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TX 30 Hour Principles of Real Estate II Exam Questions & answers.
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TX 30 Hour Principles of Real Estate IIExam Questions & answers.
When the value of a property increases thanks to an adjacent higher-quality property, It is called... ANS -
Progression
Sherman gave Alexi a two-acre parcel for free. This transfer of property is known by what term? ANS -
Deed of gift
Rachel loves convenience. As you can imagine, she was thrilled when she was able to finance her
mortgage through the same institution where she deposits her payroll checks. Which of these most
likely financed Rachel's mortgage? ANS -Savings and Loan
According to Texas's Identity Theft Enforcement and Protection Act, what should property managers and
landlords do with old tenant records that contain sensitive personal information? ANS -Destroy the files
Why do the seller's and buyer's agents attend the closing? ANS -To provide support to their clients
What two types of data does an appraiser gather? ANS -General and specific
Who's responsible for any tax reserves required to pay property taxes? ANS -Buyer
One area of town has maximum building height requirements and setbacks for the front, side, and rear
yards. These requirements are all indicative of ______. ANS -Bulk zoning
What type of real estate investment may meet the definition of being a security and must adhere to the
rules and regulations of the Securities and Exchange Commission? ANS -Real estate syndicate
Consideration is one element of a valid contract. In a lease, which of the following does the lessee give
as consideration? ANS -Rent
Who is ultimately responsible for ensuring that any hazardous waste produced at an apartment complex
is properly disposed of? ANS -The property owner or manager
The acquisition cost of an investment property plus any improvements or renovations is the
investment's... ANS -Depreciable basis
Which of the following actions likely requires a variance? ANS -An addition which alters the setback
What does "cash-on-cash return" mean? ANS -A comparison of before-tax cash flow to cash invested
When must lenders provide borrowers with a disclosure statement regarding finance charges, annual
percentage rate, etc.? ANS -At loan application or within three days after loan application
Green mortgages are also known as what? ANS -Energy efficient mortgages
which CLOs are accessed through an intermediary such as a real estate or mortgage professional? ANS -
Closed CLOs
What types of capital gains may property owners encounter? ANS -Short- and long-term
, Which agency administers the Interstate Land Sales Full Disclosure Act? ANS -Consumer Financial
Protection Bureau
What type of mortgage allows the purchaser to include the cost of the energy improvements into the
mortgage without an increase in their down payment? ANS -An energy-improvement mortgage
What is the 200% rule as it relates to tax-deferred exchanges? ANS -The combined fair market value of
the property (or properties) being exchanged into cannot be more than 200% of the relinquished
property.
What is the purpose of the TDHCA? ANS -To help Texans with their housing needs
How do you calculate interest rate? ANS -I / LB
______ determines who the heir or heirs will be if a person dies without a will. ANS -Intestate succession
April was able to establish a day care in a residential neighborhood, where businesses would not
normally be permitted. This required approval of the planning and zoning commission and
_____________. ANS -A special use or conditional use permit
Which of these properties are exempt from the FIRREA federal appraisal guidelines? ANS -Properties
valued at $400,000 or less
An amortized loan includes a regular payment that includes both principal and _________ to gradually
pay off the loan over its entire term. ANS -Interest
Steve is preparing a market analysis for the Joneses and has selected three comparable properties.
What's the maximum number of adjustments Steve should make to the Joneses' property? ANS -Zero
What institution was formed in 1968 and took over the sale of the government loan market? ANS -
Ginnie Mae (GNMA)
What is the process in which an appraiser determines a probable range of values for a property by
comparing a group of comparable sales to the subject? ANS -Bracketing
Besides the federal rules, which Texas entity or entities sets forth the state rules surrounding kickbacks?
ANS -Both TREC and the TDI
Texas has its share of environmental woes. Three regions within the state have been designated as
failing to meet what federal standards? ANS -Three regions of Texas have been designated by the EPA as
failing to meet the Clean Air Act standards since 2011.
How often can interest rates change on an adjustable rate loan with a flexible payment plan? ANS -Once
a month
Jan is a real estate licensee gathering information to help her seller determine a good listing price. How
could expired listings help her in this process? ANS -They illustrate the price at which the property won't
sell.
What is the term for an increase in property value caused by the joining of two neighboring parcels of
land? ANS -Plottage
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