1 Exam (elaborations) Aceable Agent Ethical Real Estate Final Exam And Complete Solutions Graded A+ 2024 2 Exam (elaborations) Aceable Agent Revision Exam Unit With All Complete Solutions 2024. 3 Exam (elaborations) Aceable Agent Real Estate Brokerage and Law of Agency Prep Exam Well Answered Gra...
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John is an unlicensed real estate assistant. His boss, Broker Ben, is out of town. John holds an open house on Ben's behalf. Evaluate John's actions. - Answer It is a violation of TREC's rules for an unlicensed assistant to hold an open house What, if known, could cause a buyer or seller of ...
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Add to cartJohn is an unlicensed real estate assistant. His boss, Broker Ben, is out of town. John holds an open house on Ben's behalf. Evaluate John's actions. - Answer It is a violation of TREC's rules for an unlicensed assistant to hold an open house What, if known, could cause a buyer or seller of ...
Price fixing, boycotting and redlining are violations of - Answer Federal Antitrust Laws Errors and omission insurance covers brokers and agents for - Answer mistakes made in in listing and sales activites When presenting an offer to listing agent, the buyers agent should NOT - Answer ...
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Add to cartPrice fixing, boycotting and redlining are violations of - Answer Federal Antitrust Laws Errors and omission insurance covers brokers and agents for - Answer mistakes made in in listing and sales activites When presenting an offer to listing agent, the buyers agent should NOT - Answer ...
In an intermediary transaction, the consequences to the seller and buyer are all of the following EXCEPT: A) They will not have full disclosure from the broker about anything confidential about the other party. B) They will receive limited fiduciary duties from the broker. C) They will have to ...
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Add to cartIn an intermediary transaction, the consequences to the seller and buyer are all of the following EXCEPT: A) They will not have full disclosure from the broker about anything confidential about the other party. B) They will receive limited fiduciary duties from the broker. C) They will have to ...
Contract - Answer A legally binding and enforceable agreement to do or not to do a specific thing Promulgated Contract - Answer A contract that has been approved and is required to be used by license holders Legally Competent - Answer an individual that has reached the age of majority (1...
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Add to cartContract - Answer A legally binding and enforceable agreement to do or not to do a specific thing Promulgated Contract - Answer A contract that has been approved and is required to be used by license holders Legally Competent - Answer an individual that has reached the age of majority (1...
What are the minimum services an agent must offer; - Answer According TRELA subchapter 1101.557b states a broker representing a party or listing real estate for sale is the party's agent and 1. May not instruct another broker to directly or indirectly violate the sub chpt-1101.65b22, 2.Must in...
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Add to cartWhat are the minimum services an agent must offer; - Answer According TRELA subchapter 1101.557b states a broker representing a party or listing real estate for sale is the party's agent and 1. May not instruct another broker to directly or indirectly violate the sub chpt-1101.65b22, 2.Must in...
Fiduciary: - Answer an individual upon whom is placed the highest levels of trust and confidence when acting on behalf of another; specific fiduciary duties include obedience, loyalty, disclosure, confidentiality, accountability, and reasonable care An agency relationship: - Answer "a fidu...
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Add to cartFiduciary: - Answer an individual upon whom is placed the highest levels of trust and confidence when acting on behalf of another; specific fiduciary duties include obedience, loyalty, disclosure, confidentiality, accountability, and reasonable care An agency relationship: - Answer "a fidu...
Which of the following would be considered a single agent? -Answer Bobby represents a seller in a transaction Which of the following would be considered a single agent? -Answer an affiliate broker who works with a client on behalf of their sponsoring broker OR an unaffiliated licensee su...
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Add to cartWhich of the following would be considered a single agent? -Answer Bobby represents a seller in a transaction Which of the following would be considered a single agent? -Answer an affiliate broker who works with a client on behalf of their sponsoring broker OR an unaffiliated licensee su...
In what code is the Real Estate Law found? - Answer Business and Professions Code Who does the Real Estate Commissioner Report to? - Answer The governor A salesperson owns 25% of the outstanding shares of Rollo Reality Inc and the broker owns the remaining shares. Is the division ownersh...
