Exam (elaborations)
Texas Pre-License: Principles of Real Estate II (Qs & As)
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Texas Pre-License: Principles of Real Estate II (Qs & As)
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Texas Pre-License: Principles of Real Estate II (Qs & As)Amortization Right Ans - the process of paying off a debt/mortgage in
regular installments based on a fixed payment schedule
Decimal Right Ans - a fraction who denominator is a power of ten and
whose numerator is expressed by figures placed to the right of a decimal point
Denominator Right Ans - the number below the fraction's bottom line or
the number of equal parts in total
Down payment Right Ans - the initial payment made when buying
something on credit; a down payment is paid directly by the buyer to the
seller
Fraction Right Ans - part of a whole, not a whole number
Improper fractions Right Ans - a fraction in which the value of the
numerator (the number on top) is greater than the denominator (the number
on the bottom)
Interest Right Ans - the percentage of a loan amount that a borrower must
pay a lender annually as ____ on a loan amount
Loss Right Ans - a financial loss
Mixed number Right Ans - a number consisting of a whole number and a
fraction
Mortgage Right Ans - security instrument that creates a mortgage lien on
mortgagor's property in exchange for a loan
Numerator Right Ans - the number on top of a fraction's division line or the
number of the parts with which you are working
Percentage Right Ans - a fraction or ratio with a denominator of 100,
usually written as just the numerator and a % symbol
principal Right Ans - the amount lent to a borrower to purchase a house
,profit Right Ans - a financial gain
ratio Right Ans - The quantitative relation between two numbers
whole number Right Ans - any number between zero and infinity that is
not a fraction or negative number
part Right Ans - a portion of the total amount, the numerator
total Right Ans - the "final" or "end result" number; the denominator
acreage Right Ans - a unit of area measurement used to determine the size
of land
square footage Right Ans - a unit of measurement used to compare the size
of buildings (length x width)
appraisal Right Ans - the value of a property, based on factors determined
by the opinion of a certified appraiser
appraised value Right Ans - an estimation of property's value as of a
specific date, performed by a certified appraiser
assessed value Right Ans - the value placed on a property by a
governmental unit for use in calculating property taxes
chronological age Right Ans - the literal age of a property
cost approach Right Ans - method of estimating the value of a property by
determining how much it would cost to replace the building or other
improvements, minus the cost of depreciation, plus the value of the land itself
depreciation Right Ans - a reduction in value of a property over time
deterioration Right Ans - the loss of value caused by physical wear and tear
over time
, economic obsolescence Right Ans - a loss in value caused by negative
forces outside the property which are beyond the control of the owner
(unfavorable changes in the environment or market)
effective age Right Ans - an estimated age that is influenced by the updates
and quality of maintenance of the property
functional obsolescence Right Ans - loss of value because a property's
function or appearance has gone out of style or has been replaced by a more
appealing or effective version
general data Right Ans - with respect to an appraisal, information about the
area surrounding the property
highest and best use Right Ans - the use of a property that is legal,
physically possible, financially viable, and produces the greatest yield
income approach Right Ans - a determination of value arrived at by
considering how much income the property could generate when used as a
rental property
limited appraisal Right Ans - a simpler, abbreviated version of a regular
appraisal in which the appraiser assesses the exterior of the property only
loan-to-value ratio Right Ans - the amount of money being loaned
compared to the value of the property
market value Right Ans - the price for which a property will theoretically
sell under typical conditions
principle of anticipation Right Ans - states that the present value of a
property is affected by the anticipated income or utility that property will give
its property owner
principle of change Right Ans - states that the condition of a property, the
desirability of its location, and the market in which it exists can always change
principle of conformity Right Ans - states that values are highest when the
houses in a neighborhood look roughly the same
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