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Aceable Agent - Principles of Real Estate II Exam Notes Questions and Answers
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Aceable Agent Principles of Real Estate 2 Exam Questions and Answers 100% Pass Amortization - The repayment of a loan principle over time Arrears - Payment for an item or service after it's received Down Payment - The initial payment made when buying something on credit, a ____________ is pai...

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  • December 27, 2024
  • 33
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • aceable agent principles of real estate ii exam

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  • Aceable agent real estate
  • Aceable agent real estate

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KatelynWhitman

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Aceable Agent - Principles of Real
Estate II Exam Notes Questions and
Answers

Total = part/percentage


Part = total x percentage


Percentage = part/ total - ✔✔formulas to calculate commission?


Principal - ✔✔what is the term that describes the money that is lent?


Cash to close - ✔✔down payment minus earnest money?


Total sales price - ✔✔loan payment + loan principal?


Origination points - ✔✔loan points/fees charged 1% to compensate loan officers for

underwriting and administering the loan.


Discount points - ✔✔loan points/fees charged 1% in exchange for a lower interest rate

on the loan.


Day of closing - ✔✔when is the seller responsible for property taxes?




Katelyn Whitman© 2025, All Rights Reserved.

,2|Page


Uniform standards of professional appraisal practice (uspap) - ✔✔ethical code for

appraisers?


Appraiser qualifications board (aqb) - ✔✔who regulates uspap?


Talcb - ✔✔texas appraiser licensing & certification board acronym?


Licensed residential appraiser - ✔✔qualified to appraise:


-1 to 4 family non-complex residential units, <1 mill


-1 to 4 family residential complex unit, <$250k


-75 add'l education hours


-2000 hours experience over min 1 year


-assoc degree or 30 course credit hours


Certified residential appraiser - ✔✔qualified to appraise:


-1 to 4 residential unit, any value okay


-125 add'l education hours


-2,500 hours experience over min 2 years


-bach degree or higher


Certified general appraiser - ✔✔qualified to appraise:


-any type of property



Katelyn Whitman© 2025, All Rights Reserved.

,3|Page


-225 add'l education hours


-bach degree


-3000 hours experience over min 2.5 years


-1/2 experience must be non residential


Principle of substitution - ✔✔the value of something is affected by the cost of getting a

similar item elsewhere. Similar properties should have fairly similar values.


Principle of conformity - ✔✔values are highest when the houses in a neighborhood look

roughly the same.


Principle of contribution - ✔✔a property's overall value is made up of the combined

value of each of its parts. The value added by the improvement could be higher or

lower than the expense.


Principle of change - ✔✔the condition of a property, the desirability of its location, and

the market in which it exists can always change. Appraisals are only good for one

month.


Steps to complete an appraisel - ✔✔1. State obj


2. List data


3. Gather/record data


4. Determine highest and best use




Katelyn Whitman© 2025, All Rights Reserved.

, 4|Page


5. Land value


6. Estimate value using applicable approaches


7. Final value estimate


8. Complete and present report


Minimum bid auction - ✔✔what is a "no-reserve" auction? An auction which a

minimum acceptable sales price (reserve) is set.


1. Sales comparison approach




2. The cost approach




3. The income approach - ✔✔what are 3 ways to calculate value?


Cost approach - ✔✔approach to calculate value based on improvements, loss,

comparable, by a) quantity survey method, b) unit in place method, c) square foot

method.




Property value = cost of reproduction - depreciated value + land value


Income approach - ✔✔approach to calculate value for commercial properties?




Katelyn Whitman© 2025, All Rights Reserved.

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