Aceable Agent - Principles of Real Estate II Exam Notes Questions and Correct Answers | Latest Update
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Course
Aceable Agent
Institution
Aceable Agent
TOTAL = PART/PERCENTAGE
PART = TOTAL x PERCENTAGE
PERCENTAGE = PART/ TOTAL
Formulas to calculate commission?
PRINCIPAL
What is the term that describes the money that is lent?
CASH TO CLOSE
Down payment minus earnest money?
TOTAL SALES PRICE
Loan payment + loan principal?
O...
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, Best Grades | Must Pass | Latest Update | Correct Answers | 2024/ 2025
-1 to 4 family non-complex residential units, <1 mill
-1 to 4 family residential complex unit, <$250k
-75 add'l education hours
-2000 hours experience over min 1 year
-Assoc Degree or 30 course credit hours
CERTIFIED RESIDENTIAL APPRAISER
Qualified to appraise:
-1 to 4 residential unit, any value okay
-125 add'l education hours
-2,500 hours experience over min 2 years
-Bach Degree or higher
CERTIFIED GENERAL APPRAISER
Qualified to appraise:
-any type of property
-225 add'l education hours
-Bach Degree
-3000 hours experience over min 2.5 years
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, Best Grades | Must Pass | Latest Update | Correct Answers | 2024/ 2025
-1/2 experience must be non residential
PRINCIPLE OF SUBSTITUTION
The value of something is affected by the cost of getting a similar item
elsewhere. Similar properties should have fairly similar values.
PRINCIPLE OF CONFORMITY
Values are highest when the houses in a neighborhood look roughly the
same.
PRINCIPLE OF CONTRIBUTION
A property's overall value is made up of the combined value of each of its
parts. The value added by the improvement could be higher or lower than
the expense.
PRINCIPLE OF CHANGE
The condition of a property, the desi rability of its location, and the
market in which it exists can always change. Appraisals are only good for
one month.
STEPS TO COMPLETE AN APPRAISEL
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