Aceable Agent Final Exam I
A buyer is looking for a property where they have access to some common elements that they
don't have to maintain, but will also own their own private yard and building. Which of these
common interest ownership properties BEST fits their needs? - ANS-A PUD would give the
buyer some common elements while also allowing them their own yard and building.
A cooperating broker is a broker who: - ANS-brings a buyer to another broker with a listing
A couple owns property as community property. If one spouse dies testate (that is, with a will)
and had children outside of this marriage, how will the community property be distributed? -
ANS-if there had been NO will, then the Texas Law of Descent and Distribution would determine
that 50% goes to the surviving spouse and 50% would go to the deceased spouse's children.
However, there was a will, so the property will be distributed according to the will.
A detailed description that uniquely identifies the property in such a way that a surveyor would
be able to locate it is called a(n): - ANS-legal description
A married couple bought a home for $400,000. Five years later, they sold it for $550,000. How
much of their sale is taxable capital gain? - ANS-$0
A newly installed built-in bookshelf is most likely considered a(n): - ANS-fixture
According the rectangular survey system, what is the acreage of an area of land identified as
the N 1/2 of the S/W 1/4 of the NE 1/4? - ANS-20 acres
to find the acreage we would need to multiply 640 x 1/2 x 1/4 x 1/4 to get a total of 20 acres.
According to the canons of professional ethics, what two things MUST be linked to a
brokerage's website? - ANS-the IABS Notice and the Consumer Protection Notice TREC No.
CN 1-2
According to TRELA, which of the following would NOT qualify as practicing brokerage, even
when done with the expectation of compensation? - ANS-Yes, selling your own property
(including advertising the sale) does not qualify as practicing brokerage.
Ahmed is moving to a tiny house. He is selling much of his personal property, as all of his
possessions will not fit in his new home. Which of the following is NOT an example of a piece of
personal property Ahmed is selling? - ANS-his garage
An agreement that gives one broker and the owner the right to sell the property is called a(n): -
ANS-exclusive agency listing
, Ashley and Leslie have entered into a contract agreement where they both have promises to
fulfill. Based on this information, you can infer that they have entered into what kind of contract?
- ANS-bilateral
Before a new license holder can engage in the practice of real estate, who must receive a copy
of that sales agent's license? - ANS-the broker that is sponsoring the sales agent
Broker Bob is the intermediary for Buyer B and Seller C. Broker Bob appoints Mary to assist the
buyer and John to assist the seller. Who can give advice and opinions to the seller? -
ANS-John, because John was appointed to the seller.
Can the original offer be reconsidered and accepted by a party after they have already extended
a counteroffer? - ANS-NO, once a counteroffer is made, the original offer has been rejected and
is dead.
Eleanor and Chidi are both sales agents who work for the same broker, Michael. Eleanor lists a
property for a seller. Chidi brings a buyer around who makes an offer on the property. What term
best describes Michael in this situation? - ANS-intermediary
Gil purchases a new light fixture for his dining room. While the light fixture is still new, wrapped
in the box, and unattached to the ceiling, what is it considered to be? - ANS-personal property
How do insurance companies find past claims filed by people or on property to determine their
insurability? - ANS-get a CLUE report
How would an agent disclose to a potential buyer that they will be required to join an HOA if
they purchase the property? - ANS-use the Addendum for Property Subject to Mandatory
Membership in Property Owners Association
If an individual faces civil or criminal liability, does that preclude any disciplinary action from the
Texas Real Estate Commission? - ANS-NO, disciplinary action from the Texas Real Estate
Commission does not relieve the person from civil or criminal liability.
In a breach of contract scenario, which of these four options would allow the wronged party (the
seller) to keep the earnest money that had been put up by the buyer? - ANS-forfeit
In general, what is the purpose of the Texas Department of Housing and Community Affairs? -
ANS-to help protect and expand affordable housing.
