ACEABLE AGENT FINAL EVALUATION 2026
CORRECT RESPONSE ANALYSIS RESOURCE
PACK
◉ Kate doesn't fill out all of her license renewal application. What is
the likely consequence? Answer: The FREC will deny the license
application but allow Kate to apply again.
◉ A plat map is a(n): Answer: drawing of a development
◉ A legal description of a property is important because: Answer:
All choices are correct.
◉ Longitude lines, or meridians, run east to west, parallel to the
equator. Answer: FALSE
◉ Which of these is an example of securitization? Answer: A group
of loans is packaged by a lender to be sold to an investor.
◉ A property's annual property taxes equaled $6,480. The seller
owes the buyer for 1 month and 15 days of prorated property taxes.
Using the 360-day calendar, how much does the seller owe the
buyer? Answer: $810
,◉ The seller of a home paid the current year's HOA fees at the start
of the year. The cost will be prorated at closing. How will the cost be
counted at closing? Answer: as a credit to the seller
◉ The principle of contribution states: Answer: A property's overall
value is made up of the combined value of each of its parts.
◉ A buyer is using an FHA loan to buy a property. Does the appraiser
of the property need to be state-certified? Answer: Yes, all federally
related transactions must be appraised by a certified appraiser.
◉ A CMA is a more formal market analysis than an appraisal.
Answer: FALSE
◉ What is the purpose of FIRPTA? Answer: to ensure that the IRS
get taxes owed by foreign sellers of real property
◉ A buyer pays a seller for a property in pre-determined chunks for
a pre-determined length of time, and the seller holds the title until
the property has been fully paid for. This is an example of a(n):
Answer: installment sale
◉ Karl's house has assessed for $200,000 before a homestead
exemption. The millage rate for the school district is 9 mills; the
, millage rate for the city is 8.5 mills; and the millage rate for the
county is 7.4 mills.
How much does Karl, who is blind, owe for city and county property
taxes? Answer: $2,305.50
◉ Which of the following is an example of default risk? Answer:
Amber lost her real estate investment after the bank foreclosed on
her home.
◉ Which one of these is most likely to be a retail anchor tenant?
Answer: grocery store
◉ Jermaine bought an investment property for $250,000. He put
down $50,000 and financed the remaining $200,000. In four years,
he paid $15,000 of the mortgage principle and the value of the
property increased to $275,000. What is Jermaine's current equity in
the property? Answer: $90,000
◉ Which of these is an advantage to investing in single-family
residential properties? Answer: demand is fairly stable
◉ A new home was sold for $1,200,000 in Miami-Dade County. The
buyer took out a mortgage for $1,000,000 and paid the rest in cash.
The buyer agrees to pay for all three state transfer taxes
CORRECT RESPONSE ANALYSIS RESOURCE
PACK
◉ Kate doesn't fill out all of her license renewal application. What is
the likely consequence? Answer: The FREC will deny the license
application but allow Kate to apply again.
◉ A plat map is a(n): Answer: drawing of a development
◉ A legal description of a property is important because: Answer:
All choices are correct.
◉ Longitude lines, or meridians, run east to west, parallel to the
equator. Answer: FALSE
◉ Which of these is an example of securitization? Answer: A group
of loans is packaged by a lender to be sold to an investor.
◉ A property's annual property taxes equaled $6,480. The seller
owes the buyer for 1 month and 15 days of prorated property taxes.
Using the 360-day calendar, how much does the seller owe the
buyer? Answer: $810
,◉ The seller of a home paid the current year's HOA fees at the start
of the year. The cost will be prorated at closing. How will the cost be
counted at closing? Answer: as a credit to the seller
◉ The principle of contribution states: Answer: A property's overall
value is made up of the combined value of each of its parts.
◉ A buyer is using an FHA loan to buy a property. Does the appraiser
of the property need to be state-certified? Answer: Yes, all federally
related transactions must be appraised by a certified appraiser.
◉ A CMA is a more formal market analysis than an appraisal.
Answer: FALSE
◉ What is the purpose of FIRPTA? Answer: to ensure that the IRS
get taxes owed by foreign sellers of real property
◉ A buyer pays a seller for a property in pre-determined chunks for
a pre-determined length of time, and the seller holds the title until
the property has been fully paid for. This is an example of a(n):
Answer: installment sale
◉ Karl's house has assessed for $200,000 before a homestead
exemption. The millage rate for the school district is 9 mills; the
, millage rate for the city is 8.5 mills; and the millage rate for the
county is 7.4 mills.
How much does Karl, who is blind, owe for city and county property
taxes? Answer: $2,305.50
◉ Which of the following is an example of default risk? Answer:
Amber lost her real estate investment after the bank foreclosed on
her home.
◉ Which one of these is most likely to be a retail anchor tenant?
Answer: grocery store
◉ Jermaine bought an investment property for $250,000. He put
down $50,000 and financed the remaining $200,000. In four years,
he paid $15,000 of the mortgage principle and the value of the
property increased to $275,000. What is Jermaine's current equity in
the property? Answer: $90,000
◉ Which of these is an advantage to investing in single-family
residential properties? Answer: demand is fairly stable
◉ A new home was sold for $1,200,000 in Miami-Dade County. The
buyer took out a mortgage for $1,000,000 and paid the rest in cash.
The buyer agrees to pay for all three state transfer taxes
