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real estate > TX Principles Of Real Estate PT 2 > Flashcards

TX Principles Of Real Estate PT 2 Flashcards

1
Q

Most common objective of an appraisal is to develop an opinion of ________ value?

A

Market value

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2
Q

A single value is derived from the three appraisal methods of determining value during the _________ process?

A

Reconciliation

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3
Q

Second step in appraisal process

A

List data needed

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4
Q

Third step in appraisal process

A

Determine highest and best use

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5
Q

First step in appraisal process

A

State the problem

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6
Q

How many hours of appraisal education is required to become an appraisal trainee?

A

75 hours

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7
Q

How many hours of appraisal education is required to become a general certified appraiser?

A

300 hours

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8
Q

The desire for possession or ownership backed by the financial means to satisfy that need is referred to as..?

A

Effective demand

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9
Q

The capacity to satisfy human needs and desires is referred to as…?

A

Utility

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10
Q

Supply of a property in relation to effective demand is known as…?

A

Scarcity

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11
Q

A typical residential appraisal report is issued on a…?

A

Uniform residential appraisal report

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12
Q

The highest price in terms of money which a property will bring in competitive and open market and under all conditions required for a fair sale

A

Market value

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13
Q

The cost of replacing a structure completely destroyed by an insured hazard

A

Insured value

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14
Q

Current value for accounting purposes of an asset expressed as original cost plus capital additions minus accumulated depreciation

A

Book value

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15
Q

A valuation placed upon a piece of property by a public authority as a basis for a levying taxes on the property

A

Assessed value

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16
Q

The price paid for a piece of property regardless of pressure’s motives or intelligence

A

Market price

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17
Q

What is the first step an appraiser takes and valuing the property using the cost approach?

A

Determine the value of the land as if it were vacant

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18
Q

The cost of replacing the subject improvement with one that is the exact replica, having the same quality of workmanship, design and layout, or cost to duplicate an asset is known as?

A

Reproduction cost

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19
Q

The cost to replace a structure with one having utility equivalent to that being appraised, but constructed with modern materials and according to current standards, design and layout.

A

Replacement cost

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20
Q

The loss in value brought about by wear and tear, disintegration, and use and actions of the elements is known as ________ obsolescence.

A

Functional obsolescence

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21
Q

A loss in value due to factors away from the subject property but adversely affecting the value of the subject property is known as____obsolescence.

A

Economic obsolescence

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22
Q

The income approach determine value by applying a capitalization rate to the

A

Net operating income

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23
Q

_______ Depreciation cannot be fixed and economically feasible cost

A

Incurable

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24
Q

The period over which a property will yield a return on the investment over and above the economic or ground rent due to land

A

Economic life

25
Q

The most probable price a property will bring in the market

A

Market value

26
Q

The primary function of a ____Is to promote thrift And homeownership?

A

S&L

27
Q

The Fannie Mae form 1003 is also known as the?

A

Uniform residential loan application

28
Q

A mortgage in which they scheduled payment well not amortize the loan over the mortgage term; therefore, for the debt to be fully satisfied, a final payment larger than the uniform payment is required

A

Balloon mortgage

29
Q

A mortgage that requires the mortgagors To pay interest only during the mortgage term, With the principal due at the end of the term

A

Term mortgage

30
Q

Who would most likely benefit from a balloon mortgage

A

People who only intend to live in the property for a few years

31
Q

Most deed of trust loans are…?

A

Fully amortized

32
Q

The amount of money the borrower or seller must pay the lender to get a mortgage and stated interest rate

A

Discount points

33
Q

The financing charge that a lender requires

A

Loan origination fee

34
Q

Minimum interest rate sit by the federal reserve for lending to other banks

A

Discount rate

35
Q

Private owned corporation that purchases FHA, VA, and conventional mortgages

A

Fannie Mae

36
Q

Nickname for Federal home loan mortgage corporation, corporation wholly owned by the Federal home loan bank system that purchases FHA, VA, and conventional mortgages

A

Freddie Mac

37
Q

Nickname for the government national mortgage association. A US government agency that purchases FHA And VA mortgages

A

Ginnie mae

38
Q

Written notice of an obligation given by a corporation or government entity

A

Bond

39
Q

The federal reserve system is divided into how many geographical districts

A

12

40
Q

Illegal rezoning of a certain property in a zoned area to permit a different type of use than that authorized for the rest of the area

A

Spot zoning

41
Q

A variance may be granted for a change in the permitted_____or use?

A

Building area

42
Q

Delay or negligence is Asserting ones legal rights

A

Laches

43
Q

Can be filed to stop the violation of a deed restriction

A

Injunction

44
Q

Radon most often enters the house through

A

Foundation walls

45
Q

Real estate security can include

A

Mortgage notes

46
Q

A property with a higher intristic value can often demand a higher

A

Sales price

47
Q

Total amount of money remaining after all expenditures have been paid including taxes, operating costs, and mortgage payments.

A

Cash flow

48
Q

Use of debt financing of an investment to maximize return per dollar of equity invested

A

Leverage

49
Q

Cash received in a tax deferred exchange

A

Boot

50
Q

Cost to acquire a property plus the cost of the physical improvements minus the depreciation claimed as a tax deduction is equal to the

A

Adjusted basis

51
Q

A REIT Is not subject to a corporate income tax if at least how much of its income is distributed to shareholders

A

90%

52
Q

A mortgage REIT’s Primarily source of income are from mortgage interest and

A

Mortgage origination fees

53
Q

Business trust which deals principally with interest in land generally organized to conform to the internal revenue code

A

Real estate investment trust (REIT)

54
Q

Using the straight line depreciation method residential property can be depreciated over how many years

A

27.5

55
Q

Actual cash value is also known as

A

Depreciated value

56
Q

The CAN-SPAM act applies to solicitation involving

A

Emails

57
Q

A deed to relinquish any interest in the property which is the grantor may have without any warranty of title or interest

A

Quit claim deed

58
Q

To have and to hold clause

A

Habendum clause

59
Q

Items that are owned by the seller but ultimately paid by the buyer

A

Accrued items

real estate (3 decks)

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