Aceable Agent Principles of Real Estate 2 Exam Practice Test Questions & Correct Answers

Aceable Agent Principles of Real Estate 2 Exam Practice Test Questions & Correct Answers What is investment gain? - ANSWER an increase in property value due to active and purposeful developments or improvements 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. 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. 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. 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 What does "REO" stand for? - ANSWER "Real Estate Owned" 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. 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 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.