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Texas Principles Of Real Estate 2: Questions With Detailed Answers
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Texas Principles Of Real Estate 2: Questions With Detailed Answers
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Texas Principles Of Real Estate 2: Questions WithDetailed Answers
The approach used as the best indicator of value for existing properties.
a. functional obsolescence
b. sales comparison
c. highest and best use
d. market value
e. external obsolescence Right Ans - B
Refers to the loss in desirability of the style, layout, or function of an element
of a property over time.
a. functional obsolescence
b. sales comparison
c. highest and best use
d. market value
e. external obsolescence Right Ans - A
The price a willing seller will sell for, and the price a willing buyer will pay.
a. functional obsolescence
b. sales comparison
c. highest and best use
d. market value
e. external obsolescence Right Ans - D
The legal use for property that gives the greatest return in money and/or
amenities.
a. functional obsolescence
b. sales comparison
c. highest and best use
d. market value
e. external obsolescence Right Ans - C
The loss in value of a property caused by factors outside of the property itself.
,a. functional obsolescence
b. sales comparison
c. highest and best use
d. market value
e. external obsolescence Right Ans - E
The appraised value of a property is:
a. The sale price
b. An opinion of value
c. A market analysis
d. The market value of a property Right Ans - B
A "lite" appraisal is often referred to as a(n):
a. Drive-by appraisal
b. Full appraisal
c. Appraisal review
d. Summary appraisal Right Ans - A
In the appraisal report, the property being appraised is referred to as the
___________________.
a. Target property
b. Comparable property
c. Sold property
d. Subject property Right Ans - D
A homeowner added a swimming pool to a home at a cost of $75,000. During
an appraisal, the appraiser determined that the pool added $55,000 to the
value of the property. In this case, the appraiser was applying the principle of
_______________ in the analysis.
a. Anticipation
b. Change
c. Substitution
d. Contribution Right Ans - D
, An appraisal has a limited "shelf life" because of the principle of
__________________.
a. Anticipation
b. Change
c. Substitution
d. Contribution Right Ans - B
The legal use of a property that gives the greatest return in money and/or
amenities is known as the property's _______________.
a. Net adjusted value
b. Highest and best use
c. Going concern value
d. Assessed value Right Ans - B
The value of a property can automatically be inferred from the prices at which
other similar properties have sold.
a. True
b. False Right Ans - B
____________________ is the most probable price a property should bring in a
competitive and open market under all conditions requisite to a fair sale.
a. Sales price
b. Business value
c. Assessed value
d. Market value Right Ans - D
The chronological age of a property is:
a. The actual age of the property
b. The age of the property based upon is current condition
c. The age of the property as estimated by an appraisal district
d. The actual age of the property minus the number of years remaining on a
mortgage Right Ans - A
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