ACEABLE FINAL TEST PREMIUM REVIEW 2026
ACCURATE MARKING
◉ What does severalty mean? Answer: sole ownership
◉ What agency is responsible for enforcing TRELA? Answer: TREC
◉ What is the difference between a subdivider and a developer?
Answer: A subdivider parcels out the land; a developer builds things
on it.
◉ If a landlord has the power to retake the property after the lease
term has expired, this means they have a: Answer: A landlord has a
reversionary right; this means that the landlord has the power to
retake the property after the lease term has expired. Therefore, the
landlord's interest in the property is known as a leased fee estate
plus reversionary right.
◉ Alex defaulted on his loan and lost his house to foreclosure. This is
an example of: Answer: Involuntary Alienation
◉ The concept of escheat means that property: Answer: `reverts to
the state when a person dies without a will, an heir, or a creditor
,◉ Which of the following has a long lease term and is often used in
the development of commercial property? Answer: Ground lease
◉ What is adverse possession? Answer: A method of gaining legal
title to real property by the actual, open, hostile, and continuous
possession of it.
◉ What is a contour map used for? Answer: it shows hills, valleys,
plateaus, and other patterns that may affect water drainage, runoff,
or other development issues
◉ What type of contract is a real estate sales contract? Answer:
bilateral contract
◉ The payment that the prospective buyer makes to the seller in
exchange for the exclusive option to terminate the sales contract
within a specified period of time without penalty is called the:
Answer: Option money
◉ What can the seller do if a buyer defaults on a real estate contract,
and the seller decides to forfeit the contract? Answer: keep the
earnest money and any payments they have received from the buyer
◉ What is chattel? Answer: an unattached, moveable asset not
considered real estate
, ◉ Which of the following best defines the term "recording"? Answer:
the placing of documents about the claims and ownership of real
estate in the county clerk's office at the courthouse
◉ Grandpa Bobby, conveys his property to his granddaughter
Pamela. The deed contains: (1) Pamela's name; (2) a statement that
he has received $10 and Pamela's love and affection; and (3) a
statement that the property is conveyed to Pamela "to have and to
hold." Identify, in order, these elements of the deed? Answer:
grantee; consideration; habendum clause
◉ What is a general warranty deed? Answer: a type of deed
containing the strongest and broadest form of guarantee of title;
provides the greatest protection of any deed to the grantee
◉ What is something of value exchanged by the parties as evidence
of agreement to the terms of a contract? Answer: consideration
◉ The process in which funds and/or financial documents are held
by a third party on behalf of the other two parties in the real estate
transaction is called: Answer: Escrow
ACCURATE MARKING
◉ What does severalty mean? Answer: sole ownership
◉ What agency is responsible for enforcing TRELA? Answer: TREC
◉ What is the difference between a subdivider and a developer?
Answer: A subdivider parcels out the land; a developer builds things
on it.
◉ If a landlord has the power to retake the property after the lease
term has expired, this means they have a: Answer: A landlord has a
reversionary right; this means that the landlord has the power to
retake the property after the lease term has expired. Therefore, the
landlord's interest in the property is known as a leased fee estate
plus reversionary right.
◉ Alex defaulted on his loan and lost his house to foreclosure. This is
an example of: Answer: Involuntary Alienation
◉ The concept of escheat means that property: Answer: `reverts to
the state when a person dies without a will, an heir, or a creditor
,◉ Which of the following has a long lease term and is often used in
the development of commercial property? Answer: Ground lease
◉ What is adverse possession? Answer: A method of gaining legal
title to real property by the actual, open, hostile, and continuous
possession of it.
◉ What is a contour map used for? Answer: it shows hills, valleys,
plateaus, and other patterns that may affect water drainage, runoff,
or other development issues
◉ What type of contract is a real estate sales contract? Answer:
bilateral contract
◉ The payment that the prospective buyer makes to the seller in
exchange for the exclusive option to terminate the sales contract
within a specified period of time without penalty is called the:
Answer: Option money
◉ What can the seller do if a buyer defaults on a real estate contract,
and the seller decides to forfeit the contract? Answer: keep the
earnest money and any payments they have received from the buyer
◉ What is chattel? Answer: an unattached, moveable asset not
considered real estate
, ◉ Which of the following best defines the term "recording"? Answer:
the placing of documents about the claims and ownership of real
estate in the county clerk's office at the courthouse
◉ Grandpa Bobby, conveys his property to his granddaughter
Pamela. The deed contains: (1) Pamela's name; (2) a statement that
he has received $10 and Pamela's love and affection; and (3) a
statement that the property is conveyed to Pamela "to have and to
hold." Identify, in order, these elements of the deed? Answer:
grantee; consideration; habendum clause
◉ What is a general warranty deed? Answer: a type of deed
containing the strongest and broadest form of guarantee of title;
provides the greatest protection of any deed to the grantee
◉ What is something of value exchanged by the parties as evidence
of agreement to the terms of a contract? Answer: consideration
◉ The process in which funds and/or financial documents are held
by a third party on behalf of the other two parties in the real estate
transaction is called: Answer: Escrow
