AYOP Principles of Real Estate 1 Exam With 100% Correct Answers 2024

AYOP Principles of Real Estate 1 Exam With 100% Correct Answers 2024 Fixity - answerland and buildings and other improvements to land require long periods of time to pay for themselves(investment permanence) Situs - answerlocation preference from an economic standpoint rather than geographical Economic Characteristics of Land - answerscarcity, modification, fixity, situs 3 physical characteristics of land - answernon-homogeneity, immobility, and indestructibility Texas Real Estate License Act - answerPassed in 1949 and created TREC. It consist of 9 members, 6 Brokers & 3 General public members; appointed by the governor and approved by 2/3 of the senate present 5th Amendment - answerstates that a citizen cannot have property taken from them w/o due process of law or just compensation Ordinance - answera local law Capital Gains Tax - answera tax levied on the returns that people earn from capital investments, like the profits from the sale of stocks or a home Fair Housing Act - answerThe federal law that prohibits discrimination in housing based on race, color, religion, sex, handicap, familial status, and national origin Real Estate Settlement Procedures Act (RESPA) - answerFederal law that ensures that residential buyers and sellers receive full disclosure of all settlement charges National Association of Realtors - answerlargest trade group, founded in 1908 Methods of Property Valuation - answerAssessed value, estimated sales value, investment value, replacement value Assessed Value - answerValue established for tax purposes by local municipalities(market value) Estimated Sales Value - answerfound by examining sales prices of comparable properties recently sold in the area Investment Value - answerthe value of the property to a particular investor Replacement Value - answeramount it would cost to replace a property(insurable value) Liquidation Value - answeran estimated amount that could be gained if the property was quickly sold in a low-demand market(auction, foreclosure) What affects demand? - answerpopulation, employment/wages, and demographics The Business Cycle - answerExpansion, recession, depression, and revival 6 Categories of Real Estate - answerResidential, commercial, industrial, mixed-use, agricultural, special pur