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ACEABLE FINAL EXAM STUDY TERMS
(GA) Questions and Correct Answers/
Latest Update / Already Graded
what is one way a co-op sales contract differs from the sales contract
for a single-family home?
Ans: the co-op sales contract includes a section detailing what
the buyer must do it they hope to gains the corporations board
approval (One of the most important differences is that
purchasing cooperative shares requires the approval of the
corporation. So the co-op sales contract includes a section
detailing what the buyer must do if they hope to gain the
corporation's approval (usually called "board approval").
which of the following BEST defines a circumstance requiring a real
estate license?
Ans: performing a real estate act for another party with the
intent to receive compensation (Performing a real estate act for
another party with the intent to receive compensation best
defines the real estate license requirement.)
What is the MOST COMMON clause in listing agreements?
Ans: sign posting clause
All rights reserved © 2025/ 2026 |
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which document provides a detailed list of each partys expenses at
closing?
Ans: the closing disclosure
how is debt service ratio calculated?
Ans: by dividing net operating income by total debt service
What is NOT NEEDED when prorating an expense?
Ans: real estate transfer amount (usually paid by seller)
what mortgage is short-term and paid out in draws?
Ans: construction mortgage (lender pays funds to bor rower in
installments, called draws, as the construction progress)
Molly wants to buy a property downtown so she will be closer to the
local nightlife and have a shorter work commute. Her interest in a
property is greatly influenced by the economic significance of the
property's location. What is Molly influenced by?
Ans: Situs (economic significance of a propertys location)
All rights reserved © 2025/ 2026 |
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Seller Jordan chooses to not disclose an easement on his property and
the buyer never asks about it. What is this an example of?
Ans: Silent fraud
Agent Laura completed a CMA on a property her client was interested
in making an offer on. What kind of value was Laura attempting to
determine?
Ans: Market Value (CMA = comparative market analysis)
what does "vicarious liability" mean?
Ans: broker is responsible for their licensees actions or
omissions
what is easement by condemnation?
Ans: easement in which property is taken via eminent domain
and serves as a declaration that a structure must be closed
because it's unfit for occupants (An easement by condemnation
is an easement in which private property is taken for public use
via eminent domain. It serves as a declaration that a structure
must be closed or demolished because it is unfit for occupants.)
All rights reserved © 2025/ 2026 |
ACEABLE FINAL EXAM STUDY TERMS
(GA) Questions and Correct Answers/
Latest Update / Already Graded
what is one way a co-op sales contract differs from the sales contract
for a single-family home?
Ans: the co-op sales contract includes a section detailing what
the buyer must do it they hope to gains the corporations board
approval (One of the most important differences is that
purchasing cooperative shares requires the approval of the
corporation. So the co-op sales contract includes a section
detailing what the buyer must do if they hope to gain the
corporation's approval (usually called "board approval").
which of the following BEST defines a circumstance requiring a real
estate license?
Ans: performing a real estate act for another party with the
intent to receive compensation (Performing a real estate act for
another party with the intent to receive compensation best
defines the real estate license requirement.)
What is the MOST COMMON clause in listing agreements?
Ans: sign posting clause
All rights reserved © 2025/ 2026 |
, Page |2
which document provides a detailed list of each partys expenses at
closing?
Ans: the closing disclosure
how is debt service ratio calculated?
Ans: by dividing net operating income by total debt service
What is NOT NEEDED when prorating an expense?
Ans: real estate transfer amount (usually paid by seller)
what mortgage is short-term and paid out in draws?
Ans: construction mortgage (lender pays funds to bor rower in
installments, called draws, as the construction progress)
Molly wants to buy a property downtown so she will be closer to the
local nightlife and have a shorter work commute. Her interest in a
property is greatly influenced by the economic significance of the
property's location. What is Molly influenced by?
Ans: Situs (economic significance of a propertys location)
All rights reserved © 2025/ 2026 |
, Page |3
Seller Jordan chooses to not disclose an easement on his property and
the buyer never asks about it. What is this an example of?
Ans: Silent fraud
Agent Laura completed a CMA on a property her client was interested
in making an offer on. What kind of value was Laura attempting to
determine?
Ans: Market Value (CMA = comparative market analysis)
what does "vicarious liability" mean?
Ans: broker is responsible for their licensees actions or
omissions
what is easement by condemnation?
Ans: easement in which property is taken via eminent domain
and serves as a declaration that a structure must be closed
because it's unfit for occupants (An easement by condemnation
is an easement in which private property is taken for public use
via eminent domain. It serves as a declaration that a structure
must be closed or demolished because it is unfit for occupants.)
All rights reserved © 2025/ 2026 |
