ACEABLE AGENT REAL ESTATE FINAL EXAM QUESTIONS
AND ANSWERS SURE A+
✔✔to be informed on race and religious identities prominent in certain neighborhoods -
✔✔Which is not an obligation of a real estate agent as a real estate brokerage
practitioner?
✔✔Situs - ✔✔economic preference for a certain location
✔✔Abstract of Title - ✔✔condensed history of title to a tract of land that summarizes the
transfers of ownership and encumbrances is know as:
✔✔Chapter 1101 and 1102 of the Texas Occupations Code - ✔✔main laws governing
real estate license holders
✔✔Chattel - ✔✔term real property NOT include
✔✔tax liens - ✔✔Homestead rights don't offer protections from
✔✔Bilateral contract - ✔✔Real Estate Sales Contract
✔✔Blockbusting - ✔✔phrase for encouraging the panic selling of homes at below their
market value
✔✔Vertical land description - ✔✔land description is used for elevated areas such as in
a condo
✔✔200 acres for families, 100 acres for individuals - ✔✔limit on a rural homestead is
currently
✔✔written consent from both parties - ✔✔equired for a broker to act as an intermediary
in a real estate transaction
✔✔Community Reinvestment Act - ✔✔ensure credit availability in all communities
regardless of how wealthy
✔✔general creditors, but not from mortgage or tax foreclosure - ✔✔Texas homestead
laws would protect a primary residence from being seized and used as collateral by
✔✔Riparian rights - ✔✔Wesley just bought a house with a creek that flows along the
south boundary. He wants to use the water to irrigate his garden. Through which set of
rights is he entitled to use this water?
✔✔Duty of Liability - ✔✔duties is NOT one that an agent owes to a client
, ✔✔inform Nancy that this advice should come from an insurance professional -
✔✔Buyer Nancy has asked her agent, Brad, which of the homeowner's insurance
policies she has examined are best for her. Brad's best course of action would be to:
✔✔easement by necessity - ✔✔Carla's parcel of land becomes "landlocked" by a
surrounding property after a sale. Which scenario is MOST likely?
✔✔designated his sales agent as his Power of Attorney. - ✔✔Charles is currently living
in London, but is hoping to close on a property he's interested in in San Francisco. He is
tied up with work, and won't be able to make it to the closing, so he asks his sales agent
to sign everything for him. What type of situation is being illustrated in this scenario?
✔✔filing a formal complaint with TREC - ✔✔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
✔✔A drafted copy of a listing agreement - ✔✔Which of the following is NOT a required
disclosure that real estate license holder must provide to consumers?
✔✔The duties of the agent to the principle include fidelity and loyalty, reasonable care
and competency, obedience, accounting, and disclosure. - ✔✔An agent owes the duty
of obedience to which of the following people?
✔✔"right of survivorship" - ✔✔predetermines that when one co-owner dies, their
ownership interest reverts to the surviving co-owners
✔✔true - ✔✔Texas offers several exemptions for reduction of property taxes
✔✔exclusive right to sell agreement - ✔✔broker gets the commission regardless of who
sells the property
✔✔Consumer Protection Notice TREC No. CN 1-2 - ✔✔According to The Canons of
Professional Ethics, which form must be displayed In a prominent location in each place
of business the broker or inspector maintains?
✔✔owner retains the right to sell the property while the broker may market the property
as well - ✔✔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.
✔✔Lending - ✔✔ECOA addresses which type of discrimination
✔✔Day to Day Activities - ✔✔A limited partner is usually NOT involved in
AND ANSWERS SURE A+
✔✔to be informed on race and religious identities prominent in certain neighborhoods -
✔✔Which is not an obligation of a real estate agent as a real estate brokerage
practitioner?
✔✔Situs - ✔✔economic preference for a certain location
✔✔Abstract of Title - ✔✔condensed history of title to a tract of land that summarizes the
transfers of ownership and encumbrances is know as:
✔✔Chapter 1101 and 1102 of the Texas Occupations Code - ✔✔main laws governing
real estate license holders
✔✔Chattel - ✔✔term real property NOT include
✔✔tax liens - ✔✔Homestead rights don't offer protections from
✔✔Bilateral contract - ✔✔Real Estate Sales Contract
✔✔Blockbusting - ✔✔phrase for encouraging the panic selling of homes at below their
market value
✔✔Vertical land description - ✔✔land description is used for elevated areas such as in
a condo
✔✔200 acres for families, 100 acres for individuals - ✔✔limit on a rural homestead is
currently
✔✔written consent from both parties - ✔✔equired for a broker to act as an intermediary
in a real estate transaction
✔✔Community Reinvestment Act - ✔✔ensure credit availability in all communities
regardless of how wealthy
✔✔general creditors, but not from mortgage or tax foreclosure - ✔✔Texas homestead
laws would protect a primary residence from being seized and used as collateral by
✔✔Riparian rights - ✔✔Wesley just bought a house with a creek that flows along the
south boundary. He wants to use the water to irrigate his garden. Through which set of
rights is he entitled to use this water?
✔✔Duty of Liability - ✔✔duties is NOT one that an agent owes to a client
, ✔✔inform Nancy that this advice should come from an insurance professional -
✔✔Buyer Nancy has asked her agent, Brad, which of the homeowner's insurance
policies she has examined are best for her. Brad's best course of action would be to:
✔✔easement by necessity - ✔✔Carla's parcel of land becomes "landlocked" by a
surrounding property after a sale. Which scenario is MOST likely?
✔✔designated his sales agent as his Power of Attorney. - ✔✔Charles is currently living
in London, but is hoping to close on a property he's interested in in San Francisco. He is
tied up with work, and won't be able to make it to the closing, so he asks his sales agent
to sign everything for him. What type of situation is being illustrated in this scenario?
✔✔filing a formal complaint with TREC - ✔✔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
✔✔A drafted copy of a listing agreement - ✔✔Which of the following is NOT a required
disclosure that real estate license holder must provide to consumers?
✔✔The duties of the agent to the principle include fidelity and loyalty, reasonable care
and competency, obedience, accounting, and disclosure. - ✔✔An agent owes the duty
of obedience to which of the following people?
✔✔"right of survivorship" - ✔✔predetermines that when one co-owner dies, their
ownership interest reverts to the surviving co-owners
✔✔true - ✔✔Texas offers several exemptions for reduction of property taxes
✔✔exclusive right to sell agreement - ✔✔broker gets the commission regardless of who
sells the property
✔✔Consumer Protection Notice TREC No. CN 1-2 - ✔✔According to The Canons of
Professional Ethics, which form must be displayed In a prominent location in each place
of business the broker or inspector maintains?
✔✔owner retains the right to sell the property while the broker may market the property
as well - ✔✔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.
✔✔Lending - ✔✔ECOA addresses which type of discrimination
✔✔Day to Day Activities - ✔✔A limited partner is usually NOT involved in
