Principles of Real Estate 2 Exam With 100% Correct Answers

Principles of Real Estate 2 Exam With 100% Correct Answers Market cycles, Economic forces, Political actions - answerAppraiser must be aware of.... Principle of Substitution - answerThe principle of appraisal that states "value is influenced by the cost of acquiring a comparable replacement" is..... Principle of Progression - answerThe presence of higher-priced property in an area causing an increase in the value of the surrounding properties is an example of.... Sales Comparison Approach - answerThe appraisal method most commonly used as the best indicator of value for existing properties is..... Principle of Regression - answerThe principle of appraisal that states that the value of the property in question is decreased by the value of the surrounding properties is.... Functional Obsolescence - answerThe loss is desirability of the style, layout or function of an element of a property over time is... External Obsolescence - answerDepreciation based on factors outside the property is... Fannie Mae - answerThe organization that has been most influential in addressing regional imbalances of mortgage credit availability and in the standardization of mortgage loans is... 1938 - answerFannie Mae began as an agency of the federal government, created to bring stability to the US housing market in... Equal Credit Opportunity Act - answerThe federal law that prohibits discrimination in any aspects of a credit transaction is... Loan to Value Ratio (LTV) - answerThe percentage of the appraised value of sales price that the lender will lend, whichever is lower, is... High Loan to Value - answerYou would expect to find PMI on... Note - answerThe evidence of debt and personal promise to repay the debt is called... Buyers are able to be more realistic when setting their pricing goals The buyers agent has a better understanding of the buyers ability to pa