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REE 3043 EXAM 1 QUESTIONS WITH REVIEWED ANSWERS $13.69   Add to cart

Exam (elaborations)

REE 3043 EXAM 1 QUESTIONS WITH REVIEWED ANSWERS

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  • Course
  • REE 3043
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  • REE 3043

REE 3043 EXAM 1 QUESTIONS WITH REVIEWED ANSWERS Functional Obsolescence - Answer-An older design and the building doesn't function in such a way maintain value Cost approach - Answer-Can you determine the cost to replace reproduce any type of property Fully Amortized Mortgage - Answer-Period...

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  • September 6, 2024
  • 2
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • REE 3043
  • REE 3043
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shiifridoc
REE 3043 EXAM 1 QUESTIONS WITH
REVIEWED ANSWERS
Functional Obsolescence - Answer-An older design and the building doesn't function in
such a way maintain value

Cost approach - Answer-Can you determine the cost to replace reproduce any type of
property

Fully Amortized Mortgage - Answer-Periodic payments that are sufficient enough to
cover the entirety of the loan and the entirety of the interest by the end of the term

Interest only loan - Answer-Making payments toward only the interest during the
duration of the loan. At the end the principal is paid as one payment.

Ballon loan - Answer-When a loan amortizes over 25 years but the loan matures at year
10. Used in commercial loans

Reverse mortgage - Answer-A loan by which a homeowner receives a lump sum,
monthly payments, or a line of credit based on the homeowner's equity in the property
secured by the mortgage. The loan must be repaid at a prearranged date, upon the
death of the owner, or upon the sale of the property.

ARM- Adjustable rate mortgage - Answer-To start a fixed payment is made then interest
rate adjust according to the market. Margin rate stays the same index adjusts

Option ARM - Answer-Allows you to decide the amount of your payment. The initial
amount covers interest, remaining goes toward principle

Cost Approach 1 - Answer-Opinion of site value

Cost approach 2 - Answer-Depreciated cost of the improvements

The cost approach 3 - Answer-As is value of the site improvement

Negative amortization - Answer-Occurs when the payment is not enough to even cover
interest. Remaining interest is applied to principle causing loan balance to increase

Mortgage payments - Answer-Cover PITI Principle, Interest, Taxes, insurance

Interest payments - Answer-Cover the cost of using money for the past

Market value - Answer-Probable selling price. You want this high

Investment value - Answer-How much an investor finds the property worth. You want
this high

Assessed value - Answer-Used by the property appraisers office for tax purposes. You
what this low

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