- Study guides, Class notes & Summaries

Principles of Real Estate 2 Practice Test Aceable Questions and answers latest update

-

14 pages

Written in 2023/2024

Grade A+

Schoolflix

Texas Pre-License - Principals of Real Estate I (Aceable) Questions and answers latest update

-

16 pages

Written in 2023/2024

Grade A+

Schoolflix

Aceable Agent: Real Estate Principles: Actual Exam Questions And Correct Answers | Latest Update The Real Estate Law is found in A. The Licensing Code B. The Business and Professions Code C. The Health and Safety Code D. The Corporations Code - ANSWER B. Business and Professions Code The Real Estate Commissioner reports to a. the California Bureau of Real Estate. b. the governor. c. the Department of Housing and Urban Development. d. the legislature. - ANSWER B. the governor ...

5.0

(1)

63 pages

Written in 2023/2024

Grade A+

EWLindy

In what code is the Real Estate Law found? - correct answer -Business and Professions Code Who does the Real Estate Commissioner Report to? - correct answer -The governor A salesperson owns 25% of the outstanding shares of Rollo Reality Inc and the broker owns the remaining shares. Is the division ownership acceptable or unacceptable? - correct answer -Acceptable A salesperson is part owner of Rollo Realty Inc. In the broker's absence, the salesperson frequently reviews the work of sal...

-

3 pages

Written in 2023/2024

Grade A+

YANCHY

Amortization - correct answer -The repayment of a loan principle over time Arrears - correct answer -Payment for an item or service after it's received Down Payment - correct answer -The initial payment made when buying something on credit, a ____________ is paid directly by the buyer to the seller Proration - correct answer -The allocation or distribution of an annual expense across smaller chunks of time Acreage - correct answer -A unit of measurement used to determine the size of...

-

27 pages

Written in 2023/2024

Grade A+

YANCHY

What is investment gain? - correct 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? - correct 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 Disc...

-

7 pages

Written in 2023/2024

Grade A+

YANCHY

Broker's Price Opinion (BPO) - correct answer -A broker's price opinion is the process used by a hired sales agent to determine the potential selling price or estimated value of a real estate property Closing - correct answer -The completion of a real estate transaction in which the buyer receives ownership and the seller receives the contract amount Comparative Market Analysis (CMA) - correct answer -A report comparing the prices of sold homes that are similar to the subject property (c...

-

5 pages

Written in 2023/2024

Grade A+

YANCHY

TOTAL = PART/PERCENTAGE PART = TOTAL x PERCENTAGE PERCENTAGE = PART/ TOTAL - correct answer -Formulas to calculate commission? PRINCIPAL - correct answer -What is the term that describes the money that is lent? CASH TO CLOSE - correct answer -Down payment minus earnest money? TOTAL SALES PRICE - correct answer -Loan payment + loan principal? ORIGINATION POINTS - correct answer -Loan points/fees charged 1% to compensate loan officers for underwriting and administering the loan. D...

5.0

(1)

24 pages

Written in 2023/2024

Grade A+

YANCHY

The Real Estate Law is found in A. The Licensing Code B. The Business and Professions Code C. The Health and Safety Code D. The Corporations Code - correct answer -B. Business and Professions Code The Real Estate Commissioner reports to a. the California Bureau of Real Estate. b. the governor. c. the Department of Housing and Urban Development. d. the legislature. - correct answer -B. the governor A salesperson owns 25% of the outstanding shares of Rollo Reality Inc and the bro...

-

66 pages

Written in 2023/2024

Grade A+

YANCHY

What is land? - correct answer -Land refers to more than just a tract of earth. Land not only includes the natural resources on the surface of the land, but the minerals below the surface and the air above the surface. The official definition is: The surface of the earth, including all permanently attached natural features, extending downwards to the center of the earth and upwards towards infinity. When a person acquires land, they acquire all that is above and below as well. Wha...

-

28 pages

Written in 2023/2024

Grade A+

YANCHY

Five Catagories of Real Estate Properties - correct answer -(1) Residential, (2) Commercial, (3) Industrial, (4) Farm & Land/ Agriculture (5) Special Purpose Apartment Locator - correct answer -A real estate license holder who locates dwelling units for prospective tenants Tenant - correct answer -one who possesses (rents) real property for a period of time, usually under a lease. The property or estate is normally owned by the landlord. Broker - correct answer -Someone who assists in b...

-

5 pages

Written in 2023/2024

Grade A+

YANCHY

Here are the four major types of agency acts: - correct answer -Listing Buying Leasing Property Management TREC's purpose is to - correct answer -regulate educational and licensing programs that maintain standards AND interpret legislation that affects the real estate profession — primarily the Texas Real Estate License Act (TRELA). Integrity - correct answer -Satisfy to the commission (TREC) that the candidate meets and exceeds their character standards (honesty, trustworthiness, an...

5.0

(1)

15 pages

Written in 2023/2024

Grade A+

YANCHY

What is the money in the Recovery Trust Account used for? A) To pay an aggrieved party who has won a judgment against a licensee for damages from a real estate transaction B) To pay commission that agents were wrongfully deprived of C) For taxes for the state of Texas D) For TREC to recover the funds to keep their computer systems up to date - correct answer -A) To pay an aggrieved party who has won a judgment against a licensee for damages from a real estate transaction Wesley just bou...

-

44 pages

Written in 2023/2024

Grade A+

YANCHY

Life Estates - correct answer -level 13 chp 2 The Four Main Types of Estates - correct answer -Freehold Estates Leasehold Estates Equitable Estates Concurrent Estates Freehold Estates - correct answer -Three Types of Freehold Estates Okay, so now you know what a freehold estate is. Let's break it down further into three categories: Fee simple absolute estate Defeasible fee estate (also called qualified fee or fee simple defeasible) Life Estate Fee Simple Estate/Fee Simple Absolu...

-

46 pages

Written in 2023/2024

Grade A+

YANCHY

BPO - correct answer -broker's price opinion. process used by a hired sales agent to determine the potential selling price or estimated value of a real estate property. Reasons for a BPO. 1. The people in the home have asked to refinance the home and the lender does not want to pay for a full appraisal, but they do want to have some assurance that the home is valued at or above what the loan will be. 2. The people in the house are about to be foreclosed on and the lender wants an inexpens...

-

90 pages

Written in 2023/2024

Grade A+

YANCHY

Mary dies, and in a handwritten will with no witness, gifts her house to her grandson. Mary has created what kind of will? a. testamentary b. holographic c. harmonious d. automatic - correct answer -b. holographic Sally and Jorge are a married couple who own a house together. The couple has one adult daughter, Emilia. When Jorge dies intestate, who receives the house? a. Sally receives the house b. Emilia receives the house c. Both Sally and Emilia receive one-half d. Sally receiv...

5.0

(1)

60 pages

Written in 2023/2024

Grade A+

YANCHY

Which of the following is an example of a limited common element? - correct answer -Parking Space A married couple buys a home for $400,000. Five years later, they sell it for $550,000. How much of their sale is taxable capital gain? - correct answer -$0. They get a $500,000 capital gains tax exclusion, and they made $150,000 in profit, so all of their profit is excluded from taxation. Arthur, Beatrice, Candace, Dmitri, and Evenlyn bought a property does each of them own? - correct ans...

-

12 pages

Written in 2023/2024

Grade A+

YANCHY