Aceable Agent Exam 2027 Questions and Answers | Study
Guide | Grade A+
Question 1.
How would an agent disclose to a potential buyer that they will be required to join an
HOA if they purchase the property?
Correct Answer: use the Addendum for Property Subject to Mandatory
Membership in Property Owners Association
Question 2.
Before a new license holder can engage in the practice of real estate, who must receive
a copy of that sales agent's license?
Correct Answer: the broker that is sponsoring the sales agent
Question 3.
Which of the following terms refers to the land, improvements, and the bundle of rights?
Correct Answer: real property
Question 4.
Karen bought a house. What is the best way she can protect her title from ownership
claims?
Correct Answer: getting title insurance
Question 5.
Molly is part of a limited partnership. She does not handle the day-to-day business of the
partnership, and she is liable only for the money she has invested in the partnership.
Based on this description, what kind of partner is Molly most likely to be?
Correct Answer: limited partner
Question 6.
Which of the following is an example of co-ownership?
Correct Answer: timeshare property
Question 7.
A married couple bought a home for $400,000. Five years later, they sold it for
$550,000. How much of their sale is taxable capital gain?
Correct Answer: $0
, Question 8.
A newly installed built-in bookshelf is most likely considered a(n):
Correct Answer: fixture
• What is unique about an exclusive right-to-sell listing agreement? -✓✓the
broker gets compensation regardless of who sells the property.
Question 9.
Ashley and Leslie have entered into a contract agreement where they both have
promises to fulfill. Based on this information, you can infer that they have entered into
what kind of contract?
Correct Answer: bilateral
Question 10.
A detailed description that uniquely identifies the property in such a way that a surveyor
would be able to locate it is called a(n):
Correct Answer: legal description
Question 11.
What is one of the major objectives of the Texas License Law?
Correct Answer: to protect consumers from incompetent or unethical brokers
and salespeople.
Question 12.
Broker Bob is the intermediary for Buyer B and Seller C. Broker Bob appoints Mary to
assist the buyer and John to assist the seller. Who can give advice and opinions to the
seller?
Correct Answer: John, because John was appointed to the seller.
Question 13.
Which of these is an agent's fiduciary duty to put the client's interests first, including
over those of the agent?
Correct Answer: loyalty
Question 14.
Which of these is an agent's fiduciary duty to put the client's interests first, including
over those of the agent?
Correct Answer: obedience
Guide | Grade A+
Question 1.
How would an agent disclose to a potential buyer that they will be required to join an
HOA if they purchase the property?
Correct Answer: use the Addendum for Property Subject to Mandatory
Membership in Property Owners Association
Question 2.
Before a new license holder can engage in the practice of real estate, who must receive
a copy of that sales agent's license?
Correct Answer: the broker that is sponsoring the sales agent
Question 3.
Which of the following terms refers to the land, improvements, and the bundle of rights?
Correct Answer: real property
Question 4.
Karen bought a house. What is the best way she can protect her title from ownership
claims?
Correct Answer: getting title insurance
Question 5.
Molly is part of a limited partnership. She does not handle the day-to-day business of the
partnership, and she is liable only for the money she has invested in the partnership.
Based on this description, what kind of partner is Molly most likely to be?
Correct Answer: limited partner
Question 6.
Which of the following is an example of co-ownership?
Correct Answer: timeshare property
Question 7.
A married couple bought a home for $400,000. Five years later, they sold it for
$550,000. How much of their sale is taxable capital gain?
Correct Answer: $0
, Question 8.
A newly installed built-in bookshelf is most likely considered a(n):
Correct Answer: fixture
• What is unique about an exclusive right-to-sell listing agreement? -✓✓the
broker gets compensation regardless of who sells the property.
Question 9.
Ashley and Leslie have entered into a contract agreement where they both have
promises to fulfill. Based on this information, you can infer that they have entered into
what kind of contract?
Correct Answer: bilateral
Question 10.
A detailed description that uniquely identifies the property in such a way that a surveyor
would be able to locate it is called a(n):
Correct Answer: legal description
Question 11.
What is one of the major objectives of the Texas License Law?
Correct Answer: to protect consumers from incompetent or unethical brokers
and salespeople.
Question 12.
Broker Bob is the intermediary for Buyer B and Seller C. Broker Bob appoints Mary to
assist the buyer and John to assist the seller. Who can give advice and opinions to the
seller?
Correct Answer: John, because John was appointed to the seller.
Question 13.
Which of these is an agent's fiduciary duty to put the client's interests first, including
over those of the agent?
Correct Answer: loyalty
Question 14.
Which of these is an agent's fiduciary duty to put the client's interests first, including
over those of the agent?
Correct Answer: obedience
