Exam (elaborations)
PRINCIPLES OF REAL ESTATE 2 (TEXAS) – Q&A (100%)
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PRINCIPLES OF REAL ESTATE 2 (TEXAS) – Q&A (100%)
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PRINCIPLES OF REAL ESTATE 2 (TEXAS) – Q&A (100%)Appraiser must be aware of? Right Ans - market cycles economic force
political actions
The principle of appraisal that states "value is influenced by the cost of
acquiring a comparable replacement" is: Right Ans - principle of
substitution
The presence of a higher-priced property in an area causing an increase in the
value of the surrounding properties is an example of the ________ Right Ans -
principle of progression
The appraisal method most commonly used as the best indicator of value for
existing properties is the Right Ans - Sales Comparison Approach
The principle of appraisal that states that the value of the property in question
is decreased by the value of surrounding properties is..... Right Ans -
Principle of Regression
Loss in desirability of style, layout or function of an element of a property over
time. Right Ans - functional obsolescence
Depreciation based on factors outside the property is.... Right Ans -
External Obsolescence
External Obsolescence (EXTRA) Right Ans - Losses of property value
caused by forces or conditions beyond the borders of the property. The losses
are deducted from a building's reproduction cost in the cost approach to
estimating market value.
The organization that has been most influential in addressing regional
imbalances of mortgage credit availability and in the standardization of
mortgage loan is..... Right Ans - FANNIE MAE
Fannie Mae began in ________ as an agency of the federal government, created
to bring stability to the U.S. housing market. Right Ans - 1938
, The federal law that prohibits discrimination in any aspect of a credit
transaction is... Right Ans - Equal Credit Opportunity (ECOA)
The percentage of the appraised value or sales price that the lender will lend,
whichever is lower, is.... Right Ans - Loan-to-value ratio (LTV)
PMI (Private Mortgage Insurance) would be found Right Ans - High LTV
The evidence of debt and personal promise to repay that debt is called:
Right Ans - Promissory Note
The benefits of pre-qualifications/pre-approval process are.... Right Ans - 1.
Buyers are able to be more realistic when setting pricing goal
2. Buyers agent has a better understanding of the buyer's ability to pay.
3. The buyers agent can avoid showing properties that buyer can't afford
The secondary market is funded by.... Right Ans - investors
The type of loan most likely to contain a release clause, allowing the borrower
to obtain partial releases of specific lots by making required lump sum
payments is: Right Ans - Blanket mortgage
The consummation of a real estate transaction in which all the appropriate
documents are signed and the proceeds of the loan are disbursed is known
as... Right Ans - closing
Authority for cleanup of hazardous substances under CERCLA is granted to all
of the following, EXCEPT: Right Ans - Property owners' associations is NOT
Interstate Land Sales Full Disclosure Act provides for.... Right Ans - The act
was passed to protect consumers from fraud in the sale or lease of land
the right of Government to take private property for public use is what?
Right Ans - eminent domain
One of the rights that the US Government does NOT retain in land is.... Right
Ans - Allodial
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