Aceable Agent - Principles of Real Estate II Exam 2023 with 100%Correct Answers.

Aceable Agent - Principles of Real Estate II Exam 2023 with 100%Correct Answers. TOTAL = PART/PERCENTAGE PART = TOTAL x PERCENTAGE PERCENTAGE = PART/ TOTAL - correct answer -Formulas to calculate commission? PRINCIPAL - correct answer -What is the term that describes the money that is lent? CASH TO CLOSE - correct answer -Down payment minus earnest money? TOTAL SALES PRICE - correct answer -Loan payment + loan principal? ORIGINATION POINTS - correct answer -Loan points/fees charged 1% to compensate loan officers for underwriting and administering the loan. DISCOUNT POINTS - correct answer -Loan points/fees charged 1% in exchange for a lower interest rate on the loan. DAY OF CLOSING - correct answer -When is the seller responsible for property taxes? Uniform Standards of Professional Appraisal Practice (USPAP) - correct answer -Ethical code for appraisers? Appraiser Qualifications Board (AQB) - correct answer -Who regulates USPAP? TALCB - correct answer -Texas Appraiser Licensing & Certification Board acronym? Aceable Agent - Principles of Real Estate II Exam 2023 with 100%Correct Answers LICENSED RESIDENTIAL APPRAISER - correct answer -Qualified to appraise: -1 to 4 family non-complex residential units, 1 mill -1 to 4 family residential complex unit, $250k -75 add'l education hours -2000 hours experience over min 1 year -Assoc Degree or 30 course credit hours CERTIFIED RESIDENTIAL APPRAISER - correct answer -Qualified to appraise: -1 to 4 residential unit, any value okay -125 add'l education hours -2,500 hours experience over min 2 years -Bach Degree or higher CERTIFIED GENERAL APPRAISER - correct answer -Qualified to appraise: -any type of property -225 add'l education hours -Bach Degree -3000 hours experience over min 2.5 years -1/2 experience must be non residential PRINCIPLE OF SUBSTITUTION - correct answer -The value of something is affected by the cost of getting a similar item elsewhere. Similar properties should have fairly similar values. PRINCIPLE OF CONFORMITY - correct answer -Values are highest when the houses in a neighborhood look roughly the same. PRINCIPLE OF CONTRIBUTION - correct answer -A property's overall value is made up of the combined value of each of its parts. The value added by the improvement could be higher or lower than the expense. PRINCIPLE OF CHANGE - correct answer -The condition of a property, the desirability of its location, and the market in which it exists can always change. Appraisals are only good for one month. STEPS TO COMPLETE AN APPRAISEL - correct answer -1. state obj 2. list data 3. gather/record data 4. determine highest and best use 5. land value 6. estimate value using applicable approaches 7. final value estimate 8. complete and present report MINIMUM BID AUCTION - correct answer -What is a "No-reserve" auction? An auction which a minimum acceptable sales price (reserve) is set. 1. SALES COMPARISON APPROACH 2. THE COST APPROACH 3. THE INCOME APPROACH - correct answer -What are 3 ways to calculate value? COST APPROACH - correct answer -Approach to calculate value based on improvements, loss, comparable, by a) quantity survey method, b) unit in place method, c) square foot method. Property value = Cost of Reproduction - Depreciated Value + Land Value INCOME APPROACH - correct answer -Approach to calculate value for commercial properties? NOI/ Cap Rate = Value or "IRV" 1. PRINCIPLE OF CONFORMITY 2. PRINCIPLE OF REGRESSION.