External obsolescence - Study guides, Class notes & Summaries

appraisal - value of a property maybe affected by social, economic, govt and environmental influences Loan-to-Value Ratio (LTV) - The percentage of value or sales price that a lender is willing to finance. limited appraisal report - exterior only/drive by inspection. deemed as low risk loan highest and best use of property - legal use that gives the greatest return Principal of Contribution - cost does not equal value Residential Mortgage Loan Originators (RMLO) - Must be certified licenc...

Principles of Real Estate 2 Champion Exam With 100% Correct Answers 2024 What does D.U.S.T. stand for? - answerDemand, Utility, Scarcity, Transferability the percentage of value or sales price that a lender is willing to finance - answerLoan to Value Ratio (LTV) the value of a property is equal to the sum of the contributory value of each of its component parts. - answerprinciple of contribution the forces acting on a parcel of land are always affecting the value of the land - answerPRIN...

Texas Principles of Real Estate II Final Exam| Questions and Verified Answers| Grade A| 2023/ 2024 Update Q: a lease for one year or less Answer: the only contract that does not have to be in writing to be enforceable Q: Attorney in Fact Answer: a person holding a power of attorney Q: substitution of a contract with another contract ie. counteroffer Answer: Novation Q: when one party fails to perform the duties of the contract-they can be asked by judge ...

Gold Coast Final Exam Questions and Answers 100% Solved What is the form you sign that says you will pay the loan back ? promissory note What is the post licensing grace period after first expiration ? none Deposits is a form of... valuable consideration Physical land and improvements real property Is it a violation if a sales associate work for two brokers Monday-Friday, and Saturday and Sunday and getting paid commission from both Yes What is the maximum fine per offense ? $5,000 per fine...

If an older building cannot be air-conditioned, it is an example of ___________ ? A. Economic obsolescence. B. Functional obsolescence. C. Physical deterioration. D. External deterioration - ANSWER B. Functional obsolescence. An appraiser MUST be licensed or certified to handle Federally related work on residential property valued at more than ___________?

Champions School Principles of Real Estate II Latest Update Graded A+ Appraisal An Appraiser's opinion of value Principle of conformity Suggests that value is maximized when there is reasonable degree of homogeneity, or sameness, in a neighborhood USPAP Uniform Standards of Professional Appraisal Practice Uniform Standards of Professional Appraisal Practice Standards that have been established by the Appraisal Standards Board of the Appraisal Foundation Ad Valorem According to...

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...

condominium Severalty ownership of air rights combined with an undivided interest in the common areas of real estate would MOST LIKELY describe a on probation A licensee could be active in the real estate business if his/her license is Agent Kenzie has terminated her relationship with her broker. The broker has returned her license to the BREP. Agent Kenzie has thirty days to place her license in escrow or find another broker Disciplinary actions that can be taken by the ...

Principles of Real Estate 2 (TEXAS) Exam With 100% Correct Answers 2024 The approach used as the best indicator of value for existing properties. a. functional obsolescence b. sales comparison c. highest and best use d. market value e. external obsolescence - answerB Refers to the loss in desirability of the style, layout, or function of an element of a property over time. a. functional obsolescence b. sales comparison c. highest and best use d. market value e. external obsolescenc...

Which would NOT be used in the capitalization approach? A. gross income B. operating expenses C. reproduction cost D. allowance for vacancy - ANSWER C. reproduction cost A property had a land value of $40,000, a 2,000 square feet structure with a rebuilding cost of $70 per square foot, depreciation of $5,000 due to functional obsolescence and $1,500 due to physical depreciation. What would be the estimate of value for this property using the cost approach? A. $133,500 B. $140,000 C...