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NC AceableAgent pre-licensing final study guide with correct answers
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NC AceableAgent pre-licensing final study guide with correct answers
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Aceable Agent NY Pre-Licensing Review TestQuestions with Correct Answers
A married couple buys a home for $650,000. They live in the home for a
year, then rent it for two more years. After that, they sell it for $750,000.
Do they qualify for a capital gains exemption, and why or why not?
Correct Answer-No because to qualify for the capital gains tax
exemption, homeowners must have the property as a primary residence
for two of the last five years.
A breach of the lease occurs when a tenant refuses to vacate the property
upon the expiration of the lease. When a tenant will not vacate, the lease
becomes a(n) Correct Answer-Tenancy at Sufferance
When it comes to fair housing, what is a tester? Correct Answer-A tester
is a person who goes undercover to visit real estate offices and
brokerages to see how potential clients are treated.
The listing agreement usually creates an agency relationship between
Correct Answer-The broker and the seller
All of the following are phases of a CERCLA Environmental Site
Assessment EXCEPT Correct Answer-Compensation
4 steps of CERCLA Correct Answer-Investigation, testing, remediation,
management
,What are the two primary functions of the zoning board of appeals?
Correct Answer-interpreting zoning ordinances and granting variances
An investor is considering purchasing a shopping center. One thing he
needs to review before he makes a decision is the lease of all tenants.
What kind of lease are these tenants most likely to have? Correct
Answer-Percentage
A buyer's agent knows that Property A will bring the agent a higher
commission than Property B. However, Property B is best for their
principal. What should they advise? Correct Answer-They should advise
their principal to purchase Property B because of their fiduciary duty.
A co-op is charged $200,000 for annual property tax. Blake holds shares
in the co-op. How does Blake contribute to property taxes? Correct
Answer-Dependent on how many shares he has, Blake pays a prorated
amount.
You're listing a home that contains a hollow, unfurnished space found
underneath a house between the ground and the first floor. What is this
an example of? Correct Answer-Crawl Space
What is the investment strategy of using debt in order to realize a greater
return? Correct Answer-Leverage
Which of these is a criminal offense defined as less serious than a felony
and triable in a court of special sessions? Correct Answer-Misdemeanor
, What is an easement? Correct Answer-an interest in, or a right to use,
another individual's land or property, generally for a specific, limited
purpose
An advertisement reads, "Lively senior citizen community. No families
with small children, please." Evaluate the ad. Correct Answer-Usually,
terms like "no kids" are discriminatory advertising. But when advertising
a specific senior community, the phrases are acceptable.
Property managers owe the duties of obedience, loyalty, disclosure,
confidentiality, accountability, and reasonable care to property owners.
This means that property owners and property managers are in what kind
of relationship with each other? Correct Answer-Fiduciary relationship
Lizzie and her husband Mark are gifted a property from Lizzie's parents
at their wedding.
Lizzie's parents have transferred the property via Correct Answer-
Voluntary Alienation
Properties that are used for business purposes, generate revenue, and are
typically considered investment properties can be qualified as Correct
Answer-Commercial Property
An alienation clause would require a borrower to Correct Answer-pay
the mortgage debt in its entirety upon the property being sold
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