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Aceable Agent - Principles of Real Estate II Exam Notes Questions & Answers(GRADED A+)
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PRINCIPAL - ANSWER-What is the term that describes the money that is lent? CASH TO CLOSE - ANSWER-Down payment minus earnest money? TOTAL SALES PRICE - ANSWER-Loan payment + loan principal? ORIGINATION POINTS - ANSWER-Loan points/fees charged 1% to compensate loan officers for underwriting...

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  • March 4, 2024
  • 17
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • aceable agent principles of real estate ii exam
  • aceable agent principles of real estate stuvia
  • total partpercentage part total x percentage

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Aceable Agent - Principles of Real Estate
II Exam Notes Questions &
Answers(GRADED A+)
TOTAL = PART/PERCENTAGE
PART = TOTAL x PERCENTAGE
PERCENTAGE = PART/ TOTAL - ANSWER-Formulas to calculate commission?

PRINCIPAL - ANSWER-What is the term that describes the money that is lent?

CASH TO CLOSE - ANSWER-Down payment minus earnest money?

TOTAL SALES PRICE - ANSWER-Loan payment + loan principal?

ORIGINATION POINTS - ANSWER-Loan points/fees charged 1% to compensate loan
officers for underwriting and administering the loan.

DISCOUNT POINTS - ANSWER-Loan points/fees charged 1% in exchange for a lower
interest rate on the loan.

DAY OF CLOSING - ANSWER-When is the seller responsible for property taxes?

Uniform Standards of Professional Appraisal Practice (USPAP) - ANSWER-Ethical code
for appraisers?

Appraiser Qualifications Board (AQB) - ANSWER-Who regulates USPAP?

TALCB - ANSWER-Texas Appraiser Licensing & Certification Board acronym?

LICENSED RESIDENTIAL APPRAISER - ANSWER-Qualified to appraise:
-1 to 4 family non-complex residential units, <1 mill
-1 to 4 family residential complex unit, <$250k
-75 add'l education hours
-2000 hours experience over min 1 year
-Assoc Degree or 30 course credit hours

CERTIFIED RESIDENTIAL APPRAISER - ANSWER-Qualified to appraise:
-1 to 4 residential unit, any value okay
-125 add'l education hours
-2,500 hours experience over min 2 years
-Bach Degree or higher

,CERTIFIED GENERAL APPRAISER - ANSWER-Qualified to appraise:
-any type of property
-225 add'l education hours
-Bach Degree
-3000 hours experience over min 2.5 years
-1/2 experience must be non residential

PRINCIPLE OF SUBSTITUTION - ANSWER-The value of something is affected by the
cost of getting a similar item elsewhere. Similar properties should have fairly similar
values.

PRINCIPLE OF CONFORMITY - ANSWER-Values are highest when the houses in a
neighborhood look roughly the same.

PRINCIPLE OF CONTRIBUTION - ANSWER-A property's overall value is made up of
the combined value of each of its parts. The value added by the improvement could be
higher or lower than the expense.

PRINCIPLE OF CHANGE - ANSWER-The condition of a property, the desirability of its
location, and the market in which it exists can always change. Appraisals are only good
for one month.

STEPS TO COMPLETE AN APPRAISEL - ANSWER-1. state obj
2. list data
3. gather/record data
4. determine highest and best use
5. land value
6. estimate value using applicable approaches
7. final value estimate
8. complete and present report

MINIMUM BID AUCTION - ANSWER-What is a "No-reserve" auction? An auction which
a minimum acceptable sales price (reserve) is set.

1. SALES COMPARISON APPROACH

2. THE COST APPROACH

3. THE INCOME APPROACH - ANSWER-What are 3 ways to calculate value?

COST APPROACH - ANSWER-Approach to calculate value based on improvements,
loss, comparable, by a) quantity survey method, b) unit in place method, c) square foot
method.

Property value = Cost of Reproduction - Depreciated Value + Land Value

, INCOME APPROACH - ANSWER-Approach to calculate value for commercial
properties?

NOI/ Cap Rate = Value
or "IRV"

1. PRINCIPLE OF CONFORMITY

2. PRINCIPLE OF REGRESSION

3. PRINCIPLE OF PROGRESSION - ANSWER-What are 3 principles to consider when
evaluating property and neighborhood?

INVERSE CONDEMNATION - ANSWER-What is the term used to describe when the
property owner has the right to sue the government for taking their land?

FREDDIE MAC - ANSWER-What is the acronym for the Federal Home Loan Mortgage
Corp that deals with small thrift banks created in 1970?

FARMER MAC - ANSWER-What is the acronym for Federal Agriculture Mortgage Corp
that provides secondary market for agricultural real estate mortgage loans, rural
housing loans, and rural utility coop loans?

JOINT VENTURE - ANSWER-A commercial enterprise undertaken jointly by two or
more parties that otherwise retain their distinct identities.
-the sponsor is like a general manager
-the authority of partners is limited
-temporary business opposed to ongoing

Federal Home Loan Bank System (FHLB) - ANSWER-What is the system that was
created in 1932:
1. regulate thrift institutions, mutual/stock companies
2. set and reserve requirements
3. establish discount rates
4. provide insurance for depositors
5. operates 11 district banks

INSURANCE COMPANIES - ANSWER-What type of company?
-investment in municipal bonds to provide business with capital for research or
expansion and investment in commercial real estate
-investment in large retail projects like shopping centers, but not office, industrial or
multi-family properties

$250k - ANSWER-How much are accounts under the FHLB system insured up to, per
title, per account?

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