REAL ESTATE COURSE 1 PRACTICE
EXAM - ACEABLE AGENT
QUESTIONS AND ANSWERS WITH
ACCURATE SOLUTIONS 100%
Which of the following is a fiduciary duty that an agent owes to a client? - CORRECT
ANSWES -- 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? - CORRECT
ANSWES -- Unilateral
In terms of the scope of authority granted, what are the three classifications of agency?
- CORRECT ANSWES -- 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? -
CORRECT ANSWES -- 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? - CORRECT
ANSWES -- 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? - CORRECT ANSWES -- display it in a
readily noticeable location
Which of these people would be described as a cooperating broker? - CORRECT
ANSWES -- Ann brought a buyer to another broker's listing
Who holds title and manages the property in a trust? - CORRECT ANSWES -- Trustee
If the co-owner of a property wants their portion of the property to go to their heirs
instead of the other co-owners of the property, what kind of ownership should they
have? - CORRECT ANSWES -- tenancy in common
Homestead rights offer protection from - CORRECT ANSWES -- general creditors
, Which one of the following actions should be an intermediary broker AVOID? -
CORRECT ANSWES -- telling the buyers the seller may accept a lower price without
the seller's knowledge
Which term refers to the fact that no two tracts of land are the same? - CORRECT
ANSWES -- Uniqueness
What kind of ownership is ownership by a single person or entity? - CORRECT
ANSWES -- Ownership of severality
The act of converting real property into personal property is called: - CORRECT
ANSWES -- severance
What is the name of the piece of legislation that created the capital gains tax exclusion
for homeowners? - CORRECT ANSWES -- Taxpayer Relief Act of 1997
A listing agreement is an agency agreement between whom? - CORRECT ANSWES --
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: - CORRECT ANSWES -- trade fixture
What is a trade fixture? - CORRECT ANSWES -- 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? - CORRECT ANSWES --
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? - CORRECT ANSWES -- fee
simple determinable
A condensed history of title to a tract of land that summarizes the transfers of ownership
and encumbrances is known as: - CORRECT ANSWES -- an abstract of title
What are the possible consequences if a licensee attempts to lure away the already
represented client of another broker in Texas? - CORRECT ANSWES -- suspension
and/or revocation of their license
In which of the following examples would the ADA most likely NOT apply? - CORRECT
ANSWES -- a business with nine employees
If pursuing action through HUD, a fair housing complaint must be filed within how long
of the alleged violation? - CORRECT ANSWES -- 1 year
EXAM - ACEABLE AGENT
QUESTIONS AND ANSWERS WITH
ACCURATE SOLUTIONS 100%
Which of the following is a fiduciary duty that an agent owes to a client? - CORRECT
ANSWES -- 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? - CORRECT
ANSWES -- Unilateral
In terms of the scope of authority granted, what are the three classifications of agency?
- CORRECT ANSWES -- 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? -
CORRECT ANSWES -- 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? - CORRECT
ANSWES -- 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? - CORRECT ANSWES -- display it in a
readily noticeable location
Which of these people would be described as a cooperating broker? - CORRECT
ANSWES -- Ann brought a buyer to another broker's listing
Who holds title and manages the property in a trust? - CORRECT ANSWES -- Trustee
If the co-owner of a property wants their portion of the property to go to their heirs
instead of the other co-owners of the property, what kind of ownership should they
have? - CORRECT ANSWES -- tenancy in common
Homestead rights offer protection from - CORRECT ANSWES -- general creditors
, Which one of the following actions should be an intermediary broker AVOID? -
CORRECT ANSWES -- telling the buyers the seller may accept a lower price without
the seller's knowledge
Which term refers to the fact that no two tracts of land are the same? - CORRECT
ANSWES -- Uniqueness
What kind of ownership is ownership by a single person or entity? - CORRECT
ANSWES -- Ownership of severality
The act of converting real property into personal property is called: - CORRECT
ANSWES -- severance
What is the name of the piece of legislation that created the capital gains tax exclusion
for homeowners? - CORRECT ANSWES -- Taxpayer Relief Act of 1997
A listing agreement is an agency agreement between whom? - CORRECT ANSWES --
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: - CORRECT ANSWES -- trade fixture
What is a trade fixture? - CORRECT ANSWES -- 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? - CORRECT ANSWES --
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? - CORRECT ANSWES -- fee
simple determinable
A condensed history of title to a tract of land that summarizes the transfers of ownership
and encumbrances is known as: - CORRECT ANSWES -- an abstract of title
What are the possible consequences if a licensee attempts to lure away the already
represented client of another broker in Texas? - CORRECT ANSWES -- suspension
and/or revocation of their license
In which of the following examples would the ADA most likely NOT apply? - CORRECT
ANSWES -- a business with nine employees
If pursuing action through HUD, a fair housing complaint must be filed within how long
of the alleged violation? - CORRECT ANSWES -- 1 year
