ACEABLE FINAL TEST BANK 2026
COMPREHENSIVE QUESTIONS AND
ACCURATE SOLUTIONS VERIFIED
◉ The Fair Housing Act is enforced by: Answer: RESPA
◉ What two types of agency have to do with when a third party is led to
mistakenly believe that agency exists between a principal and an agent?
Answer: Ostensible agency and agnecy by estoppel
◉ Which of the groups of descriptors below BEST describes an
exclusive right-to-sell listing agreement? Answer: Broker guaranteed
compenstaion no matter how property is sold
◉ Three origination points and 2 discount points on a $250,000
mortgage would cost a borrower: Answer: 12,500
◉ What type of contract is a real estate sales contract? Answer: biilateral
contract
◉ Which of the following is an important aspect of transaction
coordinators? Answer: Transaction coordinators DO NOT owe any
fiduciary duties to anyone
,◉ What is a formal or witnessed will? Answer: A will typically created
by and attorney as well as witnessed and signed by at least two witnesses
◉ A condo owner owns the: Answer: interior of thier unit
◉ What is a building permit? Answer: legal documetn from a local
authority that authorizes a contruction or remodeling project
◉ A property manager collected a security deposit from a tenant. He
then placed it in the owner's personal account. Is this action legal?
Answer: No, this is commingling, and is illegal
◉ A building sold for $500,000 and has a net operating income of
$25,000. What was the cap rate of the sale?
Hint: "Ask IRV." Answer: 5%
◉ When lenders want to measure whether or not a property can
adequately cover the debt, they find its debt service coverage ratio
(DSCR). How is debt service coverage ratio calculated? Answer: By
dividing the net operating income by total debt service
◉ Which of these is FALSE regarding license reciprocity in Virginia?
Answer: The applicant must pass both the state and national portions of
the exam
, ◉ Which of these parties can legally act as closing agent in Virginia?
Answer: Buyer, Lender's Attorney, and Buyer's Broker
◉ The Truth-in-Lending Act, the Equal Credit Opportunity Act, the
Community Reinvestment Act, and the Real Estate Settlement
Procedures Act all serve the purpose of regulating the: Answer: Lending
practices of mortgage lenders
◉ On the advice of a real estate broker, Harold calls up Lender Lisa to
get a ballpark figure as to how big of a mortgage loan he could afford.
Lender Lisa asks Harold about his income and, based on what Harold
tells her, states a general range for which Harold could probably get
financing. What step of the loan approval process is Harold in at this
point? Answer: pre-qualification
◉ How many hours of pre-license education are salesperson applicants
required to successfully complete? Answer: 60
◉ Which of these transaction would require a public offering statement
(POS)? Answer: The initial sale of a condominium
◉ Which of these situations demonstrates the principle of anticipation?
Answer: An investor buys above market because they know an area is
rapidly increasing in value
COMPREHENSIVE QUESTIONS AND
ACCURATE SOLUTIONS VERIFIED
◉ The Fair Housing Act is enforced by: Answer: RESPA
◉ What two types of agency have to do with when a third party is led to
mistakenly believe that agency exists between a principal and an agent?
Answer: Ostensible agency and agnecy by estoppel
◉ Which of the groups of descriptors below BEST describes an
exclusive right-to-sell listing agreement? Answer: Broker guaranteed
compenstaion no matter how property is sold
◉ Three origination points and 2 discount points on a $250,000
mortgage would cost a borrower: Answer: 12,500
◉ What type of contract is a real estate sales contract? Answer: biilateral
contract
◉ Which of the following is an important aspect of transaction
coordinators? Answer: Transaction coordinators DO NOT owe any
fiduciary duties to anyone
,◉ What is a formal or witnessed will? Answer: A will typically created
by and attorney as well as witnessed and signed by at least two witnesses
◉ A condo owner owns the: Answer: interior of thier unit
◉ What is a building permit? Answer: legal documetn from a local
authority that authorizes a contruction or remodeling project
◉ A property manager collected a security deposit from a tenant. He
then placed it in the owner's personal account. Is this action legal?
Answer: No, this is commingling, and is illegal
◉ A building sold for $500,000 and has a net operating income of
$25,000. What was the cap rate of the sale?
Hint: "Ask IRV." Answer: 5%
◉ When lenders want to measure whether or not a property can
adequately cover the debt, they find its debt service coverage ratio
(DSCR). How is debt service coverage ratio calculated? Answer: By
dividing the net operating income by total debt service
◉ Which of these is FALSE regarding license reciprocity in Virginia?
Answer: The applicant must pass both the state and national portions of
the exam
, ◉ Which of these parties can legally act as closing agent in Virginia?
Answer: Buyer, Lender's Attorney, and Buyer's Broker
◉ The Truth-in-Lending Act, the Equal Credit Opportunity Act, the
Community Reinvestment Act, and the Real Estate Settlement
Procedures Act all serve the purpose of regulating the: Answer: Lending
practices of mortgage lenders
◉ On the advice of a real estate broker, Harold calls up Lender Lisa to
get a ballpark figure as to how big of a mortgage loan he could afford.
Lender Lisa asks Harold about his income and, based on what Harold
tells her, states a general range for which Harold could probably get
financing. What step of the loan approval process is Harold in at this
point? Answer: pre-qualification
◉ How many hours of pre-license education are salesperson applicants
required to successfully complete? Answer: 60
◉ Which of these transaction would require a public offering statement
(POS)? Answer: The initial sale of a condominium
◉ Which of these situations demonstrates the principle of anticipation?
Answer: An investor buys above market because they know an area is
rapidly increasing in value
