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Aceable Principles 1 combined, Exams Questions and Answers 100% Pass
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Aceable Principles 1 combined, Exams Questions and Answers 100% Pass BPO - broker's price opinion. process used by a hired sales agent to determine the potential selling price or estimated value of a real estate property. Reasons for a BPO. 1. The people in the home have asked to refinance th...

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  • December 27, 2024
  • 154
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • aceable principles 1 combined exams questions and

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  • Aceable agent real estate
  • Aceable agent real estate

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KatelynWhitman

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Aceable Principles 1 combined, Exams
Questions and Answers 100% Pass

BPO - ✔✔broker's price opinion.


process used by a hired sales agent to determine the potential selling price or estimated

value of a real estate property.




Reasons for a BPO.


1. The people in the home have asked to refinance the home and the lender does not

want to pay for a full appraisal, but they do want to have some assurance that the home

is valued at or above what the loan will be.


2. The people in the house are about to be foreclosed on and the lender wants an

inexpensive estimate of value.


Approaches to value - ✔✔Cost to replace: a method of estimating the value of a

property by determining how much it would cost to replace the building or other

improvements, minus the cost of depreciation, plus the value of the land itself




Katelyn Whitman© 2025, All Rights Reserved.

,2|Page


Sales comparison approach: a property appraisal method that estimates value by

comparing the subject property to the sales prices of similar properties in the same

market area




Income approach: a method of estimating the value of a property by applying a rate of

return to the net income it produces


Reconciliation - ✔✔appraiser will compare estimates they made based on the cost

approach, sales comparison approach, and/or income capitalization approach.


Sales Comparison Approach - ✔✔This approach bases its valuation on the local real

estate market. The appraiser is concerned with local market demand for the property.


CMA - ✔✔Comparative Market Analysis.


A report that compares the prices of sold homes that are similar to the subject property.

Not the same as an appraisal


NAR Standard of Practice 11-1 - ✔✔When REALTORS® prepare opinions of real

property value or price (like a comparative market analysis), other than in pursuit of a

listing or to assist a potential purchaser in formulating a purchase offer, such opinions

shall include the:


Identification of the subject property


Date prepared



Katelyn Whitman© 2025, All Rights Reserved.

,3|Page


Defined value or price


Limiting conditions, including statements of purpose(s) and intended user(s)


Disclosure of whether and when a physical inspection of the property's interior was

conducted


Any conflicts of interest


Any present or contemplated interest, including the possibility of representing the

seller/landlord or buyers/tenants


Basis for the opinion, including applicable market data


If the opinion is not an appraisal, a statement to that effect (Amended 1-01)


OLD CAR - ✔✔The fiduciary duties an agent owes a client have been organized into six

categories or areas of responsibility. A great way to help you remember the fiduciary

duties is the acronym OLD CAR.


Obedience (if legal)


Loyalty (100%)


Disclosure (full)


Confidentiality (forever)


Accounting (forever)


Reasonable care



Katelyn Whitman© 2025, All Rights Reserved.

, 4|Page


Fiduciary Duty: Obedience - ✔✔While an agent will understandably want to use their

expertise to guide the client to a good decision, ultimately the final decision is the

client's alone to make.


Letting a client make an unadvisable choice can be one of the hardest things to do —

but that's just what obedience entails.


Fiduciary Duty: Loyalty - ✔✔An agent has a duty of loyalty to their principal. Their job

is to represent their principal's best interests, even over their own


Fiduciary Duty: Disclosure - ✔✔License holders are required, whether working as an

agent for someone or not, to disclose "material facts." Material facts are facts, oftentimes

related to the condition of the property, that might cause a buyer or seller to change

their mind about a transaction.


The disclosure of material facts is a duty of disclosure owed to everyone, but a fiduciary

duty of disclosure goes beyond that. It is a duty to disclose EVERYTHING an agent

knows or learns about related to a transaction that would serve the interest of their

client. Some of this, of course, would NOT be disclosed to the other party in the

transaction.


Fiduciary Duty: Confidentiality - ✔✔The fiduciary duty of confidentiality is connected

quite closely to that of loyalty and disclosure, in that private information given to the

agent by the client will be kept secret (unless the client wants to have the information

shared).



Katelyn Whitman© 2025, All Rights Reserved.

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