Karen bought a house. What is the best way she can protect her title from ownership claims? -
ANS-getting title insurance
A buyer is looking for a property where they have access to some common elements that they
don't have to maintain, but will also own their own private yard and building. Which of these
common interest ownership properties BEST fits their needs? - ANS-A PUD would give the
buyer some common elements while also allowing them their own yard and building.
A cooperating broker is a broker who: - ANS-brings a buyer to another broker with a listing
A couple owns property as community property. If one spouse dies testate (that is, with a will)
and had children outside of this marriage, how will the community property be distributed? -
ANS-if there had been NO will, then the Texas Law of Descent and Distribution would determine
that 50% goes to the surviving spouse and 50% would go to the deceased spouse's children.
However, there was a will, so the property will be distributed according to the will.
A detailed description that uniquely identifies the property in such a way that a surveyor would
be able to locate it is called a(n): - ANS-legal description
A married couple bought a home for $400,000. Five years later, they sold it for $550,000. How
much of their sale is taxable capital gain? - ANS-$0
A newly installed built-in bookshelf is most likely considered a(n): - ANS-fixture
According the rectangular survey system, what is the acreage of an area of land identified as
the N 1/2 of the S/W 1/4 of the NE 1/4? - ANS-20 acres
to find the acreage we would need to multiply 640 x 1/2 x 1/4 x 1/4 to get a total of 20 acres.
According to the canons of professional ethics, what two things MUST be linked to a
brokerage's website? - ANS-the IABS Notice and the Consumer Protection Notice TREC No.
CN 1-2
According to TRELA, which of the following would NOT qualify as practicing brokerage, even
when done with the expectation of compensation? - ANS-Yes, selling your own property
(including advertising the sale) does not qualify as practicing brokerage.
Ahmed is moving to a tiny house. He is selling much of his personal property, as all of his
possessions will not fit in his new home. Which of the following is NOT an example of a piece of
personal property Ahmed is selling? - ANS-his garage
An agreement that gives one broker and the owner the right to sell the property is called a(n): -
ANS-exclusive agency listing
, Ashley and Leslie have entered into a contract agreement where they both have promises to
fulfill. Based on this information, you can infer that they have entered into what kind of contract?
- ANS-bilateral
Before a new license holder can engage in the practice of real estate, who must receive a copy
of that sales agent's license? - ANS-the broker that is sponsoring the sales agent
Broker Bob is the intermediary for Buyer B and Seller C. Broker Bob appoints Mary to assist the
buyer and John to assist the seller. Who can give advice and opinions to the seller? -
ANS-John, because John was appointed to the seller.
Can the original offer be reconsidered and accepted by a party after they have already extended
a counteroffer? - ANS-NO, once a counteroffer is made, the original offer has been rejected and
is dead.
Eleanor and Chidi are both sales agents who work for the same broker, Michael. Eleanor lists a
property for a seller. Chidi brings a buyer around who makes an offer on the property. What term
best describes Michael in this situation? - ANS-intermediary
Gil purchases a new light fixture for his dining room. While the light fixture is still new, wrapped
in the box, and unattached to the ceiling, what is it considered to be? - ANS-personal property
How do insurance companies find past claims filed by people or on property to determine their
insurability? - ANS-get a CLUE report
How would an agent disclose to a potential buyer that they will be required to join an HOA if
they purchase the property? - ANS-use the Addendum for Property Subject to Mandatory
Membership in Property Owners Association
If an individual faces civil or criminal liability, does that preclude any disciplinary action from the
Texas Real Estate Commission? - ANS-NO, disciplinary action from the Texas Real Estate
Commission does not relieve the person from civil or criminal liability.
In a breach of contract scenario, which of these four options would allow the wronged party (the
seller) to keep the earnest money that had been put up by the buyer? - ANS-forfeit
In general, what is the purpose of the Texas Department of Housing and Community Affairs? -
ANS-to help protect and expand affordable housing.
Karen bought a house. What is the best way she can protect her title from ownership claims? -
ANS-getting title insurance
