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Champions State Test Section Chapter 1-6 Review Questions and Answers

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    Champions State Test Section Chapter 1-6 Review Questions and Answers

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    June 2024
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  • TREC General Powers, Composition, Duties, and Powers: Real Estate Advisory Committees -TREC was created in 1949 to administer the provisions of the License Act which was passed in 1939. The primary purpose of both the License Act and TREC is to protect the public. -TREC has the authority to make rules and regulations. TREC can advise with reference to its rules and the laws that govern license holders. -TREC consists of 9 commission members, 3 represent the general public and 6 are real estate b...
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230 Real Estate Appraisal Principles and Standards Review Questions and Answers

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    230 Real Estate Appraisal Principles and Standards Review Questions and Answers

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    2023/2024
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  • The role of the appraiser is to provide objective, impartial, and unbiased opinions about the value of real property. A. True B. False True The majority of appraiser's value all the following types of properties EXCEPT: A. Vacant land B. Commercial properties C. Residential properties D. Churches and synagogues D. Churches and synagogues The Appraisal Standards Board (ASB) interprets and amends the USPAP. The board consists of 7 members who are appointed by the Board of ______________. The Ap...
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Certified General Appraiser Exam Test Questions and Answers

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    Certified General Appraiser Exam Test Questions and Answers

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    April 2024
    2023/2024
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  • Attorneys Must have a real estate license to participate in a commission split. Attorneys can handle a real estate transaction for a client for a fee as long as they do not participate in broker to broker commission split. Any attorney licensed in a state other than Texas will need to be licensed in Texas (as a attorney) to handle a real estate transaction for a client for a fee in Texas. An Attorney-in-fact Auctioneers Must have license if involved in any part of a real estate transacti...
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Certified General Appraiser Exam Test 2 Questions and Complete Solutions

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    Certified General Appraiser Exam Test 2 Questions and Complete Solutions

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  • 5% of 1,500 = The answer is 75. To determine a part of a whole, multiply the rate by the total. For example, 5% of 1,500 = 75 (0.05 × 1,500 = 75). This formula is used in calculating mortgage loan interest, brokers' commissions, loan origination fees, discount points, and income on investment property. Remember: MULTIPLY when PART is the UNKNOWN. In 2016, taxes on Don Mark's home were paid in full and amounted to $1,468. He sold the home to Chuck Harris and closed the sale on August 29, 2017...
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State Test Section Questions Set

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    State Test Section Questions Set

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    April 2024
    2023/2024
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  • TREC has: 9 commission members, 3 represent the general public and 6 are brokers. -all are appointed by the governor and approved by the senate -they serve 6 year terms The broker lawyer committee has: -writes the promulgated forms -has 13 members, 6 members are brokers appointed by TREC, 6 are lawyers appointed by the president of the state bar association, and 1 is a public member appointed by the governor Handling of complaints by TREC: -An individual has four years from the effecti...
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Certified General Appraiser Exam Study Questions and Complete Solutions

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    Certified General Appraiser Exam Study Questions and Complete Solutions

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  • Holds a willingness to practice within the boundaries of professiona ethics and competency At the beginning of a potential supervisor/ trainee relationship, supervisor appraisers have a primary responsibility to ensure that a prospective trainee: The appraisal Sub committee (ASC) National registry and the state appraisal regulatory agency web site. What is a source that trainees may reference to determine if a prospective supervisory appraiser is qualified and in good standing? The supervi...
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Principles of Real Estate II - Real Estate Express Texas Questions and Answers

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    Principles of Real Estate II - Real Estate Express Texas Questions and Answers

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  • Which act was passed to regulate appraisal? in 1989, Congress passed the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA) in response to the savings and loan crisis. What does Title XI of FIRREA require? competent individuals whose professional conduct is properly supervised to perform all appraisals in federally-related transactions. January 1, 1993 FIRREA federally-related appraisals must be performed only by state-certified appraisers. Requirements for certificati...
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Section 2- Real Estate Appraisal-Appraisal and Value Review Questions and Answers

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    Section 2- Real Estate Appraisal-Appraisal and Value Review Questions and Answers

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  • An appraisal is an unbiased estimate of the nature, quality, value or utility of an interest in or aspect of identified real estate and related personalty as of a certain date. It's important to stress again that an appraisal is just an estimation based on a collection of evidence and not an actual determination of the value of a property. Steps in the Appraisal Process The appraisal process is an ordered, specific set of steps that must also follow an established, predetermined path ...
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Real Estate Appraisal Study Questions and 100% Correct Answers

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    Real Estate Appraisal Study Questions and 100% Correct Answers

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  • appraisal "the act or process of developing an opinion of value; an opinion of value." the appraisal process 1. state the problem 2. list the data needed and the sources 3. gather, record, and verify the necessary data mine the highest and best use 5. estimate value by each of the three approaches 6. report the final opinion of market value substitution states that the maximum value of a property tends to be set by the cost of purchasing an equally desirable and valuable substitute pr...
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230 Real Estate Appraisal Principles and Standards Review Questions and Answers

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    230 Real Estate Appraisal Principles and Standards Review Questions and Answers

