Texas Real Estate Paper 17

1

The appraisal principle of substitution states that






2

A house being appraised has no fireplace, but it does have a garage, and the appraiser estimates that a fireplace contributes $3,000 to the value of a home in that neighborhood. A nearby house that recently sold for $198,000 is similar except that it has a fireplace but no garage. The appraiser estimates that a garage contributes $12,000 to value. The adjusted sale price of the subject house is






3

Joanna Bruno bought a house for $120,000, putting 20% down and borrowing the rest with a conventional loan. At the end of the first year, her principal had been paid down by $480 and property values in the area had risen by 6%. Her equity at the end of that first year was






4

Mills are often used in calculating






5

FHA mortgage insurance premium is calculated at a rate of 1/2% annually. How much is the premium for the month in which the remaining principal owed is $92,347?






6

Sue Addison owns an apartment building that was constructed in 1965. According to federal law, which of the following must be attached to the leases Sue prepares for prospective tenants?






7

In inflationary times, a property manager would NOT want a long-term lease based on






8

In an agency relationship, the person identified as the client is usually the






9

A contract in which an owner promises to pay compensation to a broker for providing a buyer but is free to enter into the same agreement with other brokers is known as






10

The owner is anxious to sell a property and hires a broker to be the only professional marketing the property. All other brokers are excluded from selling the property. What form of agreement do the parties have?






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