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Add to cartIn what code is the Real Estate Law found? - Answer Business and Professions Code Who does the Real Estate Commissioner Report to? - Answer The governor A salesperson owns 25% of the outstanding shares of Rollo Reality Inc and the broker owns the remaining shares. Is the division ownersh...
Committee Members (12) - Answer 7: License holders that have been in practice for at least five years. 4: Real Estate instructors/owners of real estate schools. (education members) 1: Represents the public. Educational Standards Advisory Committee (ESAC) - Answer They review and revise cu...
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Add to cartCommittee Members (12) - Answer 7: License holders that have been in practice for at least five years. 4: Real Estate instructors/owners of real estate schools. (education members) 1: Represents the public. Educational Standards Advisory Committee (ESAC) - Answer They review and revise cu...
Life Estates The Four Main Types of Estates - Answer Freehold Estates Leasehold Estates Equitable Estates Concurrent Estates Freehold Estates - Answer Three Types of Freehold Estates Okay, so now you know what a freehold estate is. Let's break it down further into three categories:...
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Add to cartLife Estates The Four Main Types of Estates - Answer Freehold Estates Leasehold Estates Equitable Estates Concurrent Estates Freehold Estates - Answer Three Types of Freehold Estates Okay, so now you know what a freehold estate is. Let's break it down further into three categories:...
The Seller Financing Addendum allows the seller to become the: - Answer lender A seller's homeowner's insurance policy is cancelled at the time of closing. They will receive WHAT after closing for the part of their premium that was paid in advance? - Answer a refund check In Texas, the...
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Add to cartThe Seller Financing Addendum allows the seller to become the: - Answer lender A seller's homeowner's insurance policy is cancelled at the time of closing. They will receive WHAT after closing for the part of their premium that was paid in advance? - Answer a refund check In Texas, the...
When a client decides to end an agency relationship, it is called ____. a. revocation b. renunciation c. deuces d. mutual rescission - Answer a. revocation What is required for an agency relationship to form? - Answer consent of an agent and the principal Which of the following BEST ...
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Add to cartWhen a client decides to end an agency relationship, it is called ____. a. revocation b. renunciation c. deuces d. mutual rescission - Answer a. revocation What is required for an agency relationship to form? - Answer consent of an agent and the principal Which of the following BEST ...
TOTAL = PART/PERCENTAGE PART = TOTAL x PERCENTAGE PERCENTAGE = PART/ TOTAL - Answer Formulas to calculate commission? 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 ...
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Add to cartTOTAL = PART/PERCENTAGE PART = TOTAL x PERCENTAGE PERCENTAGE = PART/ TOTAL - Answer Formulas to calculate commission? 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 ...
Primary Mortgage Market - Answer market in which loans are originated/created/funded by the lender Secondary Mortgage Market - Answer market in which mortgages are sold and re-sold to investors, in order to make more money to fund more mortgages Mortgage backed security (MBS) - Answer ...
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Add to cartPrimary Mortgage Market - Answer market in which loans are originated/created/funded by the lender Secondary Mortgage Market - Answer market in which mortgages are sold and re-sold to investors, in order to make more money to fund more mortgages Mortgage backed security (MBS) - Answer ...
Amortization - Answer The repayment of a loan principle over time Arrears - Answer Payment for an item or service after it's received Down Payment - Answer The initial payment made when buying something on credit, a ____________ is paid directly by the buyer to the seller Proration -...
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Add to cartAmortization - Answer The repayment of a loan principle over time Arrears - Answer Payment for an item or service after it's received Down Payment - Answer The initial payment made when buying something on credit, a ____________ is paid directly by the buyer to the seller Proration -...
Seller Disclosure Laws in GA - Answer Georgia does NOT require the seller to fill out a written disclosure form or statement. That said, the law does require the seller to inform the buyer of any known defects in the condition of the home. It's not uncommon for brokers to encourage sellers to fil...
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Add to cartSeller Disclosure Laws in GA - Answer Georgia does NOT require the seller to fill out a written disclosure form or statement. That said, the law does require the seller to inform the buyer of any known defects in the condition of the home. It's not uncommon for brokers to encourage sellers to fil...
