ACEABLE AGENT - PRINCIPLES OF REAL
ESTATE II EXAM 2025/2026 QUESTIONS AND
ANSWERS 100% PASS
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Terms in this set (172)
TOTAL = PART/PERCENTAGE Formulas to calculate commission?
PART = TOTAL x PERCENTAGE
PERCENTAGE = PART/ TOTAL
PRINCIPAL What is the term that describes the money that is
lent?
CASH TO CLOSE Down payment minus earnest money?
TOTAL SALES PRICE Loan payment + loan principal?
,ORIGINATION POINTS Loan points/fees charged 1% to compensate loan
officers for underwriting and administering the
loan.
DISCOUNT POINTS Loan points/fees charged 1% in exchange for a
lower interest rate on the loan.
DAY OF CLOSING When is the seller responsible for property
taxes?
Uniform Standards of Professional Ethical code for appraisers?
Appraisal Practice (USPAP)
Appraiser Qualifications Board Who regulates USPAP?
(AQB)
TALCB Texas Appraiser Licensing & Certification Board
acronym?
LICENSED RESIDENTIAL Qualified to appraise:
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
CERTIFIED RESIDENTIAL Qualified to appraise:
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
, CERTIFIED GENERAL APPRAISER 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 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 Values are highest when the houses in a
neighborhood look roughly the same.
PRINCIPLE OF CONTRIBUTION 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 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 1. state obj
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
MINIMUM BID AUCTION What is a "No-reserve" auction? An auction which
a minimum acceptable sales price (reserve) is set.
ESTATE II EXAM 2025/2026 QUESTIONS AND
ANSWERS 100% PASS
Save
Practice questions for this set
Learn
Studied 7 terms
Nice work, you're crushing it
Continue studying in Learn
Terms in this set (172)
TOTAL = PART/PERCENTAGE Formulas to calculate commission?
PART = TOTAL x PERCENTAGE
PERCENTAGE = PART/ TOTAL
PRINCIPAL What is the term that describes the money that is
lent?
CASH TO CLOSE Down payment minus earnest money?
TOTAL SALES PRICE Loan payment + loan principal?
,ORIGINATION POINTS Loan points/fees charged 1% to compensate loan
officers for underwriting and administering the
loan.
DISCOUNT POINTS Loan points/fees charged 1% in exchange for a
lower interest rate on the loan.
DAY OF CLOSING When is the seller responsible for property
taxes?
Uniform Standards of Professional Ethical code for appraisers?
Appraisal Practice (USPAP)
Appraiser Qualifications Board Who regulates USPAP?
(AQB)
TALCB Texas Appraiser Licensing & Certification Board
acronym?
LICENSED RESIDENTIAL Qualified to appraise:
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
CERTIFIED RESIDENTIAL Qualified to appraise:
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
, CERTIFIED GENERAL APPRAISER 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 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 Values are highest when the houses in a
neighborhood look roughly the same.
PRINCIPLE OF CONTRIBUTION 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 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 1. state obj
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
MINIMUM BID AUCTION What is a "No-reserve" auction? An auction which
a minimum acceptable sales price (reserve) is set.
