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Principles of Real Estate 2: CH. 1-4.5Online version
every highlighted question from the first lecture of principles of real estate 2
2
what is the loan to value ratio (LTV)?
3
When calculating the LTV ratio, the lender will use ________.
4
An appraisal that is less than the sales price will generally result in which of the following:
5
What is the principle of Progression and Regression?
6
The Principle of Regression is when a property is penalized for the surrounding area, whereas Progression is when property benefits from the surrounding area.
7
Which of these is NOT one of the Principles of Appraisals?
8
What is the appraisal principle of substitution referring to?
9
What are the characteristics that appraisers use to determine value?
11
Market value is also known as...
12
What type of property taxes are ad valorem taxes?
13
The value of a property may be affected by...
15
Which is the best indicator of value for existing properties?
16
What is physical deterioration?
17
Functional obsolescence is loss in desirability of the function of an element of a property over time, external obsolescence is loss in desirability caused by factors outside of the property itself.
18
What is another word for external obsolescence?
19
What is the Income Approach to value for?
20
What is the final step in the appraisal process?
21
The Financial Institutions Reform, Recovery, and Enforcement Act, FIRREA, was enacted in...
22
The closing of a real estate transaction in which all the appropriate documents are signed and the proceeds of the mortgage loan are disbursed by the lender is called...
23
The Equal Credit Opportunity Act (ECOA), originally passed in ___, ensures that ___ consumers are given an _______.
24
The ECOA provides protections when consumers deal with...
25
What function does the Secondary Mortgage Market hold?
26
Fannie Mae (FNMA) helps accomplish important housing objectives such as;
27
How does loan pre-qualification or pre-approval benefit the buyer?
28
Loan discounts are paid at closing and determined by points. A point is:
29
When must the LOAN ESTIMATE (LE) be provided?
30
Which mortgage covers more than one piece of property and has a release clause?
31
Which mortgage is popular with builders?
32
In a Budget Mortgage, the monthly house payment includes ___.
33
For conventional loans, when your down payment is less than 20%, ___ insures the difference between borrower's down payment and 80% LTV which protects the lender and allows homes to be purchased with a smaller down payment.
34
PMI only insures ________.
35
MIP is associated with ___. PMI is associated with ____.
36
_____ is the right of the government to regulate and control the way land is used.
37
The most common example of police power is __.
38
Eminent Domain is the __ of the government to take private land for public use
39
The ___ of the government taking private land for public use is called condemnation.
40
____ is the government's right to tax real estate.
41
____ are property taxes assessed according to value.
42
_____ is the process of transferring real estate to the state when a person dies intestate and without heirs.
43
The government takes title to the property under the right of ___.
44
CERCLA was passed in 1980 designed to clean up contaminated sites. Authority for cleanup under the act is granted to;
45
CERCLA gives authority to....
46
______ consists of NINE (9) members APPOINTED BY THE GOVERNOR with the advice and consent of the senate.
47
How many members of the Texas Real Estate Commission represent the public?
48
The Commission shall transmit additional fees collected to Texas A&M to be put in a separate banking account for the operations of
49
Contract forms are prepared by ____ and adopted by the commission.
50
Outside of the Texas Real Estate Broker-Lawyer committee, who else can prepare contract forms?
51
The commission doesn't conduct investigations of licensed persons in connection with complaints OVER 4 YEARS from the date of the incident that is the subject of the complaint.
52
In 1973, which TEXAS LAW against deceptive practices were passed?
54
FH violations are CRIMINAL offenses
55
The Civil Rights Act of 1968 added which protections?
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