AYPO Real Estate Principles of Real Estate II Exam Study Guide Question and Answers 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) ✔✔270 square feet An applicant is allowed to use what electronic devices during the real estate exam? ✔✔Hand -
held calculator Convert the following fraction to a decimal for ease of computation: 31/25 ✔✔1.24 What is the general formula to determine Capital Gain? ✔✔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) ✔✔$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? ✔✔$784.87 What is the basic formula for determining the proration of fees? ✔✔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? ✔✔4450 ft2 How many hours must an applicant provide that are acceptable and verifiable appraisal experience acquired over a minimum of 12 months? ✔✔1,500 hours What is functional obsolescence? ✔✔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? ✔✔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? ✔✔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? ✔✔Cost approach. A CMA is what? ✔✔Comparative Market Analysis What are fees paid to the lender to compensate the loan company or bank for evaluating, processing, and approving a mortgage? ✔✔Origination points. A privately run, for -profit financial institution that provides a number of services including mortgage lending is a... ✔✔Bank. ✔✔ 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? ✔✔Flexible payment plan. What is a federal program run by the U.S. Department of the Treasury which is intended help homeowners avoid foreclosure? ✔✔The Making Home Affordable Program. Which of the following is a VLB qualifying requirement? ✔✔The home must remain as the veteran's primary residence for at least three years
held calculator Convert the following fraction to a decimal for ease of computation: 31/25 ✔✔1.24 What is the general formula to determine Capital Gain? ✔✔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) ✔✔$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? ✔✔$784.87 What is the basic formula for determining the proration of fees? ✔✔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? ✔✔4450 ft2 How many hours must an applicant provide that are acceptable and verifiable appraisal experience acquired over a minimum of 12 months? ✔✔1,500 hours What is functional obsolescence? ✔✔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? ✔✔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? ✔✔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? ✔✔Cost approach. A CMA is what? ✔✔Comparative Market Analysis What are fees paid to the lender to compensate the loan company or bank for evaluating, processing, and approving a mortgage? ✔✔Origination points. A privately run, for -profit financial institution that provides a number of services including mortgage lending is a... ✔✔Bank. ✔✔ 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? ✔✔Flexible payment plan. What is a federal program run by the U.S. Department of the Treasury which is intended help homeowners avoid foreclosure? ✔✔The Making Home Affordable Program. Which of the following is a VLB qualifying requirement? ✔✔The home must remain as the veteran's primary residence for at least three years
