Prepare with confidence for the Texas Appraiser Licensing & Certification Board's (TALCB) Certified General Appraiser exam with our comprehensive Q&A package deal. Dive into a wealth of meticulously curated questions and detailed answers covering every critical aspect of real estate appraisal in Te...
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TREC General Powers, Composition, Duties, and Powers: Real Estate Advisory Committees -TREC was created in 1949 to administer the provisions of the License Act which was passed in 1939. The primary purpose of both the License Act and TREC is to protect the public. -TREC has the authority to make ru...
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Add to cartTREC General Powers, Composition, Duties, and Powers: Real Estate Advisory Committees -TREC was created in 1949 to administer the provisions of the License Act which was passed in 1939. The primary purpose of both the License Act and TREC is to protect the public. -TREC has the authority to make ru...
Profit The result of selling something for more than what it cost to purchase it Profit Margin is the percentage of selling price that is turned into profit. Interest the amount paid in return for the use of money. Types of Interest Calculations Simple Add-on Compound Add-on Interest e...
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Add to cartProfit The result of selling something for more than what it cost to purchase it Profit Margin is the percentage of selling price that is turned into profit. Interest the amount paid in return for the use of money. Types of Interest Calculations Simple Add-on Compound Add-on Interest e...
Why is it possible for buyers and sellers to fail to understand who represents each of them? Because a license holder can act as a buyer's agent, seller's agent, and intermediary agent Which of the following is authorized to promulgate statutes regarding the licensing of real estate agents in Tex...
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Add to cartWhy is it possible for buyers and sellers to fail to understand who represents each of them? Because a license holder can act as a buyer's agent, seller's agent, and intermediary agent Which of the following is authorized to promulgate statutes regarding the licensing of real estate agents in Tex...
Non-residential property with value less than $250,000. Licensed or Certified? Licensed Appraiser $1 million residential property. Licensed or Certified? Certified Appraiser Particularly Complicated Assignment. Licensed or Certified? Certified Appraiser $150,000 Family home. Li...
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Add to cartNon-residential property with value less than $250,000. Licensed or Certified? Licensed Appraiser $1 million residential property. Licensed or Certified? Certified Appraiser Particularly Complicated Assignment. Licensed or Certified? Certified Appraiser $150,000 Family home. Li...
A broker opinion of value, or a broker price opinion, is a value estimation made by a real estate broker on the basis of several factors, including all of these, except: A) the market conditions in an area B) values of surrounding properties C) the property's condition D) seller's degree of ur...
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Add to cartA broker opinion of value, or a broker price opinion, is a value estimation made by a real estate broker on the basis of several factors, including all of these, except: A) the market conditions in an area B) values of surrounding properties C) the property's condition D) seller's degree of ur...
Amortization paying off a loan in equal installments; loan where the principal as well as the interest is payable in monthly or other periodic installments over the term of the loan. Discount Points A fee charged by the lender at settlement that results in increasing the lender's effective yield ...
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Add to cartAmortization paying off a loan in equal installments; loan where the principal as well as the interest is payable in monthly or other periodic installments over the term of the loan. Discount Points A fee charged by the lender at settlement that results in increasing the lender's effective yield ...
Depreciation caused by external obsolescence is generally incurable. Adding more bathrooms to a three-bedroom house that has only one bathroom may be an example of incurable functional obsolescence. Brokers and sales agents often use a simplified version of the sales comparison approach for re...
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Add to cartDepreciation caused by external obsolescence is generally incurable. Adding more bathrooms to a three-bedroom house that has only one bathroom may be an example of incurable functional obsolescence. Brokers and sales agents often use a simplified version of the sales comparison approach for re...
What is the program that licenses, regulates, and examines the trust- and insurance-funded prepaid funeral contract sellers to ensure compliance with the Finance and Administrative Codes? The Funeral Control Contract program The Prepaid Funeral Contract program The Advanced Directive Paymen...
