WITH CORRECT DETAILED ANSWERS

ACEABLE AGENT real EXAM QUESTIONS

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• Appointed License Holder - ANSWER ✓✓ a sales agent license holder who was

designated to work with a client during an intermediary transaction

• Special Agency - ANSWER ✓✓ the relationship between a broker and a

principal wherein the broker has restricted authority to act on behalf of the principal to achieve one specific objective

• Agent - ANSWER ✓✓ a person who acts on behalf of someone else

• Seller's Disclosure Notice - ANSWER ✓✓ a document filled out by the seller

concerning any defects in the improvements on the property

• Subagent - ANSWER ✓✓ a license holder from one office who represents the

seller through cooperation with the listing broker of another company

• Material Fact - ANSWER ✓✓ any fact that is significant or essential to the

transaction

• Fiduciary Duties - ANSWER ✓✓ a responsibility to act in the best interest of

your client — the highest standard

• Fraud - ANSWER ✓✓ a misstatement made intentionally to deceive

• Civil Rights Act of 1866 - ANSWER ✓✓ the first law that began to promise

equal rights for all citizens regardless of race or color 1 / 4

• Fair Housing Act - ANSWER ✓✓ a federal law that prohibits discrimination in

housing based upon race, color, religion, or national origin and was amended to include sex, disability, and familial status; a.k.a. the Fair Housing Act of 1968

• Disability - ANSWER ✓✓ a physical or mental impairment that limits at least

one major activity in someone's life

• Steering - ANSWER ✓✓ an illegal act of channeling buyers or tenants to

certain areas, either to keep the area demographically the same or to change the demography of the area

• American with Disabilities Act - ANSWER ✓✓ a federal law enacted to

remove barriers for individuals with disabilities

• Equal Opportunity in Housing - ANSWER ✓✓ the concept that everyone will

have equal access to housing with no discriminatory actions taking place

• Texas Department of Housing and Community Affairs - ANSWER ✓✓ a

department that administers assigned programs on Texas housing, invests resources strategically, and develops high quality affordable housing which allows Texas communities to thrive

• Reasonable Accommodation - ANSWER ✓✓ a change in rules, policies, or

practices that may be necessary to afford a person with a disability an equal opportunity to use or enjoy a dwelling

• Protected Classes - ANSWER ✓✓ groups that are illegal to discriminate

against, as defined by the Fair Housing Act

• Housing and Community Development Act - ANSWER ✓✓ a 1988

amendment to the Fair Housing Act, that added familial status and disability to the list of protected classes

• Familial Status - ANSWER ✓✓ protected class that applies to any family with

at least one person under 18 years of age with at least one parent or legal guardian

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• Blockbusting - ANSWER ✓✓ to sell their homes by creating fear that

minorities are moving into the area; also known as panic peddling

• Equal Credit Opportunity Act (ECOA) - ANSWER ✓✓ law prohibiting credit

discrimination on the basis of race, color, religion, national origin, sex, marital status, age, or use of public assistance

• Community Reinvestment Act - ANSWER ✓✓ helps commercial banks and

savings associations meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods

• Redlining - ANSWER ✓✓ the illegal act of an lender denying mortgages in

certain areas of town

• Home Mortgage Disclosure - ANSWER ✓✓ federal act that requires lenders to

disclose specific lending information, which HUD then uses to map lending patterns

• Disability - ANSWER ✓✓ a physical or mental impairment that substantially

limits one or more of an individual's major life activities

• REALTOR® - ANSWER ✓✓ a registered trademark designed for the sole use

of identifying the members of a local board who are affiliated with the National Association of REALTORS®

• Code of Ethics - ANSWER ✓✓ a document created by the National

Association of REALTORS® that their members pledge 28.If a salesperson has no interest in opening their own brokerage, why might they still want to get a broker's license? - ANSWER ✓✓ for marketing purposes

• How often must a real estate license be renewed? - ANSWER ✓✓ A real estate

license must be renewed every two years.

• What is the name given to the duties owed by agents to their clients? -

ANSWER ✓✓ The duties owed by agents to their clients are known as fiduciary duties.

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• In an agency relationship, the agent owes the principal the fiduciary duties of

loyalty, obedience, accounting, confidentiality, reasonable care, and what else? - ANSWER ✓✓ Disclosure

• Obedience - ANSWER ✓✓ -is only required if legal

• Loyalty - ANSWER ✓✓ -the buyer's agent should get the lowest price

possible, even if it means less commission

34.. -the principal's best interests come before the agent's interests - ANSWER ✓✓

• Disclosure - ANSWER ✓✓ -if it will help the client, the agent should share it

-including sharing of material facts about a property

36.. Reasonable Care - ANSWER ✓✓ -standard is based on what most agents would do -assumes agent expertise will be used in handling client's concerns

• Which of the following is an example of misrepresentation? - ANSWER ✓✓

An agent thinks there are hardwood floors beneath the carpet of a property and implies to the buyer that there are, when in fact, there are not.

• Fraud vs. Misrepresentation - ANSWER ✓✓ Fraud is intentional;

misrepresentation is not. Fraud generally includes both affirmative misrepresentations and affirmative concealment, and the person making the misrepresentation is aware of the true facts.

• Does misrepresentation require malicious or deceptive intent? - ANSWER ✓✓

No, the seller, broker, or agent may be liable for misrepresentation even without malicious or deceptive intent.

• Which one of the following actions is most likely to be a violation of the Texas

Deceptive Trade Practices-Consumer Protection Act? - ANSWER ✓✓ The Deceptive Trade Practices Act prohibits the license holder from knowingly and/or intentionally deceiving the consumer in the selling or leasing of any real property.Providing a list of professionals to choose from does not violate the law.

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