ACEABLE AGENT PRINCIPLES OF REAL ESTATE
2 EXAMINATION TEST 2026 COMPLETE
QUESTIONS AND SOLUTIONS
◍ 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.
◍ Lara has her first investor client. She can expect her investor client to
do all of the following EXCEPT: Answer:Her investor client may
require Lara to conduct the majority of the activity on the selling side of
the transaction.
◍ Michelle is purchasing a condo uptown. She received a loan of
$145,000 for the condo, which leverages 67% of the financing. What is
the amount of the down payment Michelle will be making? Answer:The
2 EXAMINATION TEST 2026 COMPLETE
QUESTIONS AND SOLUTIONS
◍ 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.
◍ Lara has her first investor client. She can expect her investor client to
do all of the following EXCEPT: Answer:Her investor client may
require Lara to conduct the majority of the activity on the selling side of
the transaction.
◍ Michelle is purchasing a condo uptown. She received a loan of
$145,000 for the condo, which leverages 67% of the financing. What is
the amount of the down payment Michelle will be making? Answer:The
