Exam (elaborations)
TEXAS PRINCIPLES OF REAL ESTATE II ASSEMENT TEST WITH ALL GRADE A
TEXAS PRINCIPLES OF REAL ESTATE II ASSEMENT TEST WITH ALL GRADE A
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TEXAS PRINCIPLES OF REAL ESTATE
II ASSEMENT TEST WITH ALL GRADE
A+ SOLUTIONS
MixedbNumbersb-bcorrectbanswer-
Abnumberbcontainingbbothbabwholebnumberbandbabfractionb(examples:b1⅓;b9⅞)
ImproperbFractionsb-bcorrectbanswer-
abfractionbwithbitsbnumeratorbequalbtoborbgreaterbthanbitsbdenominator
CommissionbCalculationb-bcorrectbanswer-
SalesbpricebXbratebofbcommissionb=btotalbcommission
SolvingbforbthebCommissionbRateb-bcorrectbanswer-
CommissionbRateb=bCommissionb÷bPrice
SolvingbforbthebProperty'sbPriceb-bcorrectbanswer-
Priceb=bCommissionb÷bCommissionbRate
Profitb-bcorrectbanswer-Profitb(orbLoss)b=bSellingbpriceb-bOriginalbcost
ProfitbPercentageb-bcorrectbanswer-Percentagebofbprofitb=bProfitb÷bOriginalbcost
ProfitbMarginb-bcorrectbanswer-Profitbmarginb=bProfitb÷bSellingbprice
Interestb-bcorrectbanswer-thebpricebpaidbforbthebusebofbborrowedbmoney
3btypesbofbinterestbcalculationsb-bcorrectbanswer-Simplebinterest,badd-
onbinterest,bandbcompoundbinterest
,Simplebinterestb-bcorrectbanswer-Interestb=bprincipalbxbratebxbtime
Add-onbinterestb-bcorrectbanswer-
loanbamountbxbcontractedbinterestbratebxbnumberbofbpayments
Add-onbinterestbAPRb-bcorrectbanswer-
APRb=b2bxbnumberbofbpaymentbperiodsbinbonebyearbxbtotalbfinancingbchargesb÷b(pri
ncipal,borbamountbborrowedbxb(numberbofbscheduledbpaymentsb+1)
Compoundbinterestb-bcorrectbanswer-
interestbwhichbisbcomputedbonbthebprincipalbamountbplusbthebaccruedbinterest.
CompoundbInterestbFormulab-bcorrectbanswer-
Compoundbamountb=bInitialbdepositb(1b+bInterestbrate)n
Pointsb-bcorrectbanswer-abone-
timebservicebchargebtobthebborrowerbforbmakingbthebloan
Twobtypesbofbpointsb-bcorrectbanswer-originationbfeebandbdiscountbpoints
Loan-to-ValuebRatiob(LTV)b-bcorrectbanswer-
expressesbthebrelationshipbbetweenbabproperty'sbpurchasebpricebandbitsbloanbamou
nt.
Loan-to-Valuebformulab-bcorrectbanswer-LTVbratiob=b(Loanbamountb÷bValue)
Areabofbabrectangleb-bcorrectbanswer-Areab=blengthbxbwidth
Areabofbabsquareb-bcorrectbanswer-Areab=bsidebxbside
Areabofbabtriangleb-bcorrectbanswer-Areab=b½bbasebxbheight
Perimeterb-bcorrectbanswer-
ablotborbotherbshapebisbthebsumbofbtheblengthbofballbitsbsides.
Acreb-bcorrectbanswer-Abmeasurebofblandbequalbtob43,560bsquarebfeet.
Hectareb-bcorrectbanswer-
isbequalbtob10,000bsquarebmetersborbapproximatelyb2.47bacres.
Tobconvertbacresbtobhectaresb-bcorrectbanswer-dividebthebtotalbacresbbyb2.47
Appraisalb-bcorrectbanswer-
isbanbunbiasedbestimatebofbthebnature,bquality,bvalueborbutilitybofbanbinterestbinborba
spectbofbidentifiedbrealbestatebandbrelatedbpersonaltybasbofbabcertainbdate.
Specificbdatab-bcorrectbanswer-
Thisbisbinformationbandbdetailsbaboutbthebsubjectbproperty,basbwellbasbdatab(usedbfo
rbcomparison)baboutbcomparablebproperties'bcosts,bincomebandbexpenses,bsalesban
dbotherbrelevantbinformation
, Generalbdatab-bcorrectbanswer-Thisbisbinformationbaboutbthebproperty'sblocationb-
bitsbcountry,bregion,bcity,band,bmostbimportantly,bitsbneighborhood
StepsbinbAppraisalbProcessb-bcorrectbanswer-1.bDefinebproblembandbscopebofbwork
2.bCollect,brecord,bandbverifybthebrequiredbdata
3.bDeterminebthebproperty'sbhighestbandbbestbuse
4.bEstimatebtheblandbvalue
5.bUsebALLbTHREEbapproachesbtobestimatebvalue
6.bReconcilebthebestimatedbvaluesbtobdeterminebthebfinalbvaluebestimate
7.bCommunicatebthebfinalbvaluebestimate
HighestbandbBestbUseb-bcorrectbanswer-Legallybpermissible
Physicallybpossible
Financiallybfeasible
Maximallybproductive
Describebthebdifferencebbetweenbspecificbandbgeneralbdatab-bcorrectbanswer-
Specificbdatabisbinformationbandbdetailsbaboutbthebsubjectbpropertybandbthebcompar
ables.
Generalbdatabisbinformationbaboutbthebproperty'sblocationb-
bitsbcountry,bregion,bcity,bandbneighborhood.
Directbsalesbcomparisonb-bcorrectbanswer-
salesbofbcomparablebvacantbparcelsbarebanalyzedbandbadjustedbtobindicatebabvalueb
forbthebsubjectbland
Allocationb-bcorrectbanswer-
abtypicalbratiobofblandbvaluebtobtotalbvaluebisbderivedbfrombcomparablebpropertiesban
dbappliedbtobthebsubject
Extractionb-bcorrectbanswer-
landbvaluebisbestimatedbbybdeductingbthebdepreciatedbcostbofbimprovementsbonbabp
ropertybfrombthebtotalbsalebpricebofbthebproperty.
Subdivisionbdevelopmentbanalysisb-bcorrectbanswer-
costsbandbprofitbarebdeductedbfrombestimatedbgrossbsalebpricesbofbsubdividedbandbf
inishedblots,bandbnetbsalesbproceedsbarebdiscountedbtobpresentbvalue
Landbresidualb-bcorrectbanswer-
netboperatingbincomebattributablebtobtheblandbisbcapitalizedbatbmarketbratesbtobobtai
nblandbvalue
Groundbrentbcapitalizationb-bcorrectbanswer-
groundbrentbofbsubjectbisbcapitalizedbatbmarketbrates
Inbthebcostbapproachbtobvalueb-bcorrectbanswer-
thebappraiserbestimatesbabproperty'sbvaluebbybaddingbtheblandbvaluebtobthebdepreci
atedbvaluebofbanybimprovementsbtobthebproperty