ACEABLE AGENT EXAM SCRIPT VERIFIED
QUESTIONS WITH DETAILED SOLUTIONS
●● implied agency
Answer: created by actions, conducts, and words
●● the lender
Answer: title theory state, who holds the title
●● mortgagor/borrower
Answer: lien theory state, who holds title to the life of the loan?
●● stigmatized property
Answer: property w/ low market value unrelated to its physical
condition or features
●● apparent authority
Answer: agent takes an unauthorized action on behalf of a principal, the
principal accepts after the fact
●● PUD
Answer: own your house and land it sits on, plus shared ammenities
,●● 3 banking days after receiving it
Answer: when must a BIC deposit earnest money?
●● compensation
Answer: seller owes buyer
●● caveat emptor
Answer: buyer is responsible for verifying quality and value of goods
prior to purchase
●● debit
Answer: money owed
●● credit
Answer: money coming in
●● specific data
Answer: info about a property itself
●● compensatory damages
Answer: award given to a wronged party as compensation for actual
injury or loss aka actual damages
, ●● no binding contract exists as the counter offer terminated the original
offer
Answer: when the seller has not received any information other than the
original offer that was accepted
●● true
Answer: agents cannot act as dual agents when they have interest in the
property being sold
●● extender clause
Answer: protects the agent from a seller circumventing, when a seller
waits for the contract to expire to sell a home
●● start date, end date, and non-discriminatory language
Answer: agency agreements must have:
●● earnest money, 10
Answer: _______ should be turned over to settlement agent no earlier
than ________ days prior to the settlement date
●● 3
Answer: consumers must receieve the closing disclosure no later than
_____ business days before consummation of their loan
QUESTIONS WITH DETAILED SOLUTIONS
●● implied agency
Answer: created by actions, conducts, and words
●● the lender
Answer: title theory state, who holds the title
●● mortgagor/borrower
Answer: lien theory state, who holds title to the life of the loan?
●● stigmatized property
Answer: property w/ low market value unrelated to its physical
condition or features
●● apparent authority
Answer: agent takes an unauthorized action on behalf of a principal, the
principal accepts after the fact
●● PUD
Answer: own your house and land it sits on, plus shared ammenities
,●● 3 banking days after receiving it
Answer: when must a BIC deposit earnest money?
●● compensation
Answer: seller owes buyer
●● caveat emptor
Answer: buyer is responsible for verifying quality and value of goods
prior to purchase
●● debit
Answer: money owed
●● credit
Answer: money coming in
●● specific data
Answer: info about a property itself
●● compensatory damages
Answer: award given to a wronged party as compensation for actual
injury or loss aka actual damages
, ●● no binding contract exists as the counter offer terminated the original
offer
Answer: when the seller has not received any information other than the
original offer that was accepted
●● true
Answer: agents cannot act as dual agents when they have interest in the
property being sold
●● extender clause
Answer: protects the agent from a seller circumventing, when a seller
waits for the contract to expire to sell a home
●● start date, end date, and non-discriminatory language
Answer: agency agreements must have:
●● earnest money, 10
Answer: _______ should be turned over to settlement agent no earlier
than ________ days prior to the settlement date
●● 3
Answer: consumers must receieve the closing disclosure no later than
_____ business days before consummation of their loan
