Aceable Agent Principles of Real Estate 2.pdf file:///C:/Users/HP/Desktop/NIW/Aceable%20Agent%20Principles%
Aceable Agent Principles of Real Estate 2
1. The repayment of a loan principle over time
ANS Amortization
2. Payment for an item or service after it's received
ANS Arrears
3. The initial payment made when buying something on credit, a
is paid directly by the buyer to the seller
ANS Down Payment
4. The allocation or distribution of an annual expense across smaller chunksof time
ANS Proration
5. A unit of measurement used to determine the size of land; 1 acre = 43560square feet
ANS Acreage
6. The value of property, based on factors determined by a certified apprais-er
ANS Appraisal
7. Information about the area surrounding a property, this could include the city, region,
and neighborhood in which the property is situated
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ANS General data
8. Information regarding the property itself
ANS Specific Data
9. A simple, abbreviated version of a regular appraisal
ANS Limited Appraisal
10. The price for which a property would sell if offered openly under normalconditions.
This refers to the economic principle, it's the price that a buyer and seller would
probably accept
ANS Market Value
11. Refers to the value given by a licensed appraiser during the mortgage origination
process. Appraisers are chosen by the lender but paid for by thehomebuyer.
ANS Appraised Value
12. Refers to the value placed on a property by a governmental unit for use inlevying
annual real estate taxes
ANS Assessed Value
13. The limit on the value of a loan, usually a certain percentage of the home'sappraised
value or sales price, whichever is lower
ANS Loan-to-Value Ratio (LTV)
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14. The property that is being evaluated in any given appraisal
ANS Subject Prop-erty
15. What is achieved when a property is used for the most appropriate purposewith the
highest returns
ANS Highest and Best Use
16. The present value of a property is affected by the anticipated income orutility that
property will give to the property owner
ANS Principle of Anticipation
17. A property's overall value is made of the combined value of each of itsparts
ANS Principle of Contribution
18. The value of something is effected by the cost of getting a similar (substi-tute) item
elsewhere
ANS Principle of Substitution
19. The condition of a property, the desirability of its location, and the marketin which it
exists can always change
ANS Principle of Change
20. Values are the highest when houses in a neighborhood look roughly thesame
ANS Principle of Conformity
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21. Lower value properties surrounding a subject property are can drag downthe value of
a property
ANS Principle of Regression
22. Higher value properties of a subject property can bump of the value of aproperty
ANS Principle of Progression
23. Determining value by comparing the subject property to similar properties("comps")
that have sold recently. It's most commonly used for single family residences.
ANS Sales Comparison Approach
24. Determining value by considering how much the same property would costto build
brand new at current prices (replacement cost), then adjusting for depreciation
ANS Cost Approach
25. Determining value by considering how much income the property wouldgenerate
when used as rental property
ANS Income Approach
26. The loss of value because of obsolescence or deterioration
ANS Depreciation
27. Loss of value because a property's function or appearance has gone out of style
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