..

Question 1

An agreement of sale is a contract:

Accepted Answer

Seller and buyer

Question 2

The market data approach is probably the most accurate for estimating the value of:

Accepted Answer

A single-family home in a popular area

Question 3

A property owner paid $25 per front ft for a 600 ft. x 1,452 ft. lot. How many acres did he buy

Accepted Answer

30

Question 4

When using cost approach to appraise a property, the appraiser is most likely working for

Accepted Answer

An insurance company trying to obtain a replacement cost

Question 5

Which law mandates how much a real estate broker can charge for a commission

Accepted Answer

There are no laws, itd be a violation of Sherman Antitrust

Question 6

Income&#160;capitalization&#160;is most likely to be used when the subject property is

Accepted Answer

An apartment complex

Question 7

An amenity's market value is a reflection of:

Accepted Answer

What a typical buyer would pay for them

Question 8

A listing is

Accepted Answer

A solicitation of offers to buy

Question 9

The assessed valuation of property would best indicate its

Accepted Answer

Value for tax purposes

Question 10

An insurance company might use an appraisal to determine

Accepted Answer

Replacement cost to determine amount of coverage required

Question 11

When underwriting a loan application, a mortgage company is usually interested in which

Accepted Answer

Market value

Question 12

A&#160;CMA&#160;is prepared to estimate the likely sale price of a property.This analysis is based on the

Accepted Answer

Market data approach

Question 13

The sales price is always

Accepted Answer

Market price

Question 14

An expensive home im a development of lesser expensive homes suffer from

Accepted Answer

Economic obsolescence

Question 15

It would be against the Canons of Ethics for an appraiser to:

Accepted Answer

Base his/her payment on a percentage of the apprised value

Question 16

A defensible opinion or estimate of value of real property as of a certain date is know as

Accepted Answer

Appraisal

Question 17

A listing agreement is a contract between

Accepted Answer

Seller and broker

Question 18

A sales agent discriminates against an individual because of religion, the agent may be charged

Accepted Answer

The Federal Fair Housing Act

Question 19

An appraisal is valid only on its effective date because of

Accepted Answer

The principal of change

Question 20

The income approach is probably most appropriate for which of these?

Accepted Answer

An apartment building

Question 21

An agency can be terminated by

Accepted Answer

The principal revoking the agency relationship

Question 22

An offer to purchase which states that the offer will remain open for 72 hours

Accepted Answer

May be withdrawn ny the offeror at anytime before accepted

Question 23

Using the market data approach, howbwojld and appraiser estimate the value of a 2nd bathroom?

Accepted Answer

Analyze matched-pair sales in the area

Question 24

Which properties require the Texas Sellers Disclosure of Property Condition?

Accepted Answer

Single family residential homes

Question 25

The transfer of rights under a contract without the release from obligation is known as:

Accepted Answer

Assignment

Question 26

The life cycle of a neighborhood occurs in four stages, in this order:

Accepted Answer

Growth, stability, decline, revitalization

Question 27

A real estate licensee needs to have

Accepted Answer

A broad understanding of law and how it affects real estate

Question 28

A broker has 1.65 acres of land listed at $.205 per square foot. The total listing price is

Accepted Answer

$14,734.17

Question 29

The period of time in which a building producds income attributable to structure itself is

Accepted Answer

Economic life

Question 30

An increase in value of property due to positive improvement or elimination of negative factors

Accepted Answer

Appreciation

Question 31

Which of the following is not a protected class under the 1968 Federal Fair Housing Act?

Accepted Answer

Age

Question 32

Acity creates tax incentives to encouragerehabilitation of property in rundown neighbor this is

Accepted Answer

Governmental

Question 33

What are liquidated damages?

Accepted Answer

An amount the parties agree to settle a potential dispute

Question 34

Features that enhance the desirability of real estate are often called

Accepted Answer

Amenities

Question 35

A method of appraisal based on (replacement cost - depreciation + land value) is known as

Accepted Answer

Cost approach

Question 36

A broker or salesperson's refusal to cooperate with other brokers because race is prohibited by

Accepted Answer

The Federal Fair Housing Act Of 1968

Question 37

The scope and purpose of a real estate contract includes all of the following except

Accepted Answer

The sale of personal property

Question 38

The amount of money paid in regular intervals to reduce the balance owed on a debt is termed:

Accepted Answer

Debt service

Question 39

To compute the real property tax on a parcel of land

Accepted Answer

Multiply the assessed value by the tax rate

Question 40

The term "amenities", in reference to real property valuation refers to

Accepted Answer

Features both tangible and intangible, which enhance desire

Question 41

The income cap technique uses:

Accepted Answer

Annual net income

Question 42

To compute the real property tax on a parcel of land:

Accepted Answer

Multiply the assessed value by the tax rate

Question 43

The income approach on a single-family rental property would use which technique?

Accepted Answer

Gross rental multiplier

Question 44

Which beat defines highest and best use of land?

Accepted Answer

The use of land results im the highest net income attribute

Question 45

A defensible opinion or estimate of value of real property as og a certain date is known as

Accepted Answer

Appraisal

Question 46

A buyer writes a purchase contract thats dependent upon satisfactory termite inspection. It is

Accepted Answer

A contingency

Question 47

A charge against a property owner to cover the proportionate cost of street paving is

Accepted Answer

An assessment

Question 48

.

Accepted Answer

Valuable

Question 49

Which would be an exception to Federal Fair Housing law?

Accepted Answer

Economic considerations

Question 50

Regarding the valuation of property, the term "appreciation refers to

Accepted Answer

An increase in value of property due to positive improvement

Question 51

A CMA is prepared to estimate the likely sale of the property. The analysis is based on the:

Accepted Answer

GRM approach

Question 52

The assessed valuation of property would best indicate its:

Accepted Answer

Value for tax purposes

..

Questions 52

..

Questions 52