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Principles of Real Estate Final Exam With 100% Correct Answers 2024 1. One of the elements of a valid contract is mutual consent—an offer and an acceptance. A contract becomes binding between the seller and the buyer when the: a. buyer signs the counteroffer. b. broker is notified of the sell...

Principles of Real Estate Chap 12 Exam With 100% Correct Answers 2024 In the real estate context, "price" usually refers to - answerthe final selling price. Which of the following situations illustrates the principle of contribution? - answerA homeowner adds a third bathroom to a house and the...

Principles of Real Estate Exam With 100% Correct Answers 2024 real property - answerresidential, commercial, mixed use, industrial, agricultural, special purpose 1949 - answerTexas Real Estate License Act was passed in Legislative Acts - answerrules and regulations adopted by government agencie...

Principles of Real Estate Exam With 100% Correct Answers 2024 In the real estate business, which professional's primary role is to make improvements to land? - answerReal estate developer Hotels, motels, golf courses, resorts, and sporting arenas belong to which of these property categories? -...

Principles of Real Estate Exam With 100% Correct Answers Loss of value due to lack of modernization is called: - answerFunctional obsolescence The __________ is considered the most reliable approach to value because it is based on verifiable market events. - answerSales comparison approach A lo...

Principles of Real Estate Exam With 100% Correct Answers 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 - answerB For tax purposes the _______ is determined by the taxing authority. (a) assessed value ...

Principles of Real Estate 1 Exam With 100% Correct Answers All of the following violate the Texas Real Estate License Act, EXCEPT: - answerDisclosing all known facts pertaining to a property to a client The aspect of the real estate business that is concerned with bringing together the parties a...

Principles of Real Estate 1 Exam With 100% Correct Answers Which of the following actions does not violate the Texas Real Estate License Act? - answerDisclosing all known facts pertaining to a property to a client The aspect of real estate business that is concerned with bringing together the pa...

Principles of Real Estate 2 Exam With 100% Correct Answers Externalities - answerThe unaccounted effects that a land use imposes on surrounding parcels Comprehensive Plan - answerA local government's general guide to a community's growth and development based on the community's goals and obj...

Principles of Real Estate 1 Exam With 100% Correct Answers 2024 The purpose of the Texas real estate license act is - answerTo protect the public again on scrupulous brokers and salesman Climate views axis to natural re-creating good schools and job opportunities are some factors that contribut...

Principles of Real Estate 1 Exam With 100% Correct Answers The education standards advisory committee is made up of? - answer12 Members The commission issues a license to a salesperson after? - answerthe person has met all off the requirements for a license A deed is used to transfer ownership ...

Principles of Real Estate 1 Exam With 100% Correct Answers 2024 While listing the property with you, the seller asks "Who sets real estate commission rates?" The correct response would be: a. The standard rate is set by TREC. b. The standard commission rate is set state law. c. Long ago, the...

Principles of Real Estate 1 Exam With 100% Correct Answers Appraisal is the business of: (a) Acquisition of land for development into residential subdivisions and retail centers (b) Providing money to individuals or corporations for the conditional transfer or pledge of real estate as security ...

Principles of Real Estate 2 Exam With 100% Correct Answers 2024 What helps overcome the difficulties of objectively estimating the value of properties? - answerAppraisals The approach used as the best indicator of value for existing properties - answerSales Comparison Refers to the loss in des...

Principles of Real Estate 2 Exam With 100% Correct Answers Profit: - answerA financial gain. Making more money selling a product than was spent buying or producing the product. Loss: - answerA financial loss — Making less money selling a product than was spent buying or producing the product....

Principles of Real Estate Exam With 100% Correct Answers 2024 What is personal property called? - answerchattel For commercial properties, for example, sometimes affixed items are considered ________ ________ and are therefore the renter's personal property - answertrade fixtures what is it ca...

Champions Principles of Real Estate Exam With 100% Correct Answers 2024 appraisal - answervalue of a property maybe affected by social, economic, govt and environmental influences Loan-to-Value Ratio (LTV) - answerThe percentage of value or sales price that a lender is willing to finance. limi...

Champions Principles of Real Estate 1 Exam With 100% Correct Answers 2024 Leasehold Estates - answerpossession and use of property without ownership Estate for years (tenancy for years) - answerany lease with a specific starting and ending date. Survives the death or sale of the property Period...

Principles of Real Estate 2 Exam With 100% Correct Answers Market cycles, Economic forces, Political actions - answerAppraiser must be aware of.... Principle of Substitution - answerThe principle of appraisal that states "value is influenced by the cost of acquiring a comparable replacement" i...

