Aceable Exam 1 UPDATED ACTUAL Question
and Answer | 100% Verified | 2026
• When should the listing agent give the seller a blank copy of the Seller's
Disclosure of Property Condition to fill out? -✓✓ the day the sales agent lists the
property.
• Who carries out the trustor's wishes concerning the property, and for the benefit
of whom? -✓✓ the trustee carries out the wishes of the trustor concerning the
property for the benefit of the beneficiary
• Which is one of the unities that distinguishes a joint tenancy from other kinds of
co-ownership? -✓✓ Unity of title
• In a general partnership, all partners are required to take responsibility for: -✓✓
the action of all partners
• A homestead is defined as: -✓✓ a property that a person or family owns and
occupies as their primary residence
• What are real estate license holders obligated to tell every buyer about an abstract
of title? -✓✓ that the buyer should obtain one and have it examined by an attorney.
• What are real estate license holders obligated to tell every buyer about an abstract
of title? -✓✓ riparian rights
• Winston and Ally purchased a home together, but both remained on the title after
their divorce, even though Ally got the house to herself. While trying to sell the
, house, it is discovered that Winston is still considered an owner. This is an
example of what type of encumbrance? -✓✓ cloud on title
• What is an executed contract? -✓✓ An existing contract in which all terms have
been fulfilled.
• Which of the following is an essential element of a valid contract? -✓✓
consideration
• What is the term used when one contract is substituted for another? -✓✓ novation
• When a party performs a majority of a contract's requirements but does not
perform according to the contract's stipulations, it is considered: -✓✓ substantial
performance
• Which of the following is an example of a legal description of a property? -✓✓
Lot E, Block 14 of West lake village, orange county, texas
• Which of the following is an example of a legal description of a property? -✓✓
Block and lot number
• Where can developers find information about the terrain and elevation for a given
parcel? -✓✓ contour maps
• Where did Deb file the paperwork for her claim? -✓✓ TREC
and Answer | 100% Verified | 2026
• When should the listing agent give the seller a blank copy of the Seller's
Disclosure of Property Condition to fill out? -✓✓ the day the sales agent lists the
property.
• Who carries out the trustor's wishes concerning the property, and for the benefit
of whom? -✓✓ the trustee carries out the wishes of the trustor concerning the
property for the benefit of the beneficiary
• Which is one of the unities that distinguishes a joint tenancy from other kinds of
co-ownership? -✓✓ Unity of title
• In a general partnership, all partners are required to take responsibility for: -✓✓
the action of all partners
• A homestead is defined as: -✓✓ a property that a person or family owns and
occupies as their primary residence
• What are real estate license holders obligated to tell every buyer about an abstract
of title? -✓✓ that the buyer should obtain one and have it examined by an attorney.
• What are real estate license holders obligated to tell every buyer about an abstract
of title? -✓✓ riparian rights
• Winston and Ally purchased a home together, but both remained on the title after
their divorce, even though Ally got the house to herself. While trying to sell the
, house, it is discovered that Winston is still considered an owner. This is an
example of what type of encumbrance? -✓✓ cloud on title
• What is an executed contract? -✓✓ An existing contract in which all terms have
been fulfilled.
• Which of the following is an essential element of a valid contract? -✓✓
consideration
• What is the term used when one contract is substituted for another? -✓✓ novation
• When a party performs a majority of a contract's requirements but does not
perform according to the contract's stipulations, it is considered: -✓✓ substantial
performance
• Which of the following is an example of a legal description of a property? -✓✓
Lot E, Block 14 of West lake village, orange county, texas
• Which of the following is an example of a legal description of a property? -✓✓
Block and lot number
• Where can developers find information about the terrain and elevation for a given
parcel? -✓✓ contour maps
• Where did Deb file the paperwork for her claim? -✓✓ TREC
