AYOP PRINCIPLES OF REAL ESTATE 1 QUESTIONS WITH CORRECT VERIFIED ANSWERS | 100%

AYOP PRINCIPLES OF REAL ESTATE 1 QUESTIONS WITH CORRECT VERIFIED ANSWERS | 100%Fixity Answer land and buildings and other improvements to land require long periods of time to pay for themselves(investment permanence) Situs Answer location preference from an economic standpoint rather than geographical Economic Characteristics of Land Answer scarcity, modification, fixity, situs 3 physical characteristics of land Answer non-homogeneity, immobility, and indestructibility Texas Real Estate License Act Answer Passed in 1949 and created TREC. It consist of 9 members, 6 Brokers & 3 General public members; appointed by the governor and approved by 2/3 of the senate present 5th Amendment Answer states that a citizen cannot have property taken from them w/o due process of law or just compensation Ordinance Answer a local law Capital Gains Tax Answer a tax levied on the returns that people earn from capital investments, like the profits from the sale of stocks or a home Fair Housing Act Answer The federal law that prohibits discrimination in housing based on race, color, religion, sex, handicap, familial status, and national origin Real Estate Settlement Procedures Act (RESPA) Answer Federal law that ensures that residential buyers and sellers receive full disclosure of all settlement charges National Association of Realtors Answer largest trade group, founded in 1908 Methods of Property Valuation Answer Assessed value, estimated sales value, investment value, replacement value Assessed Value Answer Value established for tax purposes by local municipalities(market value) Estimated Sales Value Answer found by examining sales prices of comparable properties recently sold in the area Investment Value Answer the value of the property to a particular investor Replacement Value Answer amount it would cost to replace a property(insurable value)