Texas Senior Property Tax Consultant Exam Questions and Revised Correct Answers & Rationales () 100% Guarantee Pass.pdf

TEXAS SENIOR PROPERTY TAX CONSULTANT n n n n




EXAM
1. Economic Forces: n n




A consumer's ability to purchase and use real estate. Exam-
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n ples are; Income Levels, Employment, Housing Construction Costs, Credit Availabil-
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n ity, Interest Rates and Utility Costs
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2. Social Forces: n




Relate to trends in society or culture. Sometimes imagined, some-
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n times based on actual facts or figures. Include: Population Trends, Family Com-
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n position, Aging of Americas Population, Evolution of Home Offices, Environmental C
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onsciousness, Leisure Time, and The family and functional utility.
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3. Governmental Forces: n




Maybe on national, state or local level and include: Taxes, Federal monetary policy, Re
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al Estate taxes and assessments, Labor issues, Quality of Schools, Quality of Service
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s.


4. Environmental / Physical Forces: n n n n




Easy to identify, the desirability of these factors depend upon the property use type. T
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,hey include: Location, Transportation, Topography, and Climate/weather.
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5. General Warranty: n n




A title transfer that offers a guarantee of the title from the seller to the buyer.
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6. Leasehold Estate: n n




A tenant or lessee may most likely possess this type of interest.
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7. Manner of Attachment: n n n




Used in determining when personal property becomes a fixture.
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8. Real Property: n n




An intangible interest in real estate.
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9. Real Estate: n n




The tangible bricks and mortar and land.
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10. Police Power: n n




Building Codes and zoning represent this power of government.
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,11. Private Restrictions: n n




A lease and mortgage
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12. Encroachment: n




A toolshed that is partly on a neighbor's lot
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13. Severalty: n




The most common form of ownership. Means one (Individual) -
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n One person or corporation owns entire bundle of rights
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14. A type of special ownership:
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Condominium


15. A leased fee estate is an interest controlled by the:
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Landlord


16. A leasehold estate is created by a?:
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Lease


17. The most common value estimate provided in an appraisal of a single-fam-
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, n ily home.:
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Market Value n




18. Which type of appraisal would likely be sought in the appraisal of an e
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stablished business operation?: n n n




Going Concern Valuen n




19. Which valuation would be based on a limited marketing period?:
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Liquidation Value n




20. Which value provides the basis of the real estate tax liability for a proper-
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n ty?: n




Assessed Value n




21. What is the value to a specific occupant?:
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Value in use n n




22. The value to a particular investor:
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Investment Value n




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