TEXAS PRINCIPLES OF REAL ESTATE REAL
ESTATE U ACTUAL EXAM PAPER 2026
QUESTIONS WITH ANSWERS GRADED A
◉ Refers to the loss in desirability of the style, layout, or function of
an element of a property over time.
a. functional obsolescence
b. sales comparison
c. highest and best use
d. market value
e. external obsolescence. Answer: A
◉ The price a willing seller will sell for, and the price a willing buyer
will pay.
a. functional obsolescence
b. sales comparison
c. highest and best use
d. market value
e. external obsolescence. Answer: D
,◉ The legal use for property that gives the greatest return in money
and/or amenities.
a. functional obsolescence
b. sales comparison
c. highest and best use
d. market value
e. external obsolescence. Answer: C
◉ The loss in value of a property caused by factors outside of the
property itself.
a. functional obsolescence
b. sales comparison
c. highest and best use
d. market value
e. external obsolescence. Answer: E
◉ The appraised value of a property is:
a. The sale price
b. An opinion of value
,c. A market analysis
d. The market value of a property. Answer: B
◉ A "lite" appraisal is often referred to as a(n):
a. Drive-by appraisal
b. Full appraisal
c. Appraisal review
d. Summary appraisal. Answer: A
◉ In the appraisal report, the property being appraised is referred
to as the .
a. Target property
b. Comparable property
c. Sold property
d. Subject property. Answer: D
◉ A homeowner added a swimming pool to a home at a cost of
$75,000. During an appraisal, the appraiser determined that the
pool added $55,000 to the value of the property. In this case, the
appraiser was applying the principle of in the analysis.
, a. Anticipation
b. Change
c. Substitution
d. Contribution. Answer: D
◉ An appraisal has a limited "shelf life" because of the principle of
.
a. Anticipation
b. Change
c. Substitution
d. Contribution. Answer: B
◉ The legal use of a property that gives the greatest return in money
and/or amenities is known as the property's .
a. Net adjusted value
b. Highest and best use
c. Going concern value
d. Assessed value. Answer: B
ESTATE U ACTUAL EXAM PAPER 2026
QUESTIONS WITH ANSWERS GRADED A
◉ Refers to the loss in desirability of the style, layout, or function of
an element of a property over time.
a. functional obsolescence
b. sales comparison
c. highest and best use
d. market value
e. external obsolescence. Answer: A
◉ The price a willing seller will sell for, and the price a willing buyer
will pay.
a. functional obsolescence
b. sales comparison
c. highest and best use
d. market value
e. external obsolescence. Answer: D
,◉ The legal use for property that gives the greatest return in money
and/or amenities.
a. functional obsolescence
b. sales comparison
c. highest and best use
d. market value
e. external obsolescence. Answer: C
◉ The loss in value of a property caused by factors outside of the
property itself.
a. functional obsolescence
b. sales comparison
c. highest and best use
d. market value
e. external obsolescence. Answer: E
◉ The appraised value of a property is:
a. The sale price
b. An opinion of value
,c. A market analysis
d. The market value of a property. Answer: B
◉ A "lite" appraisal is often referred to as a(n):
a. Drive-by appraisal
b. Full appraisal
c. Appraisal review
d. Summary appraisal. Answer: A
◉ In the appraisal report, the property being appraised is referred
to as the .
a. Target property
b. Comparable property
c. Sold property
d. Subject property. Answer: D
◉ A homeowner added a swimming pool to a home at a cost of
$75,000. During an appraisal, the appraiser determined that the
pool added $55,000 to the value of the property. In this case, the
appraiser was applying the principle of in the analysis.
, a. Anticipation
b. Change
c. Substitution
d. Contribution. Answer: D
◉ An appraisal has a limited "shelf life" because of the principle of
.
a. Anticipation
b. Change
c. Substitution
d. Contribution. Answer: B
◉ The legal use of a property that gives the greatest return in money
and/or amenities is known as the property's .
a. Net adjusted value
b. Highest and best use
c. Going concern value
d. Assessed value. Answer: B
