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Texas Real Estate Principles II Quiz: Questions & Accurate Answers
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Texas Real Estate Principles II Quiz: Questions & Accurate Answers
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Texas Real Estate Principles II Quiz: Questions &Accurate Answers
A mixed number has both a fraction and a: Right Ans - whole number
Which of the following must be prorated or divided proportionately between
the buyer and the seller? Right Ans - Taxes, insurance, utilities
Convert fractions to decimals when doing a real estate math problem by
Right Ans - dividing the numerator by denominator
Utilities are paid in arrears. Therefore the buyer will end up paying a portion
of the seller's bill since the buyer will get the entire bill at month end. On the
closing statement, this will appear as a Right Ans - credit to the buyer and
debit to the seller
What ratio is calculated based on all of the monthly obligations the borrower
has outstanding? Right Ans - debt ratio
Broker Jim sold a home for $225,500 at a commission rate of 7%. What will
Jim's commission be? Right Ans - $15,785
If a broker sells a property for $450,000 and makes $36,000. What is the rate
of commission? Right Ans - 8%
Common closing items such as taxes, utilities, mortgage interest, and
insurance are divided equally at closing between the buyer and seller. These
items are being: Right Ans - prorated
A parcel of property is 609,840 square feet, how many acres are in the parcel?
Right Ans - 14 acres
1 acres = 43, 560
A parcel of land that is 250 feet wide and 200 feet deep and sold for $280,000
has a price per square foot of? Right Ans - $5.60
A Licensed Residential Appraiser must: Right Ans - provide 1,000 hours of
acceptable and verifiable - real estate -appraisal experience.
, The income capitalization approach, or income approach, is more specifically
used for appraising: Right Ans - income or rental properties
What is the first step in the cost valuation approach? Right Ans -
Approximate land value as if it were vacant
Appraisals are done to determine: Right Ans - value
To become a Certified General Real Estate Appraiser, the applicant must
Right Ans - pass the approved state-certified general appraiser examination.
What is it called when an improvement to a property makes a change in the
properties value? Right Ans - Contribution
What is the major component of the total property value that does not
depreciate? Right Ans - The land value
The appraisal process is: Right Ans - an ordered procedure
Tim and Sue have the smallest home in a sought-after neighborhood. The
value of their home is increased because of the higher value of the other
homes in the neighborhood. This is an example of what principle? Right
Ans - progression
The cost approach would be most reliable for which of these properties?
Right Ans - County court houses
A licensee should keep in mind that the information on pending sales is not as
reliable as on sold homes because Right Ans - the price shown is the listing
price, not the sales price.
Which is NOT one of several factors that determine the value of a home?
Right Ans - The racial makeup of the neighborhood
What is the difference between CMA and an appraisal? Right Ans - A CMA is
less reliable than an appraisal
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