Real Property - Answer real estate plus the rights of ownership Land - Answer the surface of the earth, including all permanently attached natural features, extending downwards to the center of the earth and upwards to infinity. real estate - Answer land plus all improvements made by ...
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Add to cartReal Property - Answer real estate plus the rights of ownership Land - Answer the surface of the earth, including all permanently attached natural features, extending downwards to the center of the earth and upwards to infinity. real estate - Answer land plus all improvements made by ...
It is Gammy's first day as an agent. He is determined to keep good records. It is best practice for Gammy to do all of the following EXCEPT: - Answer Maintain an electronic filing system; Gammy should keep copies of communications and transactions. He should also takes notes on in-person and ph...
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Add to cartIt is Gammy's first day as an agent. He is determined to keep good records. It is best practice for Gammy to do all of the following EXCEPT: - Answer Maintain an electronic filing system; Gammy should keep copies of communications and transactions. He should also takes notes on in-person and ph...
When Brandon's listing agent pointed out the moisture stains in the corner of his basement, Brandon said that he'd repaint that area. He asked his agent not to mention to potential buyers that the basement can flood during spring rains. Does Brandon have a duty of obedience to his client in this s...
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Add to cartWhen Brandon's listing agent pointed out the moisture stains in the corner of his basement, Brandon said that he'd repaint that area. He asked his agent not to mention to potential buyers that the basement can flood during spring rains. Does Brandon have a duty of obedience to his client in this s...
Severalty - Answer The property has only one owner, whether that is a person, corporation, or other legal entity. ("Severed" from all other owners) Undivided interest - Answer A type of interest that gives each co-owner the right of possession of the whole property, not simply a portion of ...
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Add to cartSeveralty - Answer The property has only one owner, whether that is a person, corporation, or other legal entity. ("Severed" from all other owners) Undivided interest - Answer A type of interest that gives each co-owner the right of possession of the whole property, not simply a portion of ...
Apartment Locators - Answer a real estate license holder who locates dwelling units for prospective tenants 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...
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Add to cartApartment Locators - Answer a real estate license holder who locates dwelling units for prospective tenants 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...
Square footage - Answer Length x Width Price per square foot - Answer Asking price ÷ Total square footage Asking price - Answer Total square footage x Price per square foot Volume - Answer Length x Width x Height Solving for acerage - Answer Total square footage ÷ 43,560 squa...
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Add to cartSquare footage - Answer Length x Width Price per square foot - Answer Asking price ÷ Total square footage Asking price - Answer Total square footage x Price per square foot Volume - Answer Length x Width x Height Solving for acerage - Answer Total square footage ÷ 43,560 squa...
C. client - Answer A real estate agent works exclusively with buyers. They have chosen a specialization that focuses on the: A. geographical area B. commission split C. client D. property type C. sales prices are more negotiable for buyers - Answer Which of the following describes a buyer...
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Add to cartC. client - Answer A real estate agent works exclusively with buyers. They have chosen a specialization that focuses on the: A. geographical area B. commission split C. client D. property type C. sales prices are more negotiable for buyers - Answer Which of the following describes a buyer...
Contract -Answer A legally binding and enforceable agreement to do or not to do a specific thing Performance Agreement -Answer Part of a contract that requires the contracting parties either to perform certain actions or to uphold certain contractual promises Forbearance Agreement -Answe...
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Add to cartContract -Answer A legally binding and enforceable agreement to do or not to do a specific thing Performance Agreement -Answer Part of a contract that requires the contracting parties either to perform certain actions or to uphold certain contractual promises Forbearance Agreement -Answe...
Severalty - Answer Ownership of real property by one person only, also called sole ownership. One entity - Answer Is a Corporation a group of entities or one entity? Co-ownership - Answer Title ownership held by two or more persons. Tenancy in Common Joint Tenancy Tenancy by the...
