ACEABLE AGENT FINAL EXAM – QUESTIONS AND ANSWERS | VERIFIED AND
WELL DETAILED ANSWERS | PLUS RATIONALES | GUARANTEED PASS | LATEST
EXAM UPDATE
*Core Domains*
* Agency Relationships and Duties*
* Contracts and Legal Agreements*
* Real Estate Finance and Economics*
* Federal and State Laws*
* Property Ownership and Land Use*
* Valuation and Market Analysis*
* Professional Ethics and Conduct*
* Closing and Settlement Processes*
* Leasing and Property Management*
*Introduction*
*The purpose of this comprehensive assessment is to evaluate the compe
SECTION ONE: QUESTIONS 1–100
1. Which of the following best describes an individual who has been given the
authority to act on behalf of another person?
,A. Principal
B. Customer
C. Agent
D. Third Party
🟢 C. Agent
🔴 Explanation: An agent is an individual authorized by a principal to represent their
interests in dealings with third parties.
2. A homeowner enters into a listing agreement that allows them to sell the property
themselves without paying a commission, while still hiring a broker. What type of
listing is this?
A. Open Listing
B. Exclusive Agency Listing
C. Exclusive Right-to-Sell Listing
D. Net Listing
🟢 B. Exclusive Agency Listing
🔴 Explanation: In an exclusive agency listing, the owner employs one broker but retains
the right to sell the property personally without owing a commission.
, 3. Which fiduciary duty requires an agent to place the principal's interests above all
others, including their own?
A. Accounting
B. Confidentiality
C. Loyalty
D. Disclosure
🟢 C. Loyalty
🔴 Explanation: The duty of loyalty dictates that the agent must act solely in the best
interest of the principal at all times.
4. What is the primary purpose of the Truth in Lending Act (TILA)?
A. To regulate real estate commissions
B. To provide meaningful disclosure of credit terms to consumers
C. To prevent housing discrimination
D. To standardize property appraisals
🟢 B. To provide meaningful disclosure of credit terms to consumers
🔴 Explanation: TILA ensures that consumers are informed of the true cost of obtaining
credit so they can compare loan terms effectively.
, 5. A property is described using distances and compass directions from a specific
point of beginning. What type of legal description is this?
A. Rectangular Survey System
B. Lot and Block
C. Metes and Bounds
D. Government Survey
🟢 C. Metes and Bounds
🔴 Explanation: Metes and bounds descriptions rely on physical features, directions, and
distances to define the boundaries of a parcel of land.
6. Which type of ownership exists when two or more people hold title to a property and
the interest of a deceased owner passes to their heirs?
A. Joint Tenancy
B. Tenancy by the Entirety
C. Tenancy in Common
D. Severalty
🟢 C. Tenancy in Common
🔴 Explanation: In tenancy in common, there is no right of survivorship; the deceased
owner's interest is distributed according to their will or state law.
WELL DETAILED ANSWERS | PLUS RATIONALES | GUARANTEED PASS | LATEST
EXAM UPDATE
*Core Domains*
* Agency Relationships and Duties*
* Contracts and Legal Agreements*
* Real Estate Finance and Economics*
* Federal and State Laws*
* Property Ownership and Land Use*
* Valuation and Market Analysis*
* Professional Ethics and Conduct*
* Closing and Settlement Processes*
* Leasing and Property Management*
*Introduction*
*The purpose of this comprehensive assessment is to evaluate the compe
SECTION ONE: QUESTIONS 1–100
1. Which of the following best describes an individual who has been given the
authority to act on behalf of another person?
,A. Principal
B. Customer
C. Agent
D. Third Party
🟢 C. Agent
🔴 Explanation: An agent is an individual authorized by a principal to represent their
interests in dealings with third parties.
2. A homeowner enters into a listing agreement that allows them to sell the property
themselves without paying a commission, while still hiring a broker. What type of
listing is this?
A. Open Listing
B. Exclusive Agency Listing
C. Exclusive Right-to-Sell Listing
D. Net Listing
🟢 B. Exclusive Agency Listing
🔴 Explanation: In an exclusive agency listing, the owner employs one broker but retains
the right to sell the property personally without owing a commission.
, 3. Which fiduciary duty requires an agent to place the principal's interests above all
others, including their own?
A. Accounting
B. Confidentiality
C. Loyalty
D. Disclosure
🟢 C. Loyalty
🔴 Explanation: The duty of loyalty dictates that the agent must act solely in the best
interest of the principal at all times.
4. What is the primary purpose of the Truth in Lending Act (TILA)?
A. To regulate real estate commissions
B. To provide meaningful disclosure of credit terms to consumers
C. To prevent housing discrimination
D. To standardize property appraisals
🟢 B. To provide meaningful disclosure of credit terms to consumers
🔴 Explanation: TILA ensures that consumers are informed of the true cost of obtaining
credit so they can compare loan terms effectively.
, 5. A property is described using distances and compass directions from a specific
point of beginning. What type of legal description is this?
A. Rectangular Survey System
B. Lot and Block
C. Metes and Bounds
D. Government Survey
🟢 C. Metes and Bounds
🔴 Explanation: Metes and bounds descriptions rely on physical features, directions, and
distances to define the boundaries of a parcel of land.
6. Which type of ownership exists when two or more people hold title to a property and
the interest of a deceased owner passes to their heirs?
A. Joint Tenancy
B. Tenancy by the Entirety
C. Tenancy in Common
D. Severalty
🟢 C. Tenancy in Common
🔴 Explanation: In tenancy in common, there is no right of survivorship; the deceased
owner's interest is distributed according to their will or state law.
