Aceable Agent - Principles of Real Estate II EAceable Agent - Principles of Real Estate II Exam Notes Questions With Correct Solutions xam Notes

Aceable Agent - Principles of Real Estate II Exam Notes Questions With Correct Solutions TOTAL = PART/PERCENTAGE PART = TOTAL x PERCENTAGE PERCENTAGE = PART/ TOTAL - ANS Formulas to calculate commission? PRINCIPAL - ANS What is the term that describes the money that is lent? CASH TO CLOSE - ANS Down payment minus earnest money? TOTAL SALES PRICE - ANS Loan payment + loan principal? ORIGINATION POINTS - ANS Loan points/fees charged 1% to compensate loan officers for underwriting and administering the loan. DISCOUNT POINTS - ANS Loan points/fees charged 1% in exchange for a lower interest rate on the loan. DAY OF CLOSING - ANS When is the seller responsible for property taxes? Uniform Standards of Professional Appraisal Practice (USPAP) - ANS Ethical code for appraisers? Appraiser Qualifications Board (AQB) - ANS Who regulates USPAP? TALCB - ANS Texas Appraiser Licensing & Certification Board acronym? LICENSED RESIDENTIAL APPRAISER - ANS 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 - ANS 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 - ANS 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 - ANS The value of something is affected by the cost of getting a similar item elsewhere. Similar properties should have fairly similar values.