Exam (elaborations)
Texas Principles Of Real Estate II: Questions/Answers (100% Correct)
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Texas Principles Of Real Estate II: Questions/Answers (100% Correct)
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Texas Principles Of Real Estate II: Questions/Answers(100% Correct)
What ratio is calculated based on all of the monthly obligations the borrower
has outstanding? Right Ans - Debt ratio
A parcel of property is 609,840 sq ft, how many acres are in the parcel?
Right Ans - 14 acres
Convert fractions to decimals when doing a real estate math problem by:
Right Ans - Dividing the numerator by the denominator
Which of the following must be prorated or divided proportionately between
the buyer and the seller? Right Ans - Taxes, insurance and utilities (All of
the above)
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 months end. On the
closing statement, this will appear as a: Right Ans - Credit to the buyer and
debit to the seller
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
Broker Jim sold a home for $225,500 at a commission rate of 7%. What will
Jim's commission be? Right Ans - $15,785.00
A parcel of land that is 250 feet wide and 200 feet deep and sold for $280,000
had a price per square ft of? Right Ans - $5.60
The appraisal process is: Right Ans - an ordered procedure
A Licensed Residential Appraiser must: Right Ans - Provide 1,000 hours of
acceptable and verifiable - real estate - appraisal experience.
, To become a Certified General Real Estate Appraiser, the applicant must
Right Ans - Pass the approved state-certifies general appraiser examination.
Appraisals are done to determine: Right Ans - value
What is the major component of the total property value that does not
depreciate? Right Ans - The land value
The cost approach would be most reliable for which of these properties?
Right Ans - County court houses
Tim and Sue have a the smallest house in a sought after neighborhood. The
value of their hike 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 income capitalization approach, or income approach is more specifically
used for appraising: Right Ans - Income rental properties
What is the last step in completing a CMA? Right Ans - Estimate a
reasonable and realistic selling price for the seller's property?
To what home features do extra insulation, double or triple panes windows or
hot water heaters refer? Right Ans - Energy efficiency
When performing a CMA, if a comparable has a feature that the seller's
property does not have, the licensee will: Right Ans - subtract the value of
that feature from the price of the comparable
Which is NOT one of the several factors that determine the value of a home?
Right Ans - The racial makeup of the neighborhood
How do the schools in the vicinity of a potential property influence the
marketability of that property? Right Ans - Frequently, schools are the
most important aspect in selecting a home for families with children
What is the difference between a CMA and an appraisal? Right Ans - A CMA
is less reliable than an appraisal
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