Principles of rea Study guides, Class notes & Summaries

Functional obsolescence - Answer- Refers to the loss in desirability of the style, layout or function of an element of a property over time Sales comparison - Answer- best indicator of value for existing properties highest and best use - Answer- the legal use for property that gives the greatest return in money and/or amenities external obsolescence - Answer- the loss in value of a property caused by factors outside the property itself principle of contribution - Answer- suggests the...

Texas Principles Of Real Estate II Final Exam: Questions & Answers: Latest Updated :Complete Version Written documents affecting a title to real estate are recorded: A. where the titleholder resides B. where the titleholder has legal residence C. at the county clerk's office where the property is located D. at any county clerk's office in Texas -answer- C. at the county clerk's office where the property is located A person appointed by a court to settle the estate of a deceased pe...

Lenders require a borrower to establish and maintain a reserve fund to ______. - answer- Pay any property taxes in case the borrower misses a payment Brandon recently purchased an old warehouse building. This building will serve as a hub for local deliveries of fruits and vegetables within the state. During its first week in operation, one of the delivery drivers was involved in an accident that spilled coconuts all over the road and shut down the interstate for hours. What type of risk is th...

Principles of Real Estate 1 Final Exam With Complete Solution...

Champions real estate principles of real estate 1 in 2022 latest updatebrokerage - correct answer A business that pertains to overseeing the needs of the parties and completing a transaction they may or may not involve agency relationships Real Estate Development - correct answer Involves the acquisition of land for development into residential subdivisions, retail centers and other commercial uses. immobility - correct answer It's a physical characteristic of land that cannot be moved ...

An opinion of value - ANSWER The appraised value of a property is: assessed value - ANSWER the amount that your local government determines your property to be worth for tax purposes subject property - ANSWER The property that is being appraised. ad valorem - ANSWER according to value Principle of Conformity - ANSWER Maximum value is found when there is a reasonable degree of similarity or homogeneity USPAP (Uniform Standards of Professional Appraisal Practice) - ANSWER Standards ...

Texas Principles of Real Estate II (2024 / 2025) Exam | Questions and Verified Answers | 100% Correct Q: According to value a. Police power b. Ad valorem c. Taxation d. Escheat e. Condemnation Answer: B Q: The government retains the following rights in lands, EXCEPT: a. Eminent domain b. Allodial c. Police Power d. Taxation Answer: B Q: If a landowner sues the government in order to force it to buy his or her land, this is called: a. Reverse condemnation b. Forward condemnation c. Inverse condem...

Texas Principles of Real Estate 1 (2024 / 2025) Exam | Questions and Verified Answers | Grade A Q: Under subchapter E of TRELA the commission has a responsibility to make information available about the commission and its duties in the interest in: Answer: The general public Q: In a real estate transactions who may a licensee represent? Answer: A client Q: What type of real estate market occurs when both supply and demand are low? Answer: Stagnant Market Q: Assume you are a licensee in Texas who...

Champions School of Real Estate- Principles of Real Estate II Already Passed Appraisal an appraiser's opinion of value, used to determine market value property to secure the loan Loan to Value Ratio Percentage of value or sales price that a lender is willing to finance Desk Review an appraisal that simply reviews a checklist of items as they analyze the appraisal report for completeness and acceptable conclusions Field Review An independent 3rd party appraiser will be contract...