Aceable Agent Principles of Real Estate 2 Practice Test.pdf file:///C:/Users/HP/Desktop/New%20folder%20(2)/Aceable%20Age
Aceable Agent Principles of Real Estate 2
Practice Test Questions & Answers
1. What is investment gain?
Answer an increase in property value due to active andpurposeful
developments or improvements
2. 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 policypurchase are not covered.
3. Which of the following is an example of something that would be listed ona
Closing Disclosure as a credit to the buyer?
Answer A credit is an amount a personreceives at closing.
4. Gladys owns two properties one is a residential property and the other is a
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,Aceable Agent Principles of Real Estate 2 Practice Test.pdf file:///C:/Users/HP/Desktop/New%20folder%20(2)/Aceable%20Age
plot of undeveloped land.Which of the following is TRUE about Gladys'
properties?
Answer She CAN claim depreciation on her residential property; she can NOTclaim
depreciation on her undeveloped land.
5. Landlords MUST allow tenants with disabilities to make reasonable modi-
fications to a property so they can enjoy it. But there are also unreasonable
modifications a landlord does NOT have to allow; all of the following are un-
reasonable modifications EXCEPT
Answer modifications made at the tenant's expense
6. What does "REO" stand for?
Answer "Real Estate Owned"
7. In which of the following cases would a property manager NOT need a real
estate license?
Answer A property manager who is an on-site apartment manager NOT acting as an
agent, leasing the owner's real estate.
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8. What is a fee simple subject to a condition subsequent estate?
Answer an estatein which the property MUST be used for a specific purpose and if
it's not, the realestate reverts back to the original owner
9. Which of the following is NOT a principle of appraisal?
Answer While appraisers doconcern themselves with the highest and best use of a
property, "principle of best use" is not among the principles.
10. Lara has her first investor client. She can expect her investor client to doall
of the following EXCEPT
Answer Her investor client may require Lara to conduct themajority of the activity
on the selling side of the transaction.
11. Michelle is purchasing a condo uptown. She received a loan of $145,000 for
the condo, which leverages 67% of the financing. What is the amount of the
down payment Michelle will be making?
Answer The sale price is $216,417.91 (loanamount divided by percentage), minus the
loan amount ($145,000) makes the downpayment $71,417.91.
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