Texas Appraiser Licensing & Certification Board (TALCB) Certified General Appraiser Q&A Bundle

Profit The result of selling something for more than what it cost to purchase it Profit Margin is the percentage of selling price that is turned into profit. Interest the amount paid in return for the use of money. Types of Interest Calculations Simple Add-on Compound Add-on Interest e...

Why is it possible for buyers and sellers to fail to understand who represents each of them? Because a license holder can act as a buyer's agent, seller's agent, and intermediary agent Which of the following is authorized to promulgate statutes regarding the licensing of real estate agents in Tex...

Non-residential property with value less than $250,000. Licensed or Certified? Licensed Appraiser $1 million residential property. Licensed or Certified? Certified Appraiser Particularly Complicated Assignment. Licensed or Certified? Certified Appraiser $150,000 Family home. Li...

A broker opinion of value, or a broker price opinion, is a value estimation made by a real estate broker on the basis of several factors, including all of these, except: A) the market conditions in an area B) values of surrounding properties C) the property's condition D) seller's degree of ur...

Amortization paying off a loan in equal installments; loan where the principal as well as the interest is payable in monthly or other periodic installments over the term of the loan. Discount Points A fee charged by the lender at settlement that results in increasing the lender's effective yield ...

Depreciation caused by external obsolescence is generally incurable. Adding more bathrooms to a three-bedroom house that has only one bathroom may be an example of incurable functional obsolescence. Brokers and sales agents often use a simplified version of the sales comparison approach for re...

What is the program that licenses, regulates, and examines the trust- and insurance-funded prepaid funeral contract sellers to ensure compliance with the Finance and Administrative Codes? The Funeral Control Contract program The Prepaid Funeral Contract program The Advanced Directive Paymen...

Transferability Which value-influencing DUST factor addresses the ease with which the property can be conveyed to another? Present index ÷ Index at time of construction x Original cost = Present cost To arrive at the present cost, the appraiser applies a factor that represents the costs of cons...

The role of the appraiser is to provide objective, impartial, and unbiased opinions about the value of real property. A. True B. False True The majority of appraiser's value all the following types of properties EXCEPT: A. Vacant land B. Commercial properties C. Residential properties ...

appraisal "the act or process of developing an opinion of value; an opinion of value." the appraisal process 1. state the problem 2. list the data needed and the sources 3. gather, record, and verify the necessary data mine the highest and best use 5. estimate value by each of the three appro...

An appraisal is an unbiased estimate of the nature, quality, value or utility of an interest in or aspect of identified real estate and related personalty as of a certain date. It's important to stress again that an appraisal is just an estimation based on a collection of evidence and not an act...

Which act was passed to regulate appraisal? in 1989, Congress passed the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA) in response to the savings and loan crisis. What does Title XI of FIRREA require? competent individuals whose professional conduct is properly supervised t...

Holds a willingness to practice within the boundaries of professiona ethics and competency At the beginning of a potential supervisor/ trainee relationship, supervisor appraisers have a primary responsibility to ensure that a prospective trainee: The appraisal Sub committee (ASC) National registr...

TREC has: 9 commission members, 3 represent the general public and 6 are brokers. -all are appointed by the governor and approved by the senate -they serve 6 year terms The broker lawyer committee has: -writes the promulgated forms -has 13 members, 6 members are brokers appointed by TREC, 6 a...