ACEABLE AGENT EXAM FULL QUESTIONS
AND CORRECT ANSWERS ALREADY
PASSED
●● In which of the following situations would a sales associate need a
CAM license?
1. Tim is managing a condo with 12 units and an annual budget of
$150,000.
2. Maria is managing a single-family rental property.
3. John is managing a PUD with nine units and an animal budget of
$200,000.
4. Timothy is managing an HOA with five homes and an annual budget
of $50,000.
Answer: Tim is managing a condo with 12 units and an annual budget of
$150,000.
●● Ileanel is starting a new job as a property manager. She asks you for
advice on what she should focus her efforts on. You tell her:
1. "Focus on realizing the highest return possible on the owner's
investment."
2. "Make sure all tenants are friendly toward one another."
,3. "Don't spend too much in the first month. That's a classic management
mistake."
4. "Advertising is overrated. Put all your energy into getting referrals."
Answer: "Focus on realizing the highest return possible on the owner's
investment."
●● Grover is overseeing a transaction in which one party is a business
that owns a piece of property. As such, Grover is likely a:
1. Business broker
2. MLO
3. Government official
4. Appraiser
Answer: Business broker
●● Reuben is developing and building upon a piece of land. He acquires
the land, subdivides it, and ensures it is usable. Generally speaking, what
should Reuben's next step be?
1. Record his subdivision plat map
2. Prepare to attend a small claims court
3. Drill on his land to access the water source
4. Dedicate a plot of bud land to the government
,Answer: Record his subdivision plat map
●● A sales associate brings together a buyer and a seller. They oversee
the parties' transaction until it is complete. The sales associate is
engaging in the business of:
1. Real estate brokerage
2. Appraisal
3. Developing
4. Property management
Answer: Real estate brokerage
●● Product A is:
-The most official valuation of a property's title
-Something that can be done by a license
-Something that must confirm to USPAP
What is Product A describing?
1. Appraisal
2. CMA
3. BPO
4. MLO
, Answer: Appraisal
●● Tony is a sales associate who focuses on the sales of movie theaters,
bars, restaurants, and entertainment venues. This real estate
specialization could be best described as:
1. Commercial real estate
2. Industrial real estate
3. Agricultural real estate
4. Undeveloped land
Answer: Commercial real estate
●● Robyn is a sales associate. She knows she won't be personally
responsible for supplying third-party financing, so she ignores that part
of her course. Give Robyn advice:
1. "You need to know about mortgages as many clients will need
information from you regarding the mortgage process."
2. "That's wise. There is a lot to know for the exam, so focus your
efforts."
3. "As long as you work in residential sales, you'll never have to know
about mortgages."
4. "That's fine, as sales associates don't have to know about mortgages.
Only brokers do."
AND CORRECT ANSWERS ALREADY
PASSED
●● In which of the following situations would a sales associate need a
CAM license?
1. Tim is managing a condo with 12 units and an annual budget of
$150,000.
2. Maria is managing a single-family rental property.
3. John is managing a PUD with nine units and an animal budget of
$200,000.
4. Timothy is managing an HOA with five homes and an annual budget
of $50,000.
Answer: Tim is managing a condo with 12 units and an annual budget of
$150,000.
●● Ileanel is starting a new job as a property manager. She asks you for
advice on what she should focus her efforts on. You tell her:
1. "Focus on realizing the highest return possible on the owner's
investment."
2. "Make sure all tenants are friendly toward one another."
,3. "Don't spend too much in the first month. That's a classic management
mistake."
4. "Advertising is overrated. Put all your energy into getting referrals."
Answer: "Focus on realizing the highest return possible on the owner's
investment."
●● Grover is overseeing a transaction in which one party is a business
that owns a piece of property. As such, Grover is likely a:
1. Business broker
2. MLO
3. Government official
4. Appraiser
Answer: Business broker
●● Reuben is developing and building upon a piece of land. He acquires
the land, subdivides it, and ensures it is usable. Generally speaking, what
should Reuben's next step be?
1. Record his subdivision plat map
2. Prepare to attend a small claims court
3. Drill on his land to access the water source
4. Dedicate a plot of bud land to the government
,Answer: Record his subdivision plat map
●● A sales associate brings together a buyer and a seller. They oversee
the parties' transaction until it is complete. The sales associate is
engaging in the business of:
1. Real estate brokerage
2. Appraisal
3. Developing
4. Property management
Answer: Real estate brokerage
●● Product A is:
-The most official valuation of a property's title
-Something that can be done by a license
-Something that must confirm to USPAP
What is Product A describing?
1. Appraisal
2. CMA
3. BPO
4. MLO
, Answer: Appraisal
●● Tony is a sales associate who focuses on the sales of movie theaters,
bars, restaurants, and entertainment venues. This real estate
specialization could be best described as:
1. Commercial real estate
2. Industrial real estate
3. Agricultural real estate
4. Undeveloped land
Answer: Commercial real estate
●● Robyn is a sales associate. She knows she won't be personally
responsible for supplying third-party financing, so she ignores that part
of her course. Give Robyn advice:
1. "You need to know about mortgages as many clients will need
information from you regarding the mortgage process."
2. "That's wise. There is a lot to know for the exam, so focus your
efforts."
3. "As long as you work in residential sales, you'll never have to know
about mortgages."
4. "That's fine, as sales associates don't have to know about mortgages.
Only brokers do."
