Aceable Agent - Principles of Real Estate II Exam Notes (2025) QUESTIONS AND VERIFIED ANSWERS (DETAILED ANSWERS) ALREADY GRADED A+!!

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Aceable Agent - Principles of Real Estate II
Exam Notes (2025) QUESTIONS AND VERIFIED
ANSWERS (DETAILED ANSWERS) ALREADY
GRADED A+!!

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Terms in this set (172)


TOTAL = PART/PERCENTAGE
Formulas to calculate
PART = TOTAL x PERCENTAGE
commission?
PERCENTAGE = PART/ TOTAL

What is the term that PRINCIPAL
describes the money that
is lent?


Down payment minus CASH TO CLOSE
earnest money?



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Loan payment + loan TOTAL SALES PRICE
principal?

Loan points/fees charged ORIGINATION POINTS
1% to compensate loan
officers for underwriting
and administering the
loan.

Loan points/fees charged DISCOUNT POINTS
1% in exchange for a
lower interest rate on the
loan.

When is the seller DAY OF CLOSING
responsible for property
taxes?

Ethical code for Uniform Standards of Professional Appraisal
appraisers? Practice (USPAP)

Who regulates USPAP? Appraiser Qualifications Board (AQB)

Texas Appraiser Licensing TALCB
& Certification Board
acronym?

Qualified to appraise: LICENSED RESIDENTIAL APPRAISER
-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




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Qualified to appraise: CERTIFIED RESIDENTIAL APPRAISER
-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

Qualified to appraise: CERTIFIED GENERAL APPRAISER
-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

The value of something is PRINCIPLE OF SUBSTITUTION
affected by the cost of
getting a similar item
elsewhere. Similar
properties should have
fairly similar values.

Values are highest when PRINCIPLE OF CONFORMITY
the houses in a
neighborhood look
roughly the same.

A property's overall value PRINCIPLE OF CONTRIBUTION
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.




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The condition of a PRINCIPLE OF CHANGE
property, the desirability
of its location, and the
market in which it exists
can always change.
Appraisals are only good
for one month.

1. state obj STEPS TO COMPLETE AN APPRAISEL
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

What is a "No-reserve" MINIMUM BID AUCTION
auction? An auction
which a minimum
acceptable sales price
(reserve) is set.

1. SALES COMPARISON APPROACH

What are 3 ways to
2. THE COST APPROACH
calculate value?

3. THE INCOME APPROACH




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