realestate. Real

property is land, improvements, and its

corresponding rights.

B) Personal property can be turned into real property, but real property can'tbe turned

into personal property.

C) Personal property includes all real property.





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