Exam (elaborations)

Principles of Real Estate Questions With Correct Answers.

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Module
Champions School of Real Estate

Institution
Champions School Of Real Estate

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Uploaded on June 13, 2024
Number of pages 31
Written in 2023/2024
Type Exam (elaborations)
Contains Questions & answers

principles of real estate questions with correct

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Principles of Real Estate Questions With
Correct Answers.
brokerage
Overseeing the needs of the parties to a real estate transactions and seeing it to its completion.

appraisal
Providing a professional opinion of the value of real property.

mortgage lending
Is the business of providing money to individuals or corporations for the conditional transfer or pledge
of real estate as security for the payment of a debt.

RMLOs
Residential Mortgage Loan Originators

Residential Mortgage Loan Originators
are licenced by the Texas Department of Savings and Mortgage Lending

Property Management
Management of residential and commercial properties on behalf of the investor-owner of the
property.

Apartment Locators
Specialize in locating unit for tenants in multifamily complexe. Apartment locators in TX MUST have a
Texas Real Estate License.

Home Inspectors
are licensed by TREC and must be trained.

Real Estate Development
most often involves the acquisition of land for development into residential subdivisions, retail
centers and other commercial uses.

Petroleum Landmen
Individuals with Real Estate Background who are employed oil and gas companies. They help
determine mineral ownership and might negotiate oil and gas leases with mineral owners.

IREM
Institute of Real Estate Management

Institute of Real Estate Management
IREM is an international community of real estate managers dedicated to ethical business practices,
maximizing the value of investment real estate and promoting superior management through
education and info sharing.

,Certified Commercial Investment Member
Established in 1954 to give commercial real estate practitioners an opportunity to further their
business practices through education and networking opportunities.

CCIM
Certified Commercial Investment Member

SIOR
Society of Industrial and Office Realtors

Society of Industrial and Office Realtors
professional affiliate of the National Association of REALTORS. SIOR designees can hold the following
specialty designations: Industrial, office, sales manager, or advisory service.

ICSC
International Council of Shopping Centers

International Council of Shopping Centers
ICSC is to advance the shopping center industry and to promote its role in the commercial distribution
of consumer goods and services.

BOMA
Building Owners and Managers Association International

Building Owners and Managers Association International
Members are building owners, manages, developers, leasing professionals, corporate facility
managers, asset managers, and the providers of the products and services needed to operate
commercial properties.

Occupancy
the owner occupies the residence

Tax Benefits
Mortgage interest and property taxes may be tax deductible

Pride of Ownership
Many homeowners see the home as a sign of accomplishment

Security
Homeownership protects the individual or family from future increases in rental rates.

Investments
Properties are purchased and held in anticipation of income, appreciation or both.

,Benefits of homeownership include
Occupancy, Tax Benefits, Pride of ownership, security and investment.

The Economic Health of the US economy is tied to the heath of the real estate industry.
TRUE
2 multiple choice options

What roles do agents play in mortgage lending?
1. Arranging for the pre-qualification/pre-approval of buyers
2. Discussing general mortgage loan programs that buyers might consider
3. Answering finance and closing-related questions
4. Providing buyers with a list of potential lenders
5. Preparing the contract with all terms of sale, including financing conditions
6. Tracking important dates from contract to closing, including monitoring the time the
buyer has to obtain financing approval
(Pre-Qual, programs, $+closing questions, lender list, contracts, dates)

What are the three Physical characteristics of Land?
1. Indestructibility or durability
2. Immobility
3. Nonhomogeneity

Indestructibility or durability
Refers to the fact that land cannot be destroyed

Immobility
state of being unable to move

Nonhomogeneity
uniqueness

What are the 4 economic characteristics of land?
1. Scarcity
2. Modification
3. Fixity
4. Situs

Scarcity
Limited quantities of resources to meet unlimited wants. Supply and Demand!

Modification
Man-made changes to the land

Fixity
Land can't be moved and Take long periods to pay for themselves

, Situs
the location of the property or land from an economic, not a geographic, viewpoint

Value
Fair Return or equivalent in goods, services or money for something in exchange AND monetary
worth of something.

Supply and demand
perhaps the primary determinants of real estate values

Things that can restrict supply
1. Land Cost
2. Construction Cost
3. Taxation
4. Economics
5. Local Government building codes and zone ordinances.

Ad Valorem
according to value

Demand for real estate is affected by
1. Growth in employment
2. Transportation system
3. Personal Preference
4. Availability of credit
5. Federal Government Policy

Does the Federal Income Tax disfavor or favor homeownership?
Favor
2 multiple choice options

What are the tax benefits for homeownership?
1. Deductibility of mortgage interest payments
2. Deductibility of real property taxes
3. Exemptions from capital gains taxation
4. The supply of money
5. The monetary policies of the Federal Reserve
6. Interest rates

Exemptions from capital gain taxation on the sale of a primary residence.
Up to $500,000 for a married couple filing jointly. Property must be individuals primary residence for
two of the previous five years to qualify.
**TAX FREE CAPITAL GAIN

At the local level, economic cycles and real estate values are affected by what?
local level, economic cycles and real estate values are affected by:

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Exam (elaborations)

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