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Add to cartWhat is the program that licenses, regulates, and examines the trust- and insurance-funded prepaid funeral contract sellers to ensure compliance with the Finance and Administrative Codes? The Funeral Control Contract program The Prepaid Funeral Contract program The Advanced Directive Paymen...
Transferability Which value-influencing DUST factor addresses the ease with which the property can be conveyed to another? Present index ÷ Index at time of construction x Original cost = Present cost To arrive at the present cost, the appraiser applies a factor that represents the costs of cons...
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Add to cartTransferability Which value-influencing DUST factor addresses the ease with which the property can be conveyed to another? Present index ÷ Index at time of construction x Original cost = Present cost To arrive at the present cost, the appraiser applies a factor that represents the costs of cons...
The role of the appraiser is to provide objective, impartial, and unbiased opinions about the value of real property. A. True B. False True The majority of appraiser's value all the following types of properties EXCEPT: A. Vacant land B. Commercial properties C. Residential properties ...
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Add to cartThe role of the appraiser is to provide objective, impartial, and unbiased opinions about the value of real property. A. True B. False True The majority of appraiser's value all the following types of properties EXCEPT: A. Vacant land B. Commercial properties C. Residential properties ...
appraisal "the act or process of developing an opinion of value; an opinion of value." the appraisal process 1. state the problem 2. list the data needed and the sources 3. gather, record, and verify the necessary data mine the highest and best use 5. estimate value by each of the three appro...
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Add to cartappraisal "the act or process of developing an opinion of value; an opinion of value." the appraisal process 1. state the problem 2. list the data needed and the sources 3. gather, record, and verify the necessary data mine the highest and best use 5. estimate value by each of the three appro...
An appraisal is an unbiased estimate of the nature, quality, value or utility of an interest in or aspect of identified real estate and related personalty as of a certain date. It's important to stress again that an appraisal is just an estimation based on a collection of evidence and not an act...
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Add to cartAn appraisal is an unbiased estimate of the nature, quality, value or utility of an interest in or aspect of identified real estate and related personalty as of a certain date. It's important to stress again that an appraisal is just an estimation based on a collection of evidence and not an act...
Which act was passed to regulate appraisal? in 1989, Congress passed the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA) in response to the savings and loan crisis. What does Title XI of FIRREA require? competent individuals whose professional conduct is properly supervised t...
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Add to cartWhich act was passed to regulate appraisal? in 1989, Congress passed the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA) in response to the savings and loan crisis. What does Title XI of FIRREA require? competent individuals whose professional conduct is properly supervised t...
Holds a willingness to practice within the boundaries of professiona ethics and competency At the beginning of a potential supervisor/ trainee relationship, supervisor appraisers have a primary responsibility to ensure that a prospective trainee: The appraisal Sub committee (ASC) National registr...
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Add to cartHolds a willingness to practice within the boundaries of professiona ethics and competency At the beginning of a potential supervisor/ trainee relationship, supervisor appraisers have a primary responsibility to ensure that a prospective trainee: The appraisal Sub committee (ASC) National registr...
What happens when an appraisal comes back lower than the asking price? 1. They can acknowledge a fail 2. The buyer can increase the down payment 3. The seller can lower the asking price 4. They can compromise Real Estate Broker A person licensed as a broker who performs brokerage activities an...
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Add to cartWhat happens when an appraisal comes back lower than the asking price? 1. They can acknowledge a fail 2. The buyer can increase the down payment 3. The seller can lower the asking price 4. They can compromise Real Estate Broker A person licensed as a broker who performs brokerage activities an...
TREC has: 9 commission members, 3 represent the general public and 6 are brokers. -all are appointed by the governor and approved by the senate -they serve 6 year terms The broker lawyer committee has: -writes the promulgated forms -has 13 members, 6 members are brokers appointed by TREC, 6 a...
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Add to cartTREC has: 9 commission members, 3 represent the general public and 6 are brokers. -all are appointed by the governor and approved by the senate -they serve 6 year terms The broker lawyer committee has: -writes the promulgated forms -has 13 members, 6 members are brokers appointed by TREