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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 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 ...

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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 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 paid directly by the buyer to the seller


Proration - ✔✔The allocation or distribution of an annual expense across smaller

chunks of time


Acreage - ✔✔A unit of measurement used to determine the size of land; 1 acre = 43560

square feet


Appraisal - ✔✔The value of property, based on factors determined by a certified

appraiser


General data - ✔✔Information about the area surrounding a property, this could

include the city, region, and neighborhood in which the property is situated


Specific Data - ✔✔Information regarding the property itself


Katelyn Whitman© 2025, All Rights Reserved.

,2|Page


Limited Appraisal - ✔✔A simple, abbreviated version of a regular appraisal


Market Value - ✔✔The price for which a property would sell if offered openly under

normal conditions. This refers to the economic principle, it's the price that a buyer and

seller would probably accept


Appraised Value - ✔✔Refers to the value given by a licensed appraiser during the

mortgage origination process. Appraisers are chosen by the lender but paid for by the

homebuyer.


Assessed Value - ✔✔Refers to the value placed on a property by a governmental unit

for use in levying annual real estate taxes


Loan-to-Value Ratio (LTV) - ✔✔The limit on the value of a loan, usually a certain

percentage of the home's appraised value or sales price, whichever is lower


Subject Property - ✔✔The property that is being evaluated in any given appraisal


Highest and Best Use - ✔✔What is achieved when a property is used for the most

appropriate purpose with the highest returns


Principle of Anticipation - ✔✔The present value of a property is affected by the

anticipated income or utility that property will give to the property owner


Principle of Contribution - ✔✔A property's overall value is made of the combined value

of each of its parts




Katelyn Whitman© 2025, All Rights Reserved.

,3|Page


Principle of Substitution - ✔✔The value of something is effected by the cost of getting a

similar (substitute) item elsewhere


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

the market in which it exists can always change


Principle of Conformity - ✔✔Values are the highest when houses in a neighborhood

look roughly the same


Principle of Regression - ✔✔Lower value properties surrounding a subject property are

can drag down the value of a property


Principle of Progression - ✔✔Higher value properties of a subject property can bump of

the value of a property


Sales Comparison Approach - ✔✔Determining value by comparing the subject property

to similar properties ("comps") that have sold recently. It's most commonly used for

single family residences.


Cost Approach - ✔✔Determining value by considering how much the same property

would cost to build brand new at current prices (replacement cost), then adjusting for

depreciation


Income Approach - ✔✔Determining value by considering how much income the

property would generate when used as rental property


Depreciation - ✔✔The loss of value because of obsolescence or deterioration


Katelyn Whitman© 2025, All Rights Reserved.

, 4|Page


Functional Obsolescence - ✔✔Loss of value because a property's function or appearance

has gone out of style or has been replaced by a more appealing version


External Obsolescence - ✔✔Loss of value caused by negative forces outside the

property which are beyond the control of the owner (unfavorable changes in the

environment or market)


Deterioration - ✔✔Loss of value caused by physical wear and tear over time


Chronological age - ✔✔The literal age of a property; a home built 30 years ago has a

________________ age of 30


Effective Age - ✔✔An estimated age that is influenced by the updates and quality of

maintenance of the property; a 30 year house that has been well cared for might have an

effective age of 15


Reconciliation - ✔✔When an appraiser compares estimates using different techniques

(cost approach, sales approach, and/or income approach) and comes to a single number

for value


Appraisal Report - ✔✔a report from a licensed appraiser that sums up a property's

market value based on collected data


Appraisal Review - ✔✔a review of the appraisal report to make sure the appraisal

meets the lender's standards




Katelyn Whitman© 2025, All Rights Reserved.

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