Real Estate Course 1 Practice Exam - Aceable Agent
EXAM QUESTIONS AND VERIFIED CORRECT ANSWERS
LATEST 2026-2027 NEW VERSION
Which term refers to the fact that no two tracts of land are the same? -
answer>>>Uniqueness
What kind of ownership is ownership by a single person or entity? -
answer>>>Ownership of severality
The act of converting real property into personal property is called: -
answer>>>severance
What is the name of the piece of legislation that created the capital gains tax
exclusion for homeowners? - answer>>>Taxpayer Relief Act of 1997
A listing agreement is an agency agreement between whom? - answer>>>A seller &
broker
A store owner builds and attaches a display case to the wall when leasing a
convenience store that he will take with him at the end of the lease. The display case
is an example of a: - answer>>>trade fixture
What is a trade fixture? - answer>>>items that a tenant uses in their business that
will be removed at the end of the lease
Which canon states to treat all parties honestly and fairly? - answer>>>The canon of
fidelity
, -
What type of estate causes the title to automatically revert to the original owner if
the deed requirements regarding property use are violated? - answer>>>fee simple
determinable
Which of the following is a fiduciary duty that an agent owes to a client? -
answer>>>ACCOUNTING. They are the duty of obedience, loyalty, disclosure,
confidentiality, accounting, and reasonable care.
In what kind of contract is only one of the parties obligated to perform? -
answer>>>Unilateral
In terms of the scope of authority granted, what are the three classifications of
agency? - answer>>>Special, General, and Universal
In a breach of contract scenario, which of these four options would allow the
wronged party (the seller) to keep the earnest money that had been put up by the
buyer? - answer>>>Forfeit
According to the Equal Credit Opportunity Act (ECOA), which of these factors can a
lender NOT take into consideration when approving or denying a loan? -
answer>>>whether or not a person uses public assistance
According to the Canons of Professional Ethics, what must every broker do with
Consumer Protection Notice TREC No. CN 1-2? - answer>>>display it in a readily
noticeable location
Which of these people would be described as a cooperating broker? - answer>>>Ann
brought a buyer to another broker's listing
EXAM QUESTIONS AND VERIFIED CORRECT ANSWERS
LATEST 2026-2027 NEW VERSION
Which term refers to the fact that no two tracts of land are the same? -
answer>>>Uniqueness
What kind of ownership is ownership by a single person or entity? -
answer>>>Ownership of severality
The act of converting real property into personal property is called: -
answer>>>severance
What is the name of the piece of legislation that created the capital gains tax
exclusion for homeowners? - answer>>>Taxpayer Relief Act of 1997
A listing agreement is an agency agreement between whom? - answer>>>A seller &
broker
A store owner builds and attaches a display case to the wall when leasing a
convenience store that he will take with him at the end of the lease. The display case
is an example of a: - answer>>>trade fixture
What is a trade fixture? - answer>>>items that a tenant uses in their business that
will be removed at the end of the lease
Which canon states to treat all parties honestly and fairly? - answer>>>The canon of
fidelity
, -
What type of estate causes the title to automatically revert to the original owner if
the deed requirements regarding property use are violated? - answer>>>fee simple
determinable
Which of the following is a fiduciary duty that an agent owes to a client? -
answer>>>ACCOUNTING. They are the duty of obedience, loyalty, disclosure,
confidentiality, accounting, and reasonable care.
In what kind of contract is only one of the parties obligated to perform? -
answer>>>Unilateral
In terms of the scope of authority granted, what are the three classifications of
agency? - answer>>>Special, General, and Universal
In a breach of contract scenario, which of these four options would allow the
wronged party (the seller) to keep the earnest money that had been put up by the
buyer? - answer>>>Forfeit
According to the Equal Credit Opportunity Act (ECOA), which of these factors can a
lender NOT take into consideration when approving or denying a loan? -
answer>>>whether or not a person uses public assistance
According to the Canons of Professional Ethics, what must every broker do with
Consumer Protection Notice TREC No. CN 1-2? - answer>>>display it in a readily
noticeable location
Which of these people would be described as a cooperating broker? - answer>>>Ann
brought a buyer to another broker's listing
