Aceable Practice Exam 1 | Questions & Answers (100 %Score) Latest Updated 2024/2025
Comprehensive Questions A+ Graded Answers | With Expert Solutions
Comp 1 is 3,000 sq. ft. and was sold for $300,000. The subject property is 2,800 sq. ft. If that was the
only difference in the properties, using the sales comparison approach, what would the value of the
subject property be? - $280,000
(The price per square foot is $100. So, 200 fewer square feet in a property would mean $20,000 less in
value. So, the subject property is valued at $280,000.)
Which of the following is true about discount points and origination points? - One point equals 1% of the
loan principal, whether it's a discount point or an origination point.
(One point = 1% of the loan principal. This is true whether it is an origination point or a discount point.)
All of the following are examples of material facts requiring disclosure in a real estate transaction
EXCEPT: - National origin of previous occupants
(All are examples of material facts requiring disclosure in a real estate transaction EXCEPT the national
origin of previous occupants.)
Quinn, a husband and father, dies intestate. What will happen to his property? - Quinn's property will be
distributed among his heirs.
(By law, the title to real estate and personal property of an intestate decedent passes to their heirs.)
What alternative to foreclosure is often referred to as a "friendly foreclosure" because it requires the
agreement and cooperation of both lender and borrower? - deed in lieu of foreclosure
(A deed in lieu of foreclosure is often referred to as a "friendly foreclosure" because this alternative to
foreclosure requires the agreement and cooperation of both lender and borrower.)
, Frank owns a gas station on the edge of town. As the town grows, more homes are built and the area
where his gas station is gets re-zoned as residential. The city allows him to keep the gas station where it
is. What is the name for this kind of permission? - Nonconforming use
(Yes, a nonconforming use is a land use that does not adhere to current zoning law but was established
previously. Nonconforming uses are usually allowed to continue but cannot expand.)
The concept of personal property vs. real property can be a source of confusion and contention during
real estate transactions. Considering this, which of the following is TRUE?e - License holders should
clarify in writing what is personal property and what is real property.
(License holders should clarify in writing what is personal property and what is real property. Personal
property can often be a source of confusion or contention in a real estate transaction, so a license
holder would be wise to discuss (with the seller) the differences between personal and real property.)
A borrower should be careful before taking out a home equity loan because: - The loan uses the
borrower's home as collateral.
Which of these best describes joint tenancy with the right of survivorship? - Requires all four unities and
property passes to remaining co-owners on the death of a co-owner
What is a master plan? - A written document created by the local planning board to guide the future
growth and development of a community.
On the advice of a real estate broker, Harold calls up Lender Lisa to get a ballpark figure as to how big of
a mortgage loan he could afford. Lender Lisa asks Harold about his income and, based on what Harold
tells her, states a general range for which Harold could probably get financing. What step of the loan
approval process is Harold in at this point? - pre-qualification
When it comes to offers made on a property, what is an important disclosure obligation? - To disclose all
offers to their client
Comprehensive Questions A+ Graded Answers | With Expert Solutions
Comp 1 is 3,000 sq. ft. and was sold for $300,000. The subject property is 2,800 sq. ft. If that was the
only difference in the properties, using the sales comparison approach, what would the value of the
subject property be? - $280,000
(The price per square foot is $100. So, 200 fewer square feet in a property would mean $20,000 less in
value. So, the subject property is valued at $280,000.)
Which of the following is true about discount points and origination points? - One point equals 1% of the
loan principal, whether it's a discount point or an origination point.
(One point = 1% of the loan principal. This is true whether it is an origination point or a discount point.)
All of the following are examples of material facts requiring disclosure in a real estate transaction
EXCEPT: - National origin of previous occupants
(All are examples of material facts requiring disclosure in a real estate transaction EXCEPT the national
origin of previous occupants.)
Quinn, a husband and father, dies intestate. What will happen to his property? - Quinn's property will be
distributed among his heirs.
(By law, the title to real estate and personal property of an intestate decedent passes to their heirs.)
What alternative to foreclosure is often referred to as a "friendly foreclosure" because it requires the
agreement and cooperation of both lender and borrower? - deed in lieu of foreclosure
(A deed in lieu of foreclosure is often referred to as a "friendly foreclosure" because this alternative to
foreclosure requires the agreement and cooperation of both lender and borrower.)
, Frank owns a gas station on the edge of town. As the town grows, more homes are built and the area
where his gas station is gets re-zoned as residential. The city allows him to keep the gas station where it
is. What is the name for this kind of permission? - Nonconforming use
(Yes, a nonconforming use is a land use that does not adhere to current zoning law but was established
previously. Nonconforming uses are usually allowed to continue but cannot expand.)
The concept of personal property vs. real property can be a source of confusion and contention during
real estate transactions. Considering this, which of the following is TRUE?e - License holders should
clarify in writing what is personal property and what is real property.
(License holders should clarify in writing what is personal property and what is real property. Personal
property can often be a source of confusion or contention in a real estate transaction, so a license
holder would be wise to discuss (with the seller) the differences between personal and real property.)
A borrower should be careful before taking out a home equity loan because: - The loan uses the
borrower's home as collateral.
Which of these best describes joint tenancy with the right of survivorship? - Requires all four unities and
property passes to remaining co-owners on the death of a co-owner
What is a master plan? - A written document created by the local planning board to guide the future
growth and development of a community.
On the advice of a real estate broker, Harold calls up Lender Lisa to get a ballpark figure as to how big of
a mortgage loan he could afford. Lender Lisa asks Harold about his income and, based on what Harold
tells her, states a general range for which Harold could probably get financing. What step of the loan
approval process is Harold in at this point? - pre-qualification
When it comes to offers made on a property, what is an important disclosure obligation? - To disclose all
offers to their client
