Champions Principles of Real Estate Exam With 100% Correct Answers 2024

Champions Principles of Real Estate Exam With 100% Correct Answers 2024 appraisal - answervalue of a property maybe affected by social, economic, govt and environmental influences Loan-to-Value Ratio (LTV) - answerThe percentage of value or sales price that a lender is willing to finance. limited appraisal report - answerexterior only/drive by inspection. deemed as low risk loan highest and best use of property - answerlegal use that gives the greatest return Principal of Contribution - answercost does not equal value Residential Mortgage Loan Originators (RMLO) - answerMust be certified licence holders and is mandated by the SAFE ACT (TX dept of savings and mortgage lending) Principle of Anticipation - answerpurchase price is affected by the expectation of future appeal and benefits Principal of Substitution - answervalue of a commodity is influenced by the cost of acquiring subsitute or comparable item Principal of progression - answervalue of properties around yours goes up; so does yours Principal of Regression - answerThe Value of more expensive home placed in a neighborhood of less expensive homes will drop in value Market Value - answerthe most probable price a property should bring in a competitive and open market under fair conditions requisit to a fair sale. appraisal process - answerThe value of a property may be affected by social, economic, governmental and environmental influences. An appraiser must always be aware of these influences and possible changes in them that could affect market value. Three approaches to value - answer(1) The Sales Comparison Approach (2) The Cost Approach, (3) The Income Approach. Sales Comparison Approach - answerA value for existing properties method for comparing similar properties to the subject property. this is