Aceable Agent Principles of Real Estate 2
Practice Test Questions With Solutions 100%
Correct
What does "REO" stand for? "Real Estate Owned"
In which of the following cases would a property manager NOT need a real estate license?
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? 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? While appraisers do concern
themselves with the highest and best use of a property, "principle of best use" is not among the
principles.
, Aceable Agent Principles of Real Estate 2
Practice Test Questions With Solutions 100%
Correct
Lara has her first investor client. She can expect her investor client to do all of the following
EXCEPT: 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? The sale price is $216,417.91 (loan amount divided by percentage), minus the
loan amount ($145,000) makes the down payment $71,417.91.
Ben would like to construct a restaurant on a parcel of land. This particular parcel is not zoned
for a commercial use. Ben should go to the city and seek a(n): Ben should go to the city
and seek a use variance.
James owns several properties that are close to a state park. In marketing these properties, he
denotes that the properties have easy access to the park, but he does NOT describe the type of
buyer this feature might appeal to, i.e. "outdoorsy people," etc. What activity is James avoiding?
illegal target marketing
Practice Test Questions With Solutions 100%
Correct
What does "REO" stand for? "Real Estate Owned"
In which of the following cases would a property manager NOT need a real estate license?
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? 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? While appraisers do concern
themselves with the highest and best use of a property, "principle of best use" is not among the
principles.
, Aceable Agent Principles of Real Estate 2
Practice Test Questions With Solutions 100%
Correct
Lara has her first investor client. She can expect her investor client to do all of the following
EXCEPT: 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? The sale price is $216,417.91 (loan amount divided by percentage), minus the
loan amount ($145,000) makes the down payment $71,417.91.
Ben would like to construct a restaurant on a parcel of land. This particular parcel is not zoned
for a commercial use. Ben should go to the city and seek a(n): Ben should go to the city
and seek a use variance.
James owns several properties that are close to a state park. In marketing these properties, he
denotes that the properties have easy access to the park, but he does NOT describe the type of
buyer this feature might appeal to, i.e. "outdoorsy people," etc. What activity is James avoiding?
illegal target marketing
