Champions Principles of Real Estate 2 Exam Questions and Answers
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Course
Champions Real Estate
Institution
Champions Real Estate
Champions Principles of Real Estate 2
Exam Questions and Answers
appraisal - ANSWER-value of a property maybe affected by social, economic, govt and
environmental influences
Loan-to-Value Ratio (LTV) - ANSWER-The percentage of value or sales price that a lender is willing to
finance.
limited ...
Principal of Substitution - ANSWER✔✔-value of a commodity is influenced by the cost of acquiring
subsitute or comparable item
Principal of progression - ANSWER✔✔-value of properties around yours goes up; so does yours
Principal of Regression - ANSWER✔✔-The Value of more expensive home placed in a neighborhood of
less expensive homes will drop in value
Market Value - ANSWER✔✔-the most probable price a property should bring in a competitive and open
market under fair conditions requisit to a fair sale.
appraisal process - ANSWER✔✔-The value of a property may be affected by social, economic,
governmental and environmental influences. An appraiser must always be aware of these influences and
possible changes in them that could affect market value.
Three approaches to value - ANSWER✔✔-(1) The Sales Comparison Approach
(2) The Cost Approach,
(3) The Income Approach.
Sales Comparison Approach - ANSWER✔✔-A value for existing properties method for comparing similar
properties to the subject property. this is the best indicator.
Market Data Approach - ANSWER✔✔-aka: sales comparison approach
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