Aceable test - Study guides, Class notes & Summaries

A married couple purchased a primary residence for $600,000 in 2015. They lived there for seven years. In 2022, they sold the property for $1,000,000. How much profit will they owe capital gains tax on? - 0 What is a REALTOR®? - a member of the National Association of Realtors®. Which of the following is NOT a category of the NAR® Code of Ethics? - Duties to lenders Select the statement that describes why trade fixtures are considered personal property. - Trade fixtures are items tha...

ACEABLE REAL ESTATE PRINCIPALS 1 EXAM PRACTICE TEST

Principles of Real Estate 2 Practice Test Aceable Questions and answers latest update

ACEABLE REAL ESTATE PRINCIPALS 1 EXAM PRACTICE TEST Questions And Complete Answers What is the word used to describe something valuable that each party exchanges in order to demonstrate that they agree to the contract's terms? consideration In which type of residential property does a resident hold no actual ownership in the property, but instead holds a proprietary lease as a stockholder? co-op Where do the funds in the Real Estate Recovery Trust Account come from? license holde...

ACEABLE AGENT PRINCIPLES OF REAL ESTATE 2 PRACTICE TEST

Principles of Real Estate 2 Practice Test Aceable Questions And Complete Answers affidavit as to debts and lients What is the name for the sworn statement in which the seller assures the title company (and the buyer) that there are no liens, unpaid bills for repairs or improvements, or undisclosed defects in the title? Interstate Land Sales Full Disclosure Act What act requires that applicable contracts have a 7 day "cooling-off" period for buyers during which buyers can cancel t...

Severance - Answer-turn real property into personal property Voidable - Answer-can be terminated or rescinded by either party Real property refers to the land and improvements on it plus the set of rights associated with real estate ownership. - Answer-land, and improvements on it plus the set of rights associated with real estate ownership Sponsoring Broker - Answer-Sales agents accept commission from Counteroffer - Answer-party makes changes to an offer and represents the new offer...

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

What percentage of car accidents involve drunk driving? - 32 percent Who can sign an application for a learner's permit? - an employer or county judge Who has to pass an approved driver education course in order to obtain a driver license? - any individual under the age of 25 Which documents can you bring with you to the DPS office if you don't have a Texas ID? - an original or certified birth certificate, school records, or immunization records Mike's 21-year old cousin will be visitin...

Principles 1 Aceable Practice Tests Exam Questions with 100% Correct Answers 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 for damages 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 - answerA) To pay an aggrieved party who has won a judgment against a l...