ACEABLE FINAL TEST COMPREHENSIVE
STUDY GUIDE FULL RESPONSES
◉ which of the following BEST defines a circumstance requiring a
real estate license? Answer: performing a real estate act for another
party with the intent to receive compensation (Performing a real
estate act for another party with the intent to receive compensation
best defines the real estate license requirement.)
◉ What is the MOST COMMON clause in listing agreements?
Answer: sign posting clause
◉ which document provides a detailed list of each partys expenses
at closing? Answer: the closing disclosure
◉ how is debt service ratio calculated? Answer: by dividing net
operating income by total debt service
◉ What is NOT NEEDED when prorating an expense? Answer: real
estate transfer amount (usually paid by seller)
◉ what mortgage is short-term and paid out in draws? Answer:
construction mortgage (lender pays funds to borrower in
installments, called draws, as the construction progress)
,◉ Molly wants to buy a property downtown so she will be closer to
the local nightlife and have a shorter work commute. Her interest in
a property is greatly influenced by the economic significance of the
property's location. What is Molly influenced by? Answer: Situs
(economic significance of a propertys location)
◉ Seller Jordan chooses to not disclose an easement on his property
and the buyer never asks about it. What is this an example of?
Answer: Silent fraud
◉ Agent Laura completed a CMA on a property her client was
interested in making an offer on. What kind of value was Laura
attempting to determine? Answer: Market Value (CMA =
comparative market analysis)
◉ what does "vicarious liability" mean? Answer: broker is
responsible for their licensees actions or omissions
◉ what is easement by condemnation? Answer: easement in which
property is taken via eminent domain and serves as a declaration
that a structure must be closed because it's unfit for occupants (An
easement by condemnation is an easement in which private
property is taken for public use via eminent domain. It serves as a
declaration that a structure must be closed or demolished because it
is unfit for occupants.)
, ◉ How would an appraiser be able to adjust for the size of the
property using the sales comparison approach? Answer: they would
need to find the price per square foot of the comparable property
◉ Laureen is a license holder in Georgia. Her clients, a married
couple, are asking her how they should take title on the home
they're purchasing. She urges them to speak to their attorney about
their options. Did Laureen handle the situation correctly? Why or
why not? Answer: yes, because even though couples decide how to
co-own property in Georgia, lawyers and not real estate agents
should help the decide how
◉ What general purpose do deeds serve? Answer: they allow
property to be transferred and conveyed (deed = transfer of legal
title)
◉ what is a red flag for predatory lending? Answer: unexpected,
undisclosed lender fees that appear at closing
◉ which is NOT an example of deed restriction? Answer: Joleen is
required to use a licensed electrician to build her home (building
code is not a deed restriction)
STUDY GUIDE FULL RESPONSES
◉ which of the following BEST defines a circumstance requiring a
real estate license? Answer: performing a real estate act for another
party with the intent to receive compensation (Performing a real
estate act for another party with the intent to receive compensation
best defines the real estate license requirement.)
◉ What is the MOST COMMON clause in listing agreements?
Answer: sign posting clause
◉ which document provides a detailed list of each partys expenses
at closing? Answer: the closing disclosure
◉ how is debt service ratio calculated? Answer: by dividing net
operating income by total debt service
◉ What is NOT NEEDED when prorating an expense? Answer: real
estate transfer amount (usually paid by seller)
◉ what mortgage is short-term and paid out in draws? Answer:
construction mortgage (lender pays funds to borrower in
installments, called draws, as the construction progress)
,◉ Molly wants to buy a property downtown so she will be closer to
the local nightlife and have a shorter work commute. Her interest in
a property is greatly influenced by the economic significance of the
property's location. What is Molly influenced by? Answer: Situs
(economic significance of a propertys location)
◉ Seller Jordan chooses to not disclose an easement on his property
and the buyer never asks about it. What is this an example of?
Answer: Silent fraud
◉ Agent Laura completed a CMA on a property her client was
interested in making an offer on. What kind of value was Laura
attempting to determine? Answer: Market Value (CMA =
comparative market analysis)
◉ what does "vicarious liability" mean? Answer: broker is
responsible for their licensees actions or omissions
◉ what is easement by condemnation? Answer: easement in which
property is taken via eminent domain and serves as a declaration
that a structure must be closed because it's unfit for occupants (An
easement by condemnation is an easement in which private
property is taken for public use via eminent domain. It serves as a
declaration that a structure must be closed or demolished because it
is unfit for occupants.)
, ◉ How would an appraiser be able to adjust for the size of the
property using the sales comparison approach? Answer: they would
need to find the price per square foot of the comparable property
◉ Laureen is a license holder in Georgia. Her clients, a married
couple, are asking her how they should take title on the home
they're purchasing. She urges them to speak to their attorney about
their options. Did Laureen handle the situation correctly? Why or
why not? Answer: yes, because even though couples decide how to
co-own property in Georgia, lawyers and not real estate agents
should help the decide how
◉ What general purpose do deeds serve? Answer: they allow
property to be transferred and conveyed (deed = transfer of legal
title)
◉ what is a red flag for predatory lending? Answer: unexpected,
undisclosed lender fees that appear at closing
◉ which is NOT an example of deed restriction? Answer: Joleen is
required to use a licensed electrician to build her home (building
code is not a deed restriction)
