Real Estate Course 1 Practice Exam -
Aceable Agent 2025 With 100% Correct
Answers
Which of the following is a fiduciary duty that an agent owes to a client? - correct answers
✔✔ACCOUNTING. They are the duty of obedience, loyalty, disclosure, confidentiality,
accounting, and reasonable care.
In what kind of contract is only one of the parties obligated to perform? - correct answers
✔✔Unilateral
In terms of the scope of authority granted, what are the three classifications of agency? -
correct answers ✔✔Special, General, and Universal
In a breach of contract scenario, which of these four options would allow the wronged party
(the seller) to keep the earnest money that had been put up by the buyer? - correct answers
✔✔Forfeit
According to the Equal Credit Opportunity Act (ECOA), which of these factors can a lender NOT
take into consideration when approving or denying a loan? - correct answers ✔✔whether or
not a person uses public assistance
According to the Canons of Professional Ethics, what must every broker do with Consumer
Protection Notice TREC No. CN 1-2? - correct answers ✔✔display it in a readily noticeable
location
Which of these people would be described as a cooperating broker? - correct answers ✔✔Ann
brought a buyer to another broker's listing
, Who holds title and manages the property in a trust? - correct answers ✔✔Trustee
If the co-owner of a property wants their portion of the property to go to their heirs instead of
the other co-owners of the property, what kind of ownership should they have? - correct
answers ✔✔tenancy in common
Homestead rights offer protection from - correct answers ✔✔general creditors
Which one of the following actions should be an intermediary broker AVOID? - correct answers
✔✔telling the buyers the seller may accept a lower price without the seller's knowledge
Which term refers to the fact that no two tracts of land are the same? - correct answers
✔✔Uniqueness
What kind of ownership is ownership by a single person or entity? - correct answers
✔✔Ownership of severality
The act of converting real property into personal property is called: - correct answers
✔✔severance
What is the name of the piece of legislation that created the capital gains tax exclusion for
homeowners? - correct answers ✔✔Taxpayer Relief Act of 1997
A listing agreement is an agency agreement between whom? - correct answers ✔✔A seller &
broker
Aceable Agent 2025 With 100% Correct
Answers
Which of the following is a fiduciary duty that an agent owes to a client? - correct answers
✔✔ACCOUNTING. They are the duty of obedience, loyalty, disclosure, confidentiality,
accounting, and reasonable care.
In what kind of contract is only one of the parties obligated to perform? - correct answers
✔✔Unilateral
In terms of the scope of authority granted, what are the three classifications of agency? -
correct answers ✔✔Special, General, and Universal
In a breach of contract scenario, which of these four options would allow the wronged party
(the seller) to keep the earnest money that had been put up by the buyer? - correct answers
✔✔Forfeit
According to the Equal Credit Opportunity Act (ECOA), which of these factors can a lender NOT
take into consideration when approving or denying a loan? - correct answers ✔✔whether or
not a person uses public assistance
According to the Canons of Professional Ethics, what must every broker do with Consumer
Protection Notice TREC No. CN 1-2? - correct answers ✔✔display it in a readily noticeable
location
Which of these people would be described as a cooperating broker? - correct answers ✔✔Ann
brought a buyer to another broker's listing
, Who holds title and manages the property in a trust? - correct answers ✔✔Trustee
If the co-owner of a property wants their portion of the property to go to their heirs instead of
the other co-owners of the property, what kind of ownership should they have? - correct
answers ✔✔tenancy in common
Homestead rights offer protection from - correct answers ✔✔general creditors
Which one of the following actions should be an intermediary broker AVOID? - correct answers
✔✔telling the buyers the seller may accept a lower price without the seller's knowledge
Which term refers to the fact that no two tracts of land are the same? - correct answers
✔✔Uniqueness
What kind of ownership is ownership by a single person or entity? - correct answers
✔✔Ownership of severality
The act of converting real property into personal property is called: - correct answers
✔✔severance
What is the name of the piece of legislation that created the capital gains tax exclusion for
homeowners? - correct answers ✔✔Taxpayer Relief Act of 1997
A listing agreement is an agency agreement between whom? - correct answers ✔✔A seller &
broker
