Texas Real Estate Principles II quiz Questions & Answers(RATED A+)
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Course
Texas Real Estate Principles II
Institution
Texas Real Estate Principles II
A mixed number has both a fraction and a: - ANSWER whole number
Which of the following must be prorated or divided proportionately between the buyer and the seller? - ANSWER Taxes, insurance, utilities
Convert fractions to decimals when doing a real estate math problem by - ANSWER dividing...
Texas Real Estate Principles II quiz
Questions & Answers(RATED A+)
A mixed number has both a fraction and a: - ANSWER whole number
Which of the following must be prorated or divided proportionately between the buyer and the
seller? - ANSWER Taxes, insurance, utilities
Convert fractions to decimals when doing a real estate math problem by - ANSWER 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 -
ANSWER credit to the buyer and debit to the seller
What ratio is calculated based on all of the monthly obligations the borrower has outstanding? -
ANSWER debt ratio
Broker Jim sold a home for $225,500 at a commission rate of 7%. What will Jim's commission be? -
ANSWER $15,785
If a broker sells a property for $450,000 and makes $36,000. What is the rate of commission? -
ANSWER 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: - ANSWER prorated
A parcel of property is 609,840 square feet, how many acres are in the parcel? - ANSWER 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? - ANSWER $5.60
A Licensed Residential Appraiser must: - ANSWER 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: -
ANSWER income or rental properties
What is the first step in the cost valuation approach? - ANSWER Approximate land value as if it were
vacant
Appraisals are done to determine: - ANSWER value
To become a Certified General Real Estate Appraiser, the applicant must - ANSWER 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? -
ANSWER Contribution
What is the major component of the total property value that does not depreciate? - ANSWER The
land value
The appraisal process is: - ANSWER 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? - ANSWER progression
The cost approach would be most reliable for which of these properties? - ANSWER County court
houses
A licensee should keep in mind that the information on pending sales is not as reliable as on sold
homes because - ANSWER the price shown is the listing price, not the sales price.
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