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ACEABLE Principles 1 Practice Test, Exams of Real Estate Management

Chamberlain College of NursingReal Estate Management

ACEABLE Principles 1 Practice Test

Typology: Exams

2023/2024

Available from 07/06/2024

EXAMGUIDE
EXAMGUIDE 🇺🇸

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ACEABLE Principles 1 Practice Test
A condensed history of title to a tract of land that summarizes the transfers of ownership
and encumbrances is know as: - Answer- an abstract of title
A legal description of land can be acquired by: - Answer- metes and bounds,
rectangular survey system, recorded plats (lot and block)
Which term refers to the permanence of land, stating real estate exists in a fixed
location and cannot be moved? - Answer- fixity
How would a listing broker BEST share a listing with other agents? - Answer- submit it
to the MLS
The ECOA addresses which type of discrimination? - Answer- lending
For which of following things can an agent NOT discriminate: - Answer- national origin
What does it mean for something to be paid in arrears? - Answer- it's paid after it's
recieved
Which of the following is an example of a limited common element? - Answer- parking
space
How many TREC promulgated contract forms are there? - Answer- six
What agency is responsible for enforcing TRELA? - Answer- TREC
What are the primary duties of the Broker-Lawyer Committee? - Answer- a draft and
revise contract for the approval and adoption by TREC
Which is not an obligation of a real estate agent as a real estate brokerage practitioner?
- Answer- to be informed on race and religion identifies prominent in certain
neighborhoods
There are 13 members on: - Answer- Broker- Lawyer Committee
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ACEABLE Principles 1 Practice Test

A condensed history of title to a tract of land that summarizes the transfers of ownership and encumbrances is know as: - Answer- an abstract of title A legal description of land can be acquired by: - Answer- metes and bounds, rectangular survey system, recorded plats (lot and block) Which term refers to the permanence of land, stating real estate exists in a fixed location and cannot be moved? - Answer- fixity How would a listing broker BEST share a listing with other agents? - Answer- submit it to the MLS The ECOA addresses which type of discrimination? - Answer- lending For which of following things can an agent NOT discriminate: - Answer- national origin What does it mean for something to be paid in arrears? - Answer- it's paid after it's recieved Which of the following is an example of a limited common element? - Answer- parking space How many TREC promulgated contract forms are there? - Answer- six What agency is responsible for enforcing TRELA? - Answer- TREC What are the primary duties of the Broker-Lawyer Committee? - Answer- a draft and revise contract for the approval and adoption by TREC Which is not an obligation of a real estate agent as a real estate brokerage practitioner?

  • Answer- to be informed on race and religion identifies prominent in certain neighborhoods There are 13 members on: - Answer- Broker- Lawyer Committee

Which of these would create constructive notice that you owned a property? - Answer- recording the deed with the county Broker Anna has helped her client negotiate the purchase of a single family home. The week before close, the sellers back out of the sale without any explanation. Anna's clients have all the options below EXCEPT: - Answer- filing and formal complaint with TREC Within what larger law can you find the law governing real estate occupations known as TRELA? - Answer- The Texas Occupations Code Conga installed her family's candelabras on the wall in her dining room when she first moved in. Ten years later, when she gets ready to move, she removes the candelabras from the walls so she can take them with her. What process did Conga go through when she removed the candelabras? - Answer- severance Grandma owns property that she wants to pass on to Junior when she dies. She places it in a trust, managed by Ms. Manager. In this scenario, what term best describes Ms. Manager? - Answer- trustee If a tenant were to buy and install new cabinets for their kitchen, they would: - Answer- belong to the landlord upon expiration of the lease What is a best practice for a broker who intends on requesting their license status to inactive? - Answer- make the request to change license to inactive prior to expiration and provide written notice to sponsored license holders 30 days before that time Which of these is an individual with whom a license holder has no agency relationship nor fiduciary duties but to whom fairness and honesty are still required? - Answer- customer Which of these is an example of an agent committing fraud? - Answer- an agent knew about foundation problems but did not disclose it when the buyer asked about the foundation When land is in short supply and in high demand: - Answer- It will be more valuable Which type of listing is an agreement between a broker and an owner in which the owner retains the right to sell the property while the broker may market the property as well? - Answer- exclusive agency What do littoral rights govern? - Answer- lakefront and oceanfront property rights How often can homeowners take advantage of capital gains exemption under the Taxpayer Relief Act of 1997? - Answer- every two years

TREC's rules for the conduct of license holders in the practice of real estate is known as: - Answer- The Canons Of Professional Ethics and Conduct Which of these properties can be said to be held in severalty? - Answer- Ursula owns a home by herself Requirements to become a Texas real estate license holder include: - Answer- All choices are correct All of the following are examples of material facts requiring disclosure in a real estate transaction EXCEPT: - Answer- familial status of the previous occupants 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? - Answer- co-op What does the ADA do? - Answer- prohibits discrimination against people with disabilities The goal of the Community Reinvestment Act is to: - Answer- ensure credit availability in all communities The primary defining difference between an executory and an executed contract has to do with: - Answer- whether or not the terms of the contract have been completely fulfilled by all parties A broker drafting a legal document that transfers an interest in real property could be considered: - Answer- unauthorized practice of law Which term refers to the fact that no two tracts of land are the same? - Answer- uniqueness When are there no exemptions to the applicability of the federal fair housing law? - Answer- when a real estate licensee is involved The Fair Housing Act includes the protected classes of: - Answer- race, color, religion, national origin, sex, disability, family status What legal instrument is used in conjunction with universal agency? - Answer- power of attorney What is the primary distinction between real and personal property? - Answer- personal property can be moved, real property is attached to land Which land description is used for elevated areas such as in a condo? - Answer- vertical land description

Net listings and open listings are the same thing. - Answer- true or FALSE In context of contracts, which of the following provides the BEST definition of assignment? - Answer- the transference of obligations in a contract from one party to another A married couple purchases a primary residence for $600,000 in 2011. They live there for seven years. In 2018, they sell the property for $1,000,000. How much profit will they owe capital gains tax on? - Answer- $ Which of these scenarios is describing an equitable estate? - Answer- Juan is in contract to purchase a house, but has not yet closed Which of these is an example of statutory redemption? - Answer- Nancy failed to pay her property taxes and her home was foreclosed on. She paid her back taxes a few months later and got her house back