Demetrius

The most significant type of value for real estate licensees is ____________ value. correct answer: market ________________ is defined as the price a willing seller will sell for, and the price a willing buyer will pay, when neither is acting under exceptional pressure. correct answer: Market value _______ is also defined as the most probable price. It is most commonly associated with the price a party pays for a property. correct answer: Market value There are four basic characteri...

What are the 4 economic Characteristics of land correct answer: 1,Scarcity, 2, Modification, 3,Fixity 4, Situs Scarcity correct answer: Supply and demand, When there is shortage of something that and individual wants the price goes up. Situs correct answer: The location of the property or land from an economic not geographic viewpoint. Preference people have based on location. Location Location Location.... Ad Valorem Taxes correct answer: Taxes on real properties (according to valu...

Appraisal is the business of: correct answer: Providing a professional opinion of the value of real property A professional association whose local affiliates own and operate MLS systems throughout the United States is the: correct answer: NAR RMLOs in Texas are licensed through correct answer: Texas Department of Savings and Mortgage Lending Indestructibility, a physical characteristic of land, is also known as: correct answer: Durability A freeway has made commuting to a distan...

4 Phases of a Business cycle correct answer: 1. Prosperity 2. Recession 3. Contraction 4. Recovery When is Equilibrium reached? correct answer: when demand equals supply General Business Economy and Real Estate Economy are _______? correct answer: Cyclical Does the Real Estate Cycle or General economic cycle move faster? correct answer: Real Estate Cycle moves slower A thorough Property Analysis includes... correct answer: 1. local market data 2. physical characteristics 3....

appraisal correct answer: value of a property maybe affected by social, economic, govt and environmental influences Loan-to-Value Ratio (LTV) correct answer: The percentage of value or sales price that a lender is willing to finance. limited appraisal report correct answer: exterior only/drive by inspection. deemed as low risk loan highest and best use of property correct answer: legal use that gives the greatest return Principal of Contribution correct answer: cost does not equ...

Appraisal correct answer: an appraiser's opinion of value, used to determine market value property to secure the loan Loan to Value Ratio correct answer: Percentage of value or sales price that a lender is willing to finance Desk Review correct answer: an appraisal that simply reviews a checklist of items as they analyze the appraisal report for completeness and acceptable conclusions Field Review correct answer: An independent 3rd party appraiser will be contracted to review the a...

Buffer Zone correct answer: an area of land separating one land use from another Variance correct answer: permission to violate the rules Police Power correct answer: the right of the government to regulate and control the way land is used Downsizing correct answer: Changing the zoning of a property to lower the value use Zoning correct answer: the most common example of police power Texas Property Code correct answer: arranges Texas Statute Law into a logical order, making ...

Most common reason a property fails to sell is correct answer: price Matching human needs with goods or services to meet those needs is the process of correct answer: marketing _____________________ is a key personality trait of a successful agent correct answer: problem solving 3 Ways Sales Agents Add Value to the Buying Process correct answer: Counseling, Negotiating, and Managing the transaction Four P's of marketing real estate correct answer: product, promotion, price and ...

Appurtenance correct answer: rights, privilege or iimprovements that belong to and pass with the land Personal Property Synonyms correct answer: -Chattel -Personalty Annexation correct answer: -Fixtures are attached to property via _______ Emblements correct answer: -crops cultivated annually -personal property -can remove crops one year after and then forfeit the right to the crops if not removed Characteristics of Real Property correct answer: PHYSICAL -Nonhomogeneity (uni...

if you are holding undeveloped land, your goal as an investment is: correct answer: appreciation land is referred to as _____ because it can be seen touched correct answer: tangible Formaldehyde gas is: correct answer: Colorless Local governments can use which of the following to enforce subdivision requirements? correct answer: Police Power The time limitation on deed restrictions is typically __________ due to changes that render the original restriction irrelevant. correct an...

The principal is also known as correct answer: client fiduciary relationship correct answer: a relationship founded on trust and confidence Agency Relationship correct answer: Exists when one person (the agent) acts for, or on behalf of another person (the principal). the principal correct answer: is the one who hires and gives authority to the agent Texas Real Estate License Act TRELA correct answer: Was passed 1939. The purpose is to protect the public against unscrupulous br...

The minimum downpayment on a VA loan is: (a) 2% of the sales price (b) 0% of the sales price (c) 3.75% of the sales price (d) 1% of the sales price correct answer: B _________ is the process of creating a new mortgage loan. (a) Origination (b) Funding (c) Underwriting (d) Servicing * correct answer: A A veteran can have more than one VA loan: (a) If the prior VA loan was paid in full and the property disposed of (b) The prior VA loan was assumed...

appurtenance correct answer: term used to describe rights, privileges or improvements that belong to and pass with the land improvements correct answer: man's additions to the land such as building and landscaping personal property correct answer: also called chattel or personalty; a right or interest in smiting of a temporary or movable nature and includes anything not classed as real property. Real property becomes personal property through severance. bill of sale correct answer: ...

a freeway has made commuting to a distant suburban neighborhood easier, resulting in an increase in new home sales. This increase in sales is an example of the economic characteristic of A.) scarcity B.) Fixity C.) Situs D.) Modification correct answer: D.) Modification The supply of Real Estate is affected by A.) Land cost B.) Building codes C.) Government regulations D.) All of these correct answer: D.) All of these The least important factor affecting demand for real esta...

Chapter 4 National Real Estate Exam Prep (Champions School of Real estate) Questions With Complete Solutions

A freeway has made commuting to a distant suburban neighborhood easier, resulting in an increase in new home sales. This increase in sales is an example of the economic characteristic of (a) scarcity (b) Fixity (c) Situs (d) Modification correct answer: D The supply of Real Estate is affected by (a) Land cost (b) Building codes (c) Government regulations (d) All of these correct answer: D The least important factor affecting demand for real estate is: (a) Population ...

In ______ the Texas Real Estate Commission was established to administer and enforce the TRELA. correct answer: 1949 TREC has only _______ promulgated lease forms. correct answer: 2 In the TAR® Seller's Disclosure the seller should _______. a. prepare the disclosure when the listing is taken b. be the only one completing this form or any part of it c. none of the above d. both a and b correct answer: d. both a and b The _______ statute provides that the sender's message m...

Champions School of Real Estate (Real Estate Salesperson State Prep Exam 1) Questions With Complete Solutions

brokerage correct answer: the aspect of the real estate business that pertains to overseeing the needs of the parties and completing a transaction; a brokerage transaction may or may not involve agency relationships The role of a property manager correct answer: Generally responsible for the day to day operations of the property, maintenance, and tenant relations How are home inspectors licensed? correct answer: Home inspectors are licensed in Texas by TREC. Real Estate Development c...

Loan-to-Value Ratio (LTV) correct answer: The percentage of the lesser of the appraised value or sales price that the lender will lend. ex: If a borrower is approved for an 80% loan, it means that the lender will loan up to 80% of the sales price or appraised value, whichever is lower. Package Mortgage correct answer: Includes both real and personal property ( fixtures and furnishings) Blanket Mortgage correct answer: Covers more than one piece of property. Wraparound Mortgage cor...