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Texas Principles of Real Estate 2 Key Terms Questions & Answers(RATED A+)
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Amortization - ANSWER repayment of a loan principal over time based on a predetermined schedule of payments Arrears - ANSWER payment for an item or service after it is received Proration - ANSWER the allocation or distribution of an annual expense across smaller chunks of time square fo...

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  • September 25, 2024
  • 14
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • texas principles of real estate 2 key terms questi
  • texas principles of real estate 2 stuvia 2024
  • amortization answer repayment of a loan princip
  • arrears answer payment for an item or service

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Texas Principles of Real Estate 2 Key
Terms Questions & Answers(RATED
A+)

Amortization - ANSWER repayment of a loan principal over time based on a predetermined schedule
of payments



Arrears - ANSWER payment for an item or service after it is received



Proration - ANSWER the allocation or distribution of an annual expense across smaller chunks of
time



square footage - ANSWER Length x Width



acreage - ANSWER 1 acre= 43,560



appraial - ANSWER the value of a property, based on factors determined by the opinion of a certified
appraiser



general data - ANSWER information about a property the area surrounding it



specific data - ANSWER information regarding the property itself



limited appraisal - ANSWER a simpler, abbreviated version of an appraisal



market value - ANSWER the price for which a property will sell if offered openly under normal
conditions. This refers to the economic principle; its the price that a buyer and seller would probably
accept

, appraised value - ANSWER refers to the value given by a licensed appraiser during the mortgage
origination. Appraisers are chosen by lenders but paid for by the homebuyer.



assessed value - ANSWER refers tot eh value placed on a property by a governmental unit for use in
levying annual real estate taxes



loan-to-value-ratio - ANSWER the limit on the value of a loan, usually a certain percentage of the
home's appraised value or sales price, whichever is lower



principle of anticipation - ANSWER the present value of a propery is affected by the anticipated
income or utility that property will give its property owner



principle of contribution - ANSWER a properties overall value is made up of the combined value of
each of its parts



principles of substitution - ANSWER the value of something is affected by the cost of getting a similar
(substitute) item elsewhere



principle of change - ANSWER the condition of a property, the desireability of its location, and the
market in which it exists can always change



principle of conformity - ANSWER values are highest when the houses in a neighborhood look
roughly the same



principle of regression - ANSWER Lower valued properties in the neighborhood lead to a decline in
value of a subject property



principle of progression - ANSWER higher-value properties surrounding a subject property can bump
the value of the property



sales comparison approach - ANSWER determining value by comparing the subject property to
similar properties that have sold recently. Most commonly used for single family dwellings



cost approach - ANSWER determining value by considering how much the same property would cost
to build brand new at current prices, then adjusting the depreciation

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