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Add to cartSeveralty - Answer Ownership of real property by one person only, also called sole ownership. One entity - Answer Is a Corporation a group of entities or one entity? Co-ownership - Answer Title ownership held by two or more persons. Tenancy in Common Joint Tenancy Tenancy by the...
If a salesperson has no interest in opening their own brokerage, why might they still want to get a broker's license? - Answer for marketing purposes How often must a real estate license be renewed? - Answer A real estate license must be renewed every two years. What is the name given to ...
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Add to cartIf a salesperson has no interest in opening their own brokerage, why might they still want to get a broker's license? - Answer for marketing purposes How often must a real estate license be renewed? - Answer A real estate license must be renewed every two years. What is the name given to ...
Estate - Answer Describes what type of ownership an owner has in the property - which of the rights come in their specific bundle. A person has an estate when... - Answer they hold a possessory interest in real property. Three basic types of freehold estates: - Answer 1. Fee simple estat...
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Add to cartEstate - Answer Describes what type of ownership an owner has in the property - which of the rights come in their specific bundle. A person has an estate when... - Answer they hold a possessory interest in real property. Three basic types of freehold estates: - Answer 1. Fee simple estat...
TEXAS REAL ESTATE LICENSE ACT (TRELA) 1939 - Answer Who was the first legislation created to govern the real estate profession in Texas? TEXAS REAL ESTATE COMMISSION (TREC) 1949 - Answer Which commission was created to enforce TRELA (it's main purpose)? Also regulates educational and licensi...
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Add to cartTEXAS REAL ESTATE LICENSE ACT (TRELA) 1939 - Answer Who was the first legislation created to govern the real estate profession in Texas? TEXAS REAL ESTATE COMMISSION (TREC) 1949 - Answer Which commission was created to enforce TRELA (it's main purpose)? Also regulates educational and licensi...
Which unities are required by joint tenancy? - Answer possession, interest, time, and title When a person owns a tract of earth, improvements, and the full bundle of rights associated with their property, they can be said to own: - Answer real property Which one of these situations would...
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Add to cartWhich unities are required by joint tenancy? - Answer possession, interest, time, and title When a person owns a tract of earth, improvements, and the full bundle of rights associated with their property, they can be said to own: - Answer real property Which one of these situations would...
Texas Real Estate License Act (TRELA) - Answer A law that governs the licensing, education, and activities of real estate license holders practicing brokerage in this state Texas Real Estate Commission (TREC) - Answer A group of nine people appointed by the governor and confirmed by the state...
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Add to cartTexas Real Estate License Act (TRELA) - Answer A law that governs the licensing, education, and activities of real estate license holders practicing brokerage in this state Texas Real Estate Commission (TREC) - Answer A group of nine people appointed by the governor and confirmed by the state...
Public Land-Use Controls Private Land-Use Controls Public Ownership of Land - Answer Name the 3 types of Land us Controls Public Land-Use Controls - Answer government-issued land-use controls such as zoning ordinances, subdivision regulations, and building codes. Private Land-Use Cont...
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Add to cartPublic Land-Use Controls Private Land-Use Controls Public Ownership of Land - Answer Name the 3 types of Land us Controls Public Land-Use Controls - Answer government-issued land-use controls such as zoning ordinances, subdivision regulations, and building codes. Private Land-Use Cont...
Agency - Answer Relationship between a client and a broker Express Agency - Answer Agency created by a specific agreement Implied Agency - Answer Created when an agent is given permission to act on behalf a client through conduct or communication, but the permission is not established...
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Add to cartAgency - Answer Relationship between a client and a broker Express Agency - Answer Agency created by a specific agreement Implied Agency - Answer Created when an agent is given permission to act on behalf a client through conduct or communication, but the permission is not established...
Brokerage Engagement - Answer a written agreement between two parties where one party agrees to provide a specified service to the other. Brokerage engagements are bound by both contract and agency law. -Who's involved in a brokerage engagement? Brokerage engagements are written agreements b...
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Add to cartBrokerage Engagement - Answer a written agreement between two parties where one party agrees to provide a specified service to the other. Brokerage engagements are bound by both contract and agency law. -Who's involved in a brokerage engagement? Brokerage engagements are written agreements b...
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