Aceable Agent Questions with CORRECT
Answers (Grade A+)
Question:
Amortization
Answer:
The repayment of a loan principle over time
Question:
Arrears
Answer:
Payment for an item or service after it's received
Question:
Proration
Answer:
The allocation or distribution of an annual expense across smaller chunks of time
Question:
Acreage
Answer:
A unit of measurement used to determine the size of land; 1 acre = 43560 square feet
Question:
Appraisal
Answer:
The value of property, based on factors determined by a certified appraiser
,Question:
General data
Answer:
Information about the area surrounding a property, this could include the city, region, and
neighborhood in which the property is situated
Question:
Specific Data
Answer:
Information regarding the property itself
Question:
Limited Appraisal
Answer:
A simple, abbreviated version of a regular appraisal
Question:
Appraised Value
Answer:
Refers to the value given by a licensed appraiser during the mortgage origination process. |
Appraisers are chosen by the lender but paid for by the homebuyer.
Question:
Assessed Value
Answer:
Refers to the value placed on a property by a governmental unit for use in levying annual real
estate taxes
, Question:
Loan-to-Value Ratio (LTV)
Answer:
The limit on the value of a loan, usually a certain | percentage of the home's appraised value
or sales price, whichever is lower
Question:
Subject Property
Answer:
The property that is being evaluated in any given appraisal
Question:
Highest and Best Use
Answer:
What is achieved when a property is used for the most appropriate purpose with the highest
returns
Question:
Principle of Anticipation
Answer:
The present value of a property is affected by the anticipated income or utility that property
will give to the property owner
Question:
Principle of Contribution
Answer:
A property's overall value is made of the combined value of each of its parts
Answers (Grade A+)
Question:
Amortization
Answer:
The repayment of a loan principle over time
Question:
Arrears
Answer:
Payment for an item or service after it's received
Question:
Proration
Answer:
The allocation or distribution of an annual expense across smaller chunks of time
Question:
Acreage
Answer:
A unit of measurement used to determine the size of land; 1 acre = 43560 square feet
Question:
Appraisal
Answer:
The value of property, based on factors determined by a certified appraiser
,Question:
General data
Answer:
Information about the area surrounding a property, this could include the city, region, and
neighborhood in which the property is situated
Question:
Specific Data
Answer:
Information regarding the property itself
Question:
Limited Appraisal
Answer:
A simple, abbreviated version of a regular appraisal
Question:
Appraised Value
Answer:
Refers to the value given by a licensed appraiser during the mortgage origination process. |
Appraisers are chosen by the lender but paid for by the homebuyer.
Question:
Assessed Value
Answer:
Refers to the value placed on a property by a governmental unit for use in levying annual real
estate taxes
, Question:
Loan-to-Value Ratio (LTV)
Answer:
The limit on the value of a loan, usually a certain | percentage of the home's appraised value
or sales price, whichever is lower
Question:
Subject Property
Answer:
The property that is being evaluated in any given appraisal
Question:
Highest and Best Use
Answer:
What is achieved when a property is used for the most appropriate purpose with the highest
returns
Question:
Principle of Anticipation
Answer:
The present value of a property is affected by the anticipated income or utility that property
will give to the property owner
Question:
Principle of Contribution
Answer:
A property's overall value is made of the combined value of each of its parts
