Aceable Agent Questions and to-go answers 2023/2024
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Course
Aceable Agent
Institution
Aceable Agent
Aceable Agent Questions and to-go answers 2023/2024
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?
TOTA...
Aceable Agent - Principles of Real Estate
II Exam Notes with complete solutions
2023
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?
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:
1 / 3
-any type of property
-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
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?
2 / 3
NOI/ Cap Rate = Value
or "IRV"
1. PRINCIPLE OF CONFORMITY
2. PRINCIPLE OF REGRESSION
3. PRINCIPLE OF PROGRESSION - What are 3 principles to consider when evaluating
property and neighborhood?
INVERSE CONDEMNATION - What is the term used to describe when the property
owner has the right to sue the government for taking their land?
FREDDIE MAC - What is the acronym for the Federal Home Loan Mortgage Corp that
deals with small thrift banks created in 1970?
FARMER MAC - What is the acronym for Federal Agriculture Mortgage Corp that
provides secondary market for agricultural real estate mortgage loans, rural housing
loans, and rural utility coop loans?
JOINT VENTURE - A commercial enterprise undertaken jointly by two or more parties
that otherwise retain their distinct identities.
-the sponsor is like a general manager
-the authority of partners is limited
-temporary business opposed to ongoing
Federal Home Loan Bank System (FHLB) - What is the system that was created in
1932:
1. regulate thrift institutions, mutual/stock companies
2. set and reserve requirements
3. establish discount rates
4. provide insurance for depositors
5. operates 11 district banks
INSURANCE COMPANIES - What type of company?
-investment in municipal bonds to provide business with capital for research or
expansion and investment in commercial real estate
-investment in large retail projects like shopping centers, but not office, industrial or
multi-family properties
$250k - How much are accounts under the FHLB system insured up to, per title, per
account?
Federal Deposit Insurance Corporation (FDIC) - What corp insures deposits, supervises
financial institutions, makes large financial institutions resolvable, and manage
receiverships?Powered by TCPDF (www.tcpdf.org)
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