Page |1
Aceable Final Exam Questions and Correct
Answers/ Latest Update / Already Graded
What, if known, could cause a buyer or seller of real estate to take a
different course of action or make a different decision regarding the
property purchase?
Ans: Material facts
The Fair Housing Act is enforced by:
Ans: RESPA
What two types of agency have to do with when a third party is led to
mistakenly believe that agency exists between a principal and an
agent?
Ans: Ostensible agency and agnecy by estoppel
Which of the groups of descriptors below BEST describes an exclusive
right-to-sell listing agreement?
Ans: Broker guaranteed compenstaion no matter how property
is sold
All rights reserved © 2025/ 2026 |
, Page |2
Three origination points and 2 discount points on a $250,000 mortgage
would cost a borrower:
Ans: 12,500
What type of contract is a real estate sales contract?
Ans: biilateral contract
Which of the following is an important aspect of transaction
coordinators?
Ans: Transaction coordinators DO NOT owe any fiduciary
duties to anyone
What is a formal or witnessed will?
Ans: A will typically created by and attorney as well as
witnessed and signed by at least two witnesses
A condo owner owns the:
Ans: interior of thier unit
What is a building permit?
All rights reserved © 2025/ 2026 |
, Page |3
Ans: legal documetn from a local authority that authorizes a
contruction or remodeling project
A property manager collected a security deposit from a tenant. He
then placed it in the owner's personal account. Is this action legal?
Ans: No, this is commingling, and is illegal
A building sold for $500,000 and has a net operating income of
$25,000. What was the cap rate of the sale?
Hint: "Ask IRV."
Ans: 5%
When lenders want to measure whether or not a property can
adequately cover the debt, they find its debt service coverage ratio
(DSCR). How is debt service coverage ratio calculated?
Ans: By dividing the net operating income by total debt service
Which of these is FALSE regarding license reciprocity in Virginia?
Ans: The applicant must pass both the state and national
portions of the exam
All rights reserved © 2025/ 2026 |
Aceable Final Exam Questions and Correct
Answers/ Latest Update / Already Graded
What, if known, could cause a buyer or seller of real estate to take a
different course of action or make a different decision regarding the
property purchase?
Ans: Material facts
The Fair Housing Act is enforced by:
Ans: RESPA
What two types of agency have to do with when a third party is led to
mistakenly believe that agency exists between a principal and an
agent?
Ans: Ostensible agency and agnecy by estoppel
Which of the groups of descriptors below BEST describes an exclusive
right-to-sell listing agreement?
Ans: Broker guaranteed compenstaion no matter how property
is sold
All rights reserved © 2025/ 2026 |
, Page |2
Three origination points and 2 discount points on a $250,000 mortgage
would cost a borrower:
Ans: 12,500
What type of contract is a real estate sales contract?
Ans: biilateral contract
Which of the following is an important aspect of transaction
coordinators?
Ans: Transaction coordinators DO NOT owe any fiduciary
duties to anyone
What is a formal or witnessed will?
Ans: A will typically created by and attorney as well as
witnessed and signed by at least two witnesses
A condo owner owns the:
Ans: interior of thier unit
What is a building permit?
All rights reserved © 2025/ 2026 |
, Page |3
Ans: legal documetn from a local authority that authorizes a
contruction or remodeling project
A property manager collected a security deposit from a tenant. He
then placed it in the owner's personal account. Is this action legal?
Ans: No, this is commingling, and is illegal
A building sold for $500,000 and has a net operating income of
$25,000. What was the cap rate of the sale?
Hint: "Ask IRV."
Ans: 5%
When lenders want to measure whether or not a property can
adequately cover the debt, they find its debt service coverage ratio
(DSCR). How is debt service coverage ratio calculated?
Ans: By dividing the net operating income by total debt service
Which of these is FALSE regarding license reciprocity in Virginia?
Ans: The applicant must pass both the state and national
portions of the exam
All rights reserved © 2025/ 2026 |
