Aceable Agent Questions with CORRECT
Answers (Grade A+)
Question:
What is investment gain?
Answer:
an increase in property value due to active and purposeful developments or improvements
Question:
Ben has recently purchased a policy for title insurance. Two weeks after making his purchase,
it is revealed | that there were unknown liens | attached to the title. What is TRUE of this
situation?
Answer:
Any problems that arise after policy purchase are not covered.
Question:
Which of the following is an example of something that would be listed on a Closing Disclosure
as a credit to the buyer?
Answer:
A credit is an amount a person receives at closing.
Question:
Gladys owns two properties: one is a residential property and the other is a plot of
undeveloped land. Which of the following is TRUE about | Gladys' properties?
Answer:
She CAN claim depreciation on her residential | property; she can NOT claim depreciation on
her undeveloped land.
Question:
, Landlords MUST allow tenants with disabilities to make reasonable modifications to a property
so they can enjoy it. But there are also | unreasonable modifications a | landlord does NOT
have to allow; all of the following are unreasonable modifications EXCEPT:
Answer:
modifications made at the tenant's expense
Question:
What does "REO" stand for?
Answer:
"Real Estate Owned"
Question:
In which of the following cases would a property manager NOT need a real estate license?
Answer:
A property manager who is an on-site apartment manager NOT acting as an agent, leasing the
| owner's real estate.
Question:
What is a fee simple subject to a condition subsequent estate?
Answer:
an estate in which the property MUST be used for a specific purpose and if it's not, the real
estate reverts back to the original owner
Question:
Which of the following is NOT a principle of appraisal?
Answer:
While appraisers do concern themselves with the highest and best use of a property,
"principle of best use" is not among the principles.
Answers (Grade A+)
Question:
What is investment gain?
Answer:
an increase in property value due to active and purposeful developments or improvements
Question:
Ben has recently purchased a policy for title insurance. Two weeks after making his purchase,
it is revealed | that there were unknown liens | attached to the title. What is TRUE of this
situation?
Answer:
Any problems that arise after policy purchase are not covered.
Question:
Which of the following is an example of something that would be listed on a Closing Disclosure
as a credit to the buyer?
Answer:
A credit is an amount a person receives at closing.
Question:
Gladys owns two properties: one is a residential property and the other is a plot of
undeveloped land. Which of the following is TRUE about | Gladys' properties?
Answer:
She CAN claim depreciation on her residential | property; she can NOT claim depreciation on
her undeveloped land.
Question:
, Landlords MUST allow tenants with disabilities to make reasonable modifications to a property
so they can enjoy it. But there are also | unreasonable modifications a | landlord does NOT
have to allow; all of the following are unreasonable modifications EXCEPT:
Answer:
modifications made at the tenant's expense
Question:
What does "REO" stand for?
Answer:
"Real Estate Owned"
Question:
In which of the following cases would a property manager NOT need a real estate license?
Answer:
A property manager who is an on-site apartment manager NOT acting as an agent, leasing the
| owner's real estate.
Question:
What is a fee simple subject to a condition subsequent estate?
Answer:
an estate in which the property MUST be used for a specific purpose and if it's not, the real
estate reverts back to the original owner
Question:
Which of the following is NOT a principle of appraisal?
Answer:
While appraisers do concern themselves with the highest and best use of a property,
"principle of best use" is not among the principles.
