AceAble Agent - PrinciPles Of reAl estAte ii exAm newest 2026
with cOmPlete QuestiOns And cOrrect detAiled Answers
(Verified Answers) |AlreAdy grAded A+||brAnd new VersiOn!!
TOTAL = PART/PERCENTAGE
PART = TOTAL x PERCENTAGE
PERCENTAGE = PART/ TOTAL - cOrrect Answer-Formulas to calculate commission?
PRINCIPAL - cOrrect Answer-What is the term that describes the money that is lent?
CASH TO CLOSE - cOrrect Answer-Down payment minus earnest money?
TOTAL SALES PRICE - cOrrect Answer-Loan payment + loan principal?
ORIGINATION POINTS - cOrrect Answer-Loan points/fees charged 1% to compensate loan officers
for underwriting and administering the loan.
DISCOUNT POINTS - cOrrect Answer-Loan points/fees charged 1% in exchange for a lower interest
rate on the loan.
DAY OF CLOSING - cOrrect Answer-When is the seller responsible for property taxes?
Uniform Standards of Professional Appraisal Practice (USPAP) - cOrrect Answer-Ethical code for
appraisers?
Appraiser Qualifications Board (AQB) - cOrrect Answer-Who regulates USPAP?
TALCB - cOrrect Answer-Texas Appraiser Licensing & Certification Board acronym?
,LICENSED RESIDENTIAL APPRAISER - cOrrect Answer-Qualified to appraise:
-1 to 4 family non-complex residential units, <1 mill
-1 to 4 family residential complex unit, <$250k
-75 add'l education hours
-2000 hours experience over min 1 year
-Assoc Degree or 30 course credit hours
CERTIFIED RESIDENTIAL APPRAISER - cOrrect Answer-Qualified to appraise:
-1 to 4 residential unit, any value okay
-125 add'l education hours
-2,500 hours experience over min 2 years
-Bach Degree or higher
CERTIFIED GENERAL APPRAISER - cOrrect Answer-Qualified to appraise:
-any type of property
-225 add'l education hours
-Bach Degree
-3000 hours experience over min 2.5 years
-1/2 experience must be non residential
PRINCIPLE OF SUBSTITUTION - cOrrect Answer-The value of something is affected by the cost of
getting a similar item elsewhere. Similar properties should have fairly similar values.
PRINCIPLE OF CONFORMITY - cOrrect Answer-Values are highest when the houses in a
neighborhood look roughly the same.
PRINCIPLE OF CONTRIBUTION - cOrrect Answer-A property's overall value is made up of the
combined value of each of its parts. The value added by the improvement could be higher or lower than
the expense.
, PRINCIPLE OF CHANGE - cOrrect Answer-The condition of a property, the desirability of its location,
and the market in which it exists can always change. Appraisals are only good for one month.
STEPS TO COMPLETE AN APPRAISEL - cOrrect Answer-1. state obj
2. list data
3. gather/record data
4. determine highest and best use
5. land value
6. estimate value using applicable approaches
7. final value estimate
8. complete and present report
MINIMUM BID AUCTION - cOrrect Answer-What is a "No-reserve" auction? An auction which a
minimum acceptable sales price (reserve) is set.
1. SALES COMPARISON APPROACH
2. THE COST APPROACH
3. THE INCOME APPROACH - cOrrect Answer-What are 3 ways to calculate value?
COST APPROACH - cOrrect Answer-Approach to calculate value based on improvements, loss,
comparable, by a) quantity survey method, b) unit in place method, c) square foot method.
Property value = Cost of Reproduction - Depreciated Value + Land Value
INCOME APPROACH - cOrrect Answer-Approach to calculate value for commercial properties?
NOI/ Cap Rate = Value
or "IRV"
with cOmPlete QuestiOns And cOrrect detAiled Answers
(Verified Answers) |AlreAdy grAded A+||brAnd new VersiOn!!
TOTAL = PART/PERCENTAGE
PART = TOTAL x PERCENTAGE
PERCENTAGE = PART/ TOTAL - cOrrect Answer-Formulas to calculate commission?
PRINCIPAL - cOrrect Answer-What is the term that describes the money that is lent?
CASH TO CLOSE - cOrrect Answer-Down payment minus earnest money?
TOTAL SALES PRICE - cOrrect Answer-Loan payment + loan principal?
ORIGINATION POINTS - cOrrect Answer-Loan points/fees charged 1% to compensate loan officers
for underwriting and administering the loan.
DISCOUNT POINTS - cOrrect Answer-Loan points/fees charged 1% in exchange for a lower interest
rate on the loan.
DAY OF CLOSING - cOrrect Answer-When is the seller responsible for property taxes?
Uniform Standards of Professional Appraisal Practice (USPAP) - cOrrect Answer-Ethical code for
appraisers?
Appraiser Qualifications Board (AQB) - cOrrect Answer-Who regulates USPAP?
TALCB - cOrrect Answer-Texas Appraiser Licensing & Certification Board acronym?
,LICENSED RESIDENTIAL APPRAISER - cOrrect Answer-Qualified to appraise:
-1 to 4 family non-complex residential units, <1 mill
-1 to 4 family residential complex unit, <$250k
-75 add'l education hours
-2000 hours experience over min 1 year
-Assoc Degree or 30 course credit hours
CERTIFIED RESIDENTIAL APPRAISER - cOrrect Answer-Qualified to appraise:
-1 to 4 residential unit, any value okay
-125 add'l education hours
-2,500 hours experience over min 2 years
-Bach Degree or higher
CERTIFIED GENERAL APPRAISER - cOrrect Answer-Qualified to appraise:
-any type of property
-225 add'l education hours
-Bach Degree
-3000 hours experience over min 2.5 years
-1/2 experience must be non residential
PRINCIPLE OF SUBSTITUTION - cOrrect Answer-The value of something is affected by the cost of
getting a similar item elsewhere. Similar properties should have fairly similar values.
PRINCIPLE OF CONFORMITY - cOrrect Answer-Values are highest when the houses in a
neighborhood look roughly the same.
PRINCIPLE OF CONTRIBUTION - cOrrect Answer-A property's overall value is made up of the
combined value of each of its parts. The value added by the improvement could be higher or lower than
the expense.
, PRINCIPLE OF CHANGE - cOrrect Answer-The condition of a property, the desirability of its location,
and the market in which it exists can always change. Appraisals are only good for one month.
STEPS TO COMPLETE AN APPRAISEL - cOrrect Answer-1. state obj
2. list data
3. gather/record data
4. determine highest and best use
5. land value
6. estimate value using applicable approaches
7. final value estimate
8. complete and present report
MINIMUM BID AUCTION - cOrrect Answer-What is a "No-reserve" auction? An auction which a
minimum acceptable sales price (reserve) is set.
1. SALES COMPARISON APPROACH
2. THE COST APPROACH
3. THE INCOME APPROACH - cOrrect Answer-What are 3 ways to calculate value?
COST APPROACH - cOrrect Answer-Approach to calculate value based on improvements, loss,
comparable, by a) quantity survey method, b) unit in place method, c) square foot method.
Property value = Cost of Reproduction - Depreciated Value + Land Value
INCOME APPROACH - cOrrect Answer-Approach to calculate value for commercial properties?
NOI/ Cap Rate = Value
or "IRV"