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    April 2024
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  • The role of the appraiser is to provide objective, impartial, and unbiased opinions about the value of real property. A. True B. False True The majority of appraiser's value all the following types of properties EXCEPT: A. Vacant land B. Commercial properties C. Residential properties D. Churches and synagogues D. Churches and synagogues The Appraisal Standards Board (ASB) interprets and amends the USPAP. The board consists of 7 members who are appointed by the Board of _______...
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Texas SAE Real Estate Appraisal Exam Review Questions and Answers

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    Texas SAE Real Estate Appraisal Exam Review Questions and Answers

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  • Transferability Which value-influencing DUST factor addresses the ease with which the property can be conveyed to another? Present index ÷ Index at time of construction x Original cost = Present cost To arrive at the present cost, the appraiser applies a factor that represents the costs of construction over time up to the appraisal date (present index ÷ index at time of construction) multiplied by the subject building's original cost. Which of the following formulas is used with the index...
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Real Estate Finance MC Practice Questions and Answers

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    Real Estate Finance MC Practice Questions and Answers

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  • What is the program that licenses, regulates, and examines the trust- and insurance-funded prepaid funeral contract sellers to ensure compliance with the Finance and Administrative Codes? The Funeral Control Contract program The Prepaid Funeral Contract program The Advanced Directive Payment program The Repurchase Funeral Credit program The Prepaid Funeral Contract program Which Board is responsible to license, certify, and regulate real estate appraisers in Texas under state and ...
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Real Estate Appraisal Study Questions and Complete Solutions

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    Real Estate Appraisal Study Questions and Complete Solutions

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  • Depreciation caused by external obsolescence is generally incurable. Adding more bathrooms to a three-bedroom house that has only one bathroom may be an example of incurable functional obsolescence. Brokers and sales agents often use a simplified version of the sales comparison approach for residential real estate called a comparative market analysis. Which of the following statements is TRUE? A comparative market analysis is a comparison of recently sold properties that are similar to ...
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Real Estate Appraisal Review Questions and Answers

  • Exam (elaborations)

    Real Estate Appraisal Review Questions and Answers

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    2023/2024
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  • Amortization paying off a loan in equal installments; loan where the principal as well as the interest is payable in monthly or other periodic installments over the term of the loan. Discount Points A fee charged by the lender at settlement that results in increasing the lender's effective yield on the money borrowed. One discount point equals one percent of the loan amount. linear measurement measurement made on a line. The linear measure of a 4-foot square is 16 feet Loan Discou...
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Real Estate Appraisal Practice Questions and Answers

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    Real Estate Appraisal Practice Questions and Answers

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    April 2024
    2023/2024
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  • A broker opinion of value, or a broker price opinion, is a value estimation made by a real estate broker on the basis of several factors, including all of these, except: A) the market conditions in an area B) values of surrounding properties C) the property's condition D) seller's degree of urgency seller's degree of urgency A broker opinion of value, or a broker price opinion, is a value estimation made by a real estate broker on the basis of several factors, including the property's...
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Certified General Appraiser Exam Practice Questions and Answers

  • Exam (elaborations)

    Certified General Appraiser Exam Practice Questions and Answers

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    April 2024
    2023/2024
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  • Non-residential property with value less than $250,000. Licensed or Certified? Licensed Appraiser $1 million residential property. Licensed or Certified? Certified Appraiser Particularly Complicated Assignment. Licensed or Certified? Certified Appraiser $150,000 Family home. Licensed or Certified? Licensed Appraiser Particularly complicated assignment. Licensed or Certified? Certified Appraiser $500,000 residential property. Licensed or Certified? Certified Appr...
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Certified General Appraiser Exam Unit 1 Study Questions and Answers

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    Certified General Appraiser Exam Unit 1 Study Questions and Answers

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    April 2024
    2023/2024
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  • Why is it possible for buyers and sellers to fail to understand who represents each of them? Because a license holder can act as a buyer's agent, seller's agent, and intermediary agent Which of the following is authorized to promulgate statutes regarding the licensing of real estate agents in Texas? Texas Legislature The Texas Legislature enacts statutes or laws governing real estate license holders. The Texas Real Estate Commission regulates real estate license holders and is authorized t...
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Texas Principles of Real Estate II Test

  • Exam (elaborations)

    Texas Principles of Real Estate II Test

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    April 2024
    2023/2024
    A+
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  • Profit The result of selling something for more than what it cost to purchase it Profit Margin is the percentage of selling price that is turned into profit. Interest the amount paid in return for the use of money. Types of Interest Calculations Simple Add-on Compound Add-on Interest entails computing the interest on the total amount of the loan for the entire loan term. Then this amount of interest is added to the total principal amount before the monthly payments are calculated. ...
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Champions State Test Section Chapter 1-6 Review Questions and Answers

  • Exam (elaborations)

    Champions State Test Section Chapter 1-6 Review Questions and Answers

  • Available in bundle
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    -
    11
    April 2024
    2023/2024
    A+
    Available in bundle
  • TREC General Powers, Composition, Duties, and Powers: Real Estate Advisory Committees -TREC was created in 1949 to administer the provisions of the License Act which was passed in 1939. The primary purpose of both the License Act and TREC is to protect the public. -TREC has the authority to make rules and regulations. TREC can advise with reference to its rules and the laws that govern license holders. -TREC consists of 9 commission members, 3 represent the general public and 6 are real estate...
  • twishfrancis
    $11.99 More Info
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