ACEABLE FINAL TEST SOLUTION SCRIPT
VERIFIED RESULTS
◉ Compare the Fair Housing Act and the ADA. Answer: The Fair
Housing Act applies to residfential dwellings. The ADA applies to
employment, public and commercial facilities, and
telecommunications.
◉ The National Association of Realtors' Code of Ethics consists of:
Answer: A Preamble and 17 Articles
◉ What are three primary tasks for a buyer's agent when taking on a
new client? Answer: Locating a suitable property, negotiating the
best possible offer, and preparing the buyer for closing
◉ Which of these things can be changed with refinancing? Answer:
Interest Rates
◉ The subject property has a pool (valued at $2,000) AND solar
panels (valued at $4,500). The first comp property sold for $250,000
and had solar panels only. The second comp property sold for
$180,000 and had only the pool. What is a good range at which to
list the subject property? Answer: $184,500 - $252,000
,◉ Though it is negotiable, who typically pays for inspections in a
real estate transaction? Answer: The Buyer
◉ Using the cost approach formula, find a property's value using the
following information:
The subject property is 20 years old and has 30 remaining years of
economic life.
The cost of reproduction of the subject property is $500,000.
The subject property's land value is $100,000. Answer: $400,000
◉ What should a license holder do when stating facts in an
advertisement? Answer: quote the source of the information
◉ Conforming loans can: Answer: be sold on the secondary market
◉ Which of these is permission granted by the government so that
property may be used in a manner not allowed by the current
zoning? Answer: variance
◉ Lea's property was created when a larger lot was cut into pieces.
It is landlocked, and she has an easement across a neighboring lot to
reach the road. What kind of easement does she have? Answer:
easement by necessity
, ◉ When is it acceptable for licensees to mix their personal funds
with security deposits and other funds commonly held in property
management accounts? Answer: never
◉ Which of these is a group of human-made organic chemicals made
of carbon, hydrogen and chlorine atoms that were used in hundreds
of industrial and commercial applications prior to 1979 and can
cause a variety of adverse health effects? Answer: polychlorinated
biphenyls (PCBs)
◉ All of the following are phases of an environmental site
assessment EXCEPT: Answer: compensation
◉ Oliver's parents grant him ownership of an estate on the condition
that Oliver maintain the barns and care for the horses. What kind of
estate does Oliver have? Answer: fee simple defeasible
◉ An ad reads, "Beautiful house with gorgeous hardwood floors and
an unbelievable view." The language used is: Answer: puffing
◉ Which of the following is an example of a patent defect? Answer: a
flooded lawn
◉ A lock-in clause: Answer: stipulates that the borrower pays
exactly what is due each month without variance
VERIFIED RESULTS
◉ Compare the Fair Housing Act and the ADA. Answer: The Fair
Housing Act applies to residfential dwellings. The ADA applies to
employment, public and commercial facilities, and
telecommunications.
◉ The National Association of Realtors' Code of Ethics consists of:
Answer: A Preamble and 17 Articles
◉ What are three primary tasks for a buyer's agent when taking on a
new client? Answer: Locating a suitable property, negotiating the
best possible offer, and preparing the buyer for closing
◉ Which of these things can be changed with refinancing? Answer:
Interest Rates
◉ The subject property has a pool (valued at $2,000) AND solar
panels (valued at $4,500). The first comp property sold for $250,000
and had solar panels only. The second comp property sold for
$180,000 and had only the pool. What is a good range at which to
list the subject property? Answer: $184,500 - $252,000
,◉ Though it is negotiable, who typically pays for inspections in a
real estate transaction? Answer: The Buyer
◉ Using the cost approach formula, find a property's value using the
following information:
The subject property is 20 years old and has 30 remaining years of
economic life.
The cost of reproduction of the subject property is $500,000.
The subject property's land value is $100,000. Answer: $400,000
◉ What should a license holder do when stating facts in an
advertisement? Answer: quote the source of the information
◉ Conforming loans can: Answer: be sold on the secondary market
◉ Which of these is permission granted by the government so that
property may be used in a manner not allowed by the current
zoning? Answer: variance
◉ Lea's property was created when a larger lot was cut into pieces.
It is landlocked, and she has an easement across a neighboring lot to
reach the road. What kind of easement does she have? Answer:
easement by necessity
, ◉ When is it acceptable for licensees to mix their personal funds
with security deposits and other funds commonly held in property
management accounts? Answer: never
◉ Which of these is a group of human-made organic chemicals made
of carbon, hydrogen and chlorine atoms that were used in hundreds
of industrial and commercial applications prior to 1979 and can
cause a variety of adverse health effects? Answer: polychlorinated
biphenyls (PCBs)
◉ All of the following are phases of an environmental site
assessment EXCEPT: Answer: compensation
◉ Oliver's parents grant him ownership of an estate on the condition
that Oliver maintain the barns and care for the horses. What kind of
estate does Oliver have? Answer: fee simple defeasible
◉ An ad reads, "Beautiful house with gorgeous hardwood floors and
an unbelievable view." The language used is: Answer: puffing
◉ Which of the following is an example of a patent defect? Answer: a
flooded lawn
◉ A lock-in clause: Answer: stipulates that the borrower pays
exactly what is due each month without variance
