Champions Principles Of Real Estate 2 Questions And Answers 100% Verified.
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Champions Principles of Real Estate
Institution
Champions Principles Of Real Estate
Champions Principles Of Real Estate 2 Questions And Answers 100% Verified.
appraisal - correct answer. value of a property maybe affected by social, economic, govt and environmental influences
Loan-to-Value Ratio (LTV) - correct answer. The percentage of value or sal...
Champions Principles Of Real Estate 2
Questions And Answers 100% Verified.
appraisal - correct answer. value of a property maybe affected by social, economic,
govt and environmental influences
Loan-to-Value Ratio (LTV) - correct answer. The percentage of value or sales price
that a lender is willing to finance.
limited appraisal report - correct answer. exterior only/drive by inspection. deemed
as low risk loan
highest and best use of property - correct answer. legal use that gives the greatest
return
Principal of Contribution - correct answer. cost does not equal value
Residential Mortgage Loan Originators (RMLO) - correct answer. Must be certified
licence holders and is mandated by the SAFE ACT (TX dept of savings and mortgage
lending)
Principle of Anticipation - correct answer. purchase price is affected by the
expectation of future appeal and benefits
, Principal of Substitution - correct answer. value of a commodity is influenced by the
cost of acquiring subsitute or comparable item
Principal of progression - correct answer. value of properties around yours goes up;
so does yours
Principal of Regression - correct answer. The Value of more expensive home placed
in a neighborhood of less expensive homes will drop in value
Market Value - correct answer. the most probable price a property should bring in a
competitive and open market under fair conditions requisit to a fair sale.
appraisal process - correct answer. The value of a property may be affected by
social, economic, governmental and environmental influences. An appraiser must
always be aware of these influences and possible changes in them that could affect
market value.
Three approaches to value - correct answer. (1) The Sales Comparison Approach
(2) The Cost Approach,
(3) The Income Approach.
Sales Comparison Approach - correct answer. A value for existing properties
method for comparing similar properties to the subject property. this is the best
indicator.
Market Data Approach - correct answer. aka: sales comparison approach
Physical Deterioration - correct answer. Loss of value of a building from its
reproduction cost, resulting from wear and tear over time.
Functional Obsolescence - correct answer. loss of desirability of the style, layout or
function of an element of property over time
External Obsolescence - correct answer. Losses of property value caused by forces
or conditions beyond the borders of the property. ie. zoning, highways
promissary note - correct answer. evidence of a lean. simply a note
Foreclosure - correct answer. secured property may be sold ti satisfy the unpaid
promissory note.
Primary Mortgage Market - correct answer. the loan origination market where
borrowers and lenders negotiate mortgage terms
funding - correct answer. transferring funds to a title co for disbursement when loan
is approved.
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