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Texas Principles Of Real Estate II – Questions & Detailed Answers (Graded A+)
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Texas Principles Of Real Estate II – Questions & Detailed Answers (Graded A+)
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Texas Principles Of Real Estate II – Questions &Detailed Answers (Graded A+)
Federally related transaction Right Ans - involve the sale, lease, purchase,
investment, refinancing, out exchange of real property in which a federal
financial agency.
Transactions in which real property are used to secure a loan, including
mortgage names securities.
Residential property sale in which lender will NOT sell the loan.
Appraisals must be conducted by a state-licensed or certified appraiser
What are not federally related transactions? Right Ans - VA and FHA loans,
or loans that win be sold to a GSE (Fannie Mae or Freddie Mac.
Residential properties under $400K are exempt from federal appraisal
requirements.
They have their own appraisal requirements.
The Appraiser Foundation (TAF) Right Ans - establishes the
congressionally approved criteria for federal lending appraisals
TAF's Appraisal Standards Board (ASB) Right Ans - determines the rules
for creating an appraisal and reporting its results.
What are the TAF Foundation Boards Right Ans - Appraiser Qualifications
Board (AQB)
Appraisal Standards Board (ASB)
Appraisal Practices Board (APB)
TAF's Appraisal Qualifications Board (AQB) Right Ans - determines the
QUALIFICATIONS criteria for state licensing, certification, and re-certification
of appraisers
TAF's Appraisal Practices Board (APB) Right Ans - responsible for finding
and distributing thoughts on known valuation methods and techniques
Uniform Standards of Professional Appraisal Practice Right Ans - USPAP
describes generally accepted standards for professional appraisal practice.
,what does USPAP not do? Right Ans - does NOT try to recommend definite
approaches to the appraisal process, instead, requires appraisers be familiar
with the methods and how to correctly use them
TALCB Right Ans - Texas Appraisers Licensing and Certification Board
regulates real estate appraisers
responsible for licensing and education
duty is to safeguard the community interest by ensuring appraisal services are
qualifed and follow laws
what is the difference between a certified appraiser and a licensed appraiser?
Right Ans - the amount of education, training, and types of properties they can
appraise
appraiser trainee Right Ans - legally allowed to complete real estate
appraisal tasks under guidances if a certified appraiser
18 years old, citizen or legal alien
Texas resident at least 60 days after filing application
75 hours of education within 5-year period prior to date if application
licensed residential appraiser Right Ans - licensed but TALCB
can appraise residential 1-4 unit properties with values less than $1 million,
including vacant and unimproved land as such
complex federally related transactions (FRT) and non-FRT under $400,000
CANNOT appraise subdivisions
Associate's degree
150 hours of education
at least 2,000 hours of appraisal work experience over 12 month period
certified residential appraiser Right Ans - can appraise residential 1-4 unit
properties (and vacant land as such)—regardless of the transaction value—
for both FRTs and non-FRTs
commerical properties under $250,000
CANNOT appraise subdivisions
bachelor's degree
, certified general appraiser Right Ans - allowed to appraise all types of real
property regardless of transaction value
bachelor's degree
300 hours of education
3,000 hours of appraisal work over 30 months of which 1,500 hours of which
is non-residential
licensed appraisers continuing education Right Ans - 28 classroom hours
every 2 years
must include the National USPAP Update course
formal appraisal Right Ans - the opinion/estimate of value of aa particular
property as of a particular date
also called a valuation
market value Right Ans - the price at which property would sell
value in use Right Ans - The value that a user expects to get from the use of
an asset. ie cash flow
Valuation Right Ans - process of forming an option of a property's value
Evaluation Right Ans - study of a property, potentially for land use or
marketability
broker's price opinion (BPO) Right Ans - usually ordered by a lender in a
foreclosure or short sale situation, or a relocation company
basically a CMA for a different purpose and brokers are paid for it $50-$200.
3 approaches for valuation Right Ans - 1. sales comparison
2. cost to reproduce
3. income and expense approach
URAR Right Ans - Uniform Residential Appraisal Report
customary form used in real estate appraisal
SFH with or without a detached structure
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