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Idaho Real Estate Mod 1 & 2 Questions Graded A+ $18.49   Add to cart

Exam (elaborations)

Idaho Real Estate Mod 1 & 2 Questions Graded A+

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  • Course
  • Idaho real estate
  • Institution
  • Idaho Real Estate

Idaho Real Estate Mod 1 & 2

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  • August 27, 2024
  • 35
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Idaho real estate
  • Idaho real estate
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julianah420
Idaho Real Estate Mod 1 & 2



Appraisal - answer an estimate or opinion of value based on supportable evidence and
approval methods

CMA - Comparable Market Analysis - answer an analysis of probable value of real
estate done by individual other than an appraiser

BPO - Broker Price Opinion - answer an opinion of value of real estate value done by a
licensee with a broker level license. can charge

Elements of Value - answer1) demand with purchasing power
2) utility
3) scarcity
4) transferability

Market Value - answer estimate of value based on an analysis of data

Market Price - answer what the property actually sold for

Cost - answerthe price to build the structure including land cost

Regression - answerpulls down property value

Progression - answerraises property value

Over improvement - answerland improvement more extensive than surrounding
neighborhood

Principle of Substitution - answerthe value of a property cannot exceed the cost of
equivalent substitute properties

Principle of Highest and Best Use - answerthe most profitable singe use for a property

Plottage - answerincrease in value or utility by combining lots

Form Report - answermost common appraisal report

Narrative Report - answerlong, comprehensive appraisal report

,Three Approaches to Value - answer1) Market Data Approach aka Sales Comparison
Approach
2) Cost Approach
3) Income Approach

Sales Comparison Approach (Market Data Approach) - answervalue obtained by
comparing similarly sold properties

Cost Approach - answerused to obtain value on new structures or custom structures
such as museums, library, factory

Cost Approach - answerCost - depreciation + land cost

Sales Comparison Approach (Market Data Approach) - answerif comparable is superior
deduct from value, if inferior add to value

Physical Deterioration - answerdeferred maintenance (curable) peeling paint, bad roof,
bad floors, broken windows, termite damage..etc

Functional Obsolescence - answerout-dated design or feature (curable) low ceilings, 6
bd/1 bth, split entry, knob & tube wiring

External or Economic Obsolescence - answerconditions outside property lines; airport
flight path, next to free way, businesses close

Income Approach - answerbased on current value of the right to future income

Capitalization - answerdetermining the value of the property by interpreting the
property's net income with a percentage (NOI)

Gross Income Multiplier - answersales price / gross income =

Gross Rent Multiplier - answerratio based on current or projected rent
sales price/gross rent

First substantial business contact - answerwhen is Blue Brochure given?

Mortgagor - answerbuyer or borrower

Mortgagee - answerlender

Lien Theory State - answermortgagor (buyer) retains both legal and equitable title

Title Theory State - answerlegal title to the mortgagee (lender)

Elements of a real estate loan - answernote and security instrument

,Types of security instruments - answerDeed of Trust, Mortgage, Contract for Deed

Type of security instrument for 40 + acres agriculture - answermortgage

Type of security instrument for less than 80 acres non-agricutural - answerDeed of Trust
or Mortgage

Type of security instrument for 80+ acres any use - answerMortgage

Contracts for Deed ( Land Sales Contract) - answerowner carry

Note - answerthe borrowers personal promise to repay

Usury Laws - answerlegal limits on interest rates (Idaho is 12%)

Terms - answerlength of loan

Loan Origination Fees - answerfee computed off of loan amount

Discount Point - answerpre-paid interest equaling 1% of loan amount

Hypothecation - answerthe pledging of property as security on a loan

Defeasance Clause - answerrequires lender to release their interest when paid in full

Deed of Reconveyance - answera recorded document which gives notice a deed in trust
has been paid in full

Demand Features - answerAcceleration clause, due on sale clause, alienation clause

Subject to - answerseller remains liable for the loan

Assumption of - answerseller may be released of liability

Non-judicial foreclosure - answerforeclose on Deed of Trust

Notice of Default - answerfirst formal notice recorded regarding Deed of Trust
foreclosure

Notice of Trustee's Sale - answernotice of foreclosure on Deed of Trust; a) mailing
b)posting 3 attempts within 7 days c) publication once per week 4 times at least 30 days
before sale

Reinstatement Right - answerup to 115 days to make up all back charges to lender to
stop foreclosure on Deed of Trust

, 120th Day - answerday in which Deed of Trust foreclosure can go up for auction

No Redemption Right - answerDeed of Trust foreclosure does not allow borrower rights
to property after sale

Judicial Foreclosure - answerCourt required foreclosure on a mortgage

6 months redemption right - answerfor property 20 acres or less in judicial foreclosure

12 month redemption right - answerfor property 20 acres or more in judicial foreclosure

Sheriff's Deed - answerdeed given at end of redemption period to winner on judicial
foreclosure

Foreclosure for Land Sale Contract (Contract for Deed) (Owner Carry) - answerno rights
at foreclosure, mortgagee can re-enter and seize

Deed in Lieu - answerform of foreclosure known as a friendly foreclosure

Redemption - answerthe right of a mortgagor to buy back their property, can also be
used in tax sales

Reinstatement - answerpaying current only those payments delinquent plus foreclosure
costs

Deed to Purchaser at Trustees Sale - answertitle contains no warranties, transfer from
foreclosure sale

Deficiency Judgement - answerborrower may be order to repay any losses to bank
within 90 days

Vendor - answerseller in Land Sales Contract

Vendee - answerbuyer in Land Sales Contract

Short Sale - answersale of property for less than what is owed to the bank, bank has 5
years to seek deficiency judgement

TILA - Truth in Lending Act - answer1974 Federal Legislation to inform buyers of all
financing charges and true cost of borrowing

Regulation Z - answerdiscloses to buyer how much credit is actually costing them

3-day right of rescission - answerlimited right to cancel a credit transaction; does not
apply to purchases or non-owner occupied refi's

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