Principles of Real Estate 1- Champions School of Real Estate Exam with 100% correct solutions a freeway has made commuting to a distant suburban neighborhood easier, resulting in an increase in new home sales. This increase in sales is an example of the economic characteristic of A.) scarcity ...

Principles of Real Estate 2 Champion Exam With 100% Correct Answers 2024 An opinion of value - answerThe appraised value of a property is: assessed value - answerthe amount that your local government determines your property to be worth for tax purposes subject property - answerThe property tha...

Principles of Real Estate 2 Champion Exam With 100% Correct Answers 2024 Functional obsolescence - answerRefers to the loss in desirability of the style, layout or function of an element of a property over time Sales comparison - answerbest indicator of value for existing properties highest and...

Champions School of Real Estate-Principles of Real Estate I Exam with 100% correct solutions 3 Physical Characteristics of Land - answerIndestructibility or durability Immobility Non homogeneity Mortgage Lending - answerbusiness of providing money to individuals or corporations for the condit...

Principles of Real Estate 2 (TEXAS) Exam With 100% Correct Answers 2024 Appraiser must be aware of? - answermarket cycles economic force political actions The principle of appraisal that states "value is influenced by the cost of acquiring a comparable replacement" is: - answerprinciple of sub...

Principles of Real Estate 2 (TEXAS) Exam With 100% Correct Answers 2024 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 - answerB Refers to the loss in de...

Principles of Real Estate 2 Exam With 100% Correct Answers 2024 The organization that has been most influential in addressing regional imbalances of mortgage credit availability and in the standardization of mortgage loans is: - answerFannie Mae Fannie Mae began in ________ as an agency of the f...

Principles of Real Estate Exam With 100% Correct Answers 2024 Items of personal property that are attached or incorporated into the land in such a manner as to become real property are called: - answerfixtures Anything attached to the land, such as buildings, fences, walls, walks and shrubs, are...

Principles of Real Estate 2 Exam With 100% Correct Answers 2024 Jennifer and Mallory, a buyer and a seller, are going through the closing process of their real estate transaction. In their transaction, like in most sales transactions, two closings will take place: - answerthe closing of the sale...

Principles of Real Estate 1 Exam With 100% Correct Answers 2024 brokerage - answerThe business of bringing buyers and sellers together and assisting in negotiations for the terms of sale of real estate. real estate broker - answerA person or an organization acting as the agent for others in neg...

Principles of Real Estate Final Exam With 100% Correct Answers 1. One of the elements of a valid contract is mutual consent—an offer and an acceptance. A contract becomes binding between the seller and the buyer when the: a. buyer signs the counteroffer. b. broker is notified of the seller's...

Principles of Real Estate MC 11 Exam With 100% Correct Answers 2024 A property is owned by two unmarried individuals without the right of survivorship. The form of ownership is most likely: a. Community property b. Ownership in severalty c. Joint Tenancy D. Tenancy in common - answerD Three ...

Principles of Real Estate 2 Champion Exam With 100% Correct Answers 2024 What does D.U.S.T. stand for? - answerDemand, Utility, Scarcity, Transferability the percentage of value or sales price that a lender is willing to finance - answerLoan to Value Ratio (LTV) the value of a property is equal...

Principles of Real Estate 2 Exam With 100% Correct Answers 2024 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 - answerB) An opinion of value For tax purposes the _______ is determined by the taxing authori...

Principles of Real Estate 1 Exam With 100% Correct Answers 2024 Most residential agents go into ________ real estate - answerresidential _______ members make a quorum for the ESAC Comittee - answerseven The two level of licensure are the ____________ license and the ________ license - answersal...

Principles of Real Estate MC 8 Exam With 100% Correct Answers 2024 The most common method of describing real estate in subdivisions is: a. Lot and block b. Metes and bounds c. Street address d. Rectangular Survey System - answerA A method of property description that consists of terminal poin...

Principles of Real Estate Exam With 100% Correct Answers 2024 The Transfer Disclosure Statement (TDS) is required in which type of transaction? A) Sales involving co-owners B) Sales involving federally regulated lenders C) Sales involving one-to-four-family dwellings, except for specified exempt...

Principles of Real Estate MC 1 Exam With 100% Correct Answers 2024 Brokerage is the aspect of the real estate business that pertains to overseeing the needs of the parties and completing a transaction. a. True b. False - answerA Property managers are generally responsible for the of a property...