Exam (elaborations)
Texas Principles Of Real Estate 2: Questions With Detailed Answers
- Course
- Institution
Texas Principles Of Real Estate 2: Questions With Detailed Answers
[Show more]
Content preview
Texas Principles Of Real Estate 2: Questions WithDetailed Answers
The approach used as the best indicator of value for existing properties.
a. functional obsolescence
b. sales comparison
c. highest and best use
d. market value
e. external obsolescence Right Ans - B
Refers to the loss in desirability of the style, layout, or function of an element
of a property over time.
a. functional obsolescence
b. sales comparison
c. highest and best use
d. market value
e. external obsolescence Right Ans - A
The price a willing seller will sell for, and the price a willing buyer will pay.
a. functional obsolescence
b. sales comparison
c. highest and best use
d. market value
e. external obsolescence Right Ans - D
The legal use for property that gives the greatest return in money and/or
amenities.
a. functional obsolescence
b. sales comparison
c. highest and best use
d. market value
e. external obsolescence Right Ans - C
The loss in value of a property caused by factors outside of the property itself.
,a. functional obsolescence
b. sales comparison
c. highest and best use
d. market value
e. external obsolescence Right Ans - E
The appraised value of a property is:
a. The sale price
b. An opinion of value
c. A market analysis
d. The market value of a property Right Ans - B
A "lite" appraisal is often referred to as a(n):
a. Drive-by appraisal
b. Full appraisal
c. Appraisal review
d. Summary appraisal Right Ans - A
In the appraisal report, the property being appraised is referred to as the
___________________.
a. Target property
b. Comparable property
c. Sold property
d. Subject property Right Ans - D
A homeowner added a swimming pool to a home at a cost of $75,000. During
an appraisal, the appraiser determined that the pool added $55,000 to the
value of the property. In this case, the appraiser was applying the principle of
_______________ in the analysis.
a. Anticipation
b. Change
c. Substitution
d. Contribution Right Ans - D
, An appraisal has a limited "shelf life" because of the principle of
__________________.
a. Anticipation
b. Change
c. Substitution
d. Contribution Right Ans - B
The legal use of a property that gives the greatest return in money and/or
amenities is known as the property's _______________.
a. Net adjusted value
b. Highest and best use
c. Going concern value
d. Assessed value Right Ans - B
The value of a property can automatically be inferred from the prices at which
other similar properties have sold.
a. True
b. False Right Ans - B
____________________ is the most probable price a property should bring in a
competitive and open market under all conditions requisite to a fair sale.
a. Sales price
b. Business value
c. Assessed value
d. Market value Right Ans - D
The chronological age of a property is:
a. The actual age of the property
b. The age of the property based upon is current condition
c. The age of the property as estimated by an appraisal district
d. The actual age of the property minus the number of years remaining on a
mortgage Right Ans - A
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller LeCrae. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $18.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
82215 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
