AYPO Real Estate Principles of Real Estate II Exam Study Guide with Complete Solutions!!
If the base side of a triangular plot measures 45' and the height line measures 12', what is the area of the plot in square feet?([b x h] x ½ = A) - ANSWER-270 square feet
An applicant is allowed to use what electronic devices during the real estate exam? - ANSWER-Hand-held calculator
Convert the following fraction to a decimal for ease of computation: 31/25 - ANSWER-
1.24
What is the general formula to determine Capital Gain? - ANSWER-Profit from Sale - Base Value = Capital Gain
A property owner borrows $490,000 at a 12% interest rate. How much interest accumulates in the first year?(Interest Rate = Interest / Principle) - ANSWER-$58,800
A property owner has a 20-year mortgage that is worth $97,500 with a 7.5% annual interest rate. What does the property owner pay in mortgage payments every month? - ANSWER-$784.87
What is the basic formula for determining the proration of fees? - ANSWER-Tax or Fee Rate x Remaining Days or Months = Tax or Fee Owed
A house has 3 distinct rectangular shapes:
A=20'x30'
B=10'x10'
C=75'x50'
What is the square footage total? - ANSWER-4450 ft2
How many hours must an applicant provide that are acceptable and verifiable appraisal experience acquired over a minimum of 12 months? - ANSWER-1,500 hours
What is functional obsolescence? - ANSWER-The loss of property value due to qualities
of the property that cannot be easily changed What is the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting
prudently and knowledgeably? - ANSWER-Market value
Which of the following objective value means the value of a piece of property will rise or fall because of a future benefit or a future complication? - ANSWER-Anticipation
Replacement cost, or the dollar amount it would cost to construct at current prices a structure that is not exactly the same is in which type of appraisal? - ANSWER-Cost approach.
A CMA is what? - ANSWER-Comparative Market Analysis
What are fees paid to the lender to compensate the loan company or bank for evaluating, processing, and approving a mortgage? - ANSWER-Origination points.
A privately run, for-profit financial institution that provides a number of services including
mortgage lending is a... - ANSWER-Bank. - ANSWER-
In which type of payment plan does the borrower pay a lesser amount for the first years of the plan, often scheduled at five years, and then a higher monthly amount in the last portion of the loan? - ANSWER-Flexible payment plan.
What is a federal program run by the U.S. Department of the Treasury which is intended
help homeowners avoid foreclosure? - ANSWER-The Making Home Affordable Program.
Which of the following is a VLB qualifying requirement? - ANSWER-The home must remain as the veteran's primary residence for at least three years
The Federal Reserve System does not directly control... - ANSWER-1. national production.
2. levels of employment.
3. inflation.
What occurs in secondary capital markets? - ANSWER-Securities are traded between investors
What is an alternative to financial institutions particularly for buyers who are not able to obtain conventional financing? - ANSWER-Private lending.
Which of the following combines and replaces the final Truth-in-Lending disclosure and the HUD-1? - ANSWER-The closing disclosure
If the base side of a triangular plot measures 45' and the height line measures 12', what is the area of the plot in square feet?([b x h] x ½ = A) - ANSWER-270 square feet
An applicant is allowed to use what electronic devices during the real estate exam? - ANSWER-Hand-held calculator
Convert the following fraction to a decimal for ease of computation: 31/25 - ANSWER-
1.24
What is the general formula to determine Capital Gain? - ANSWER-Profit from Sale - Base Value = Capital Gain
A property owner borrows $490,000 at a 12% interest rate. How much interest accumulates in the first year?(Interest Rate = Interest / Principle) - ANSWER-$58,800
A property owner has a 20-year mortgage that is worth $97,500 with a 7.5% annual interest rate. What does the property owner pay in mortgage payments every month? - ANSWER-$784.87
What is the basic formula for determining the proration of fees? - ANSWER-Tax or Fee Rate x Remaining Days or Months = Tax or Fee Owed
A house has 3 distinct rectangular shapes:
A=20'x30'
B=10'x10'
C=75'x50'
What is the square footage total? - ANSWER-4450 ft2
How many hours must an applicant provide that are acceptable and verifiable appraisal experience acquired over a minimum of 12 months? - ANSWER-1,500 hours
What is functional obsolescence? - ANSWER-The loss of property value due to qualities
of the property that cannot be easily changed What is the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting
prudently and knowledgeably? - ANSWER-Market value
Which of the following objective value means the value of a piece of property will rise or fall because of a future benefit or a future complication? - ANSWER-Anticipation
Replacement cost, or the dollar amount it would cost to construct at current prices a structure that is not exactly the same is in which type of appraisal? - ANSWER-Cost approach.
A CMA is what? - ANSWER-Comparative Market Analysis
What are fees paid to the lender to compensate the loan company or bank for evaluating, processing, and approving a mortgage? - ANSWER-Origination points.
A privately run, for-profit financial institution that provides a number of services including
mortgage lending is a... - ANSWER-Bank. - ANSWER-
In which type of payment plan does the borrower pay a lesser amount for the first years of the plan, often scheduled at five years, and then a higher monthly amount in the last portion of the loan? - ANSWER-Flexible payment plan.
What is a federal program run by the U.S. Department of the Treasury which is intended
help homeowners avoid foreclosure? - ANSWER-The Making Home Affordable Program.
Which of the following is a VLB qualifying requirement? - ANSWER-The home must remain as the veteran's primary residence for at least three years
The Federal Reserve System does not directly control... - ANSWER-1. national production.
2. levels of employment.
3. inflation.
What occurs in secondary capital markets? - ANSWER-Securities are traded between investors
What is an alternative to financial institutions particularly for buyers who are not able to obtain conventional financing? - ANSWER-Private lending.
Which of the following combines and replaces the final Truth-in-Lending disclosure and the HUD-1? - ANSWER-The closing disclosure
