Bob Hogue Chapter 1 Exam Questions
and Answers All Correct
What does CAM stand for? - Answer-Community Association Manager
Name the criteria for becoming a CAM - Answer-You must own 10 unites or have a
budget of at least 100,000
You must then obtain a separate license
What does an appraisal assignment to originate a federally related loan require? -
Answer-Must conform to USPAP guidelines and
Must be carried out by a certified or licensed appraiser
What does USPAP stand for? - Answer-Uniform Standards of Professional Appraisal
Practice
What does an appraisal assignment that does BOT involve a federally related
transaction require? - Answer-Must conform to USPAP guidelines
Does not necessitate a certified or licensed appraiser
Which two services can a real estate agent offer without confirming to USPAP
guidelines or being a certified or licensed appraiser? - Answer-BPO (Broker's Price
Opinion)
CMA (Comparative Market Analysis)
What must the buyer provide to their agent at the beginning of their correspondence? -
Answer-Either proof of funds (if they're buying in cash) or proof of pre-qualification or
the subsequent pre-approval from their lender
What primary financial clarification should be made between the seller and their agent?
- Answer-The types of loans they are willing to accept (ex. FHA)
Name the 3 general phases of development and construction - Answer-1. Land
Acquisition
2. Subdividing and Development
3. Recording of the Subdivision Plat Map
Explain land acquisition - Answer-Making sure everything property-related checks out
and Answers All Correct
What does CAM stand for? - Answer-Community Association Manager
Name the criteria for becoming a CAM - Answer-You must own 10 unites or have a
budget of at least 100,000
You must then obtain a separate license
What does an appraisal assignment to originate a federally related loan require? -
Answer-Must conform to USPAP guidelines and
Must be carried out by a certified or licensed appraiser
What does USPAP stand for? - Answer-Uniform Standards of Professional Appraisal
Practice
What does an appraisal assignment that does BOT involve a federally related
transaction require? - Answer-Must conform to USPAP guidelines
Does not necessitate a certified or licensed appraiser
Which two services can a real estate agent offer without confirming to USPAP
guidelines or being a certified or licensed appraiser? - Answer-BPO (Broker's Price
Opinion)
CMA (Comparative Market Analysis)
What must the buyer provide to their agent at the beginning of their correspondence? -
Answer-Either proof of funds (if they're buying in cash) or proof of pre-qualification or
the subsequent pre-approval from their lender
What primary financial clarification should be made between the seller and their agent?
- Answer-The types of loans they are willing to accept (ex. FHA)
Name the 3 general phases of development and construction - Answer-1. Land
Acquisition
2. Subdividing and Development
3. Recording of the Subdivision Plat Map
Explain land acquisition - Answer-Making sure everything property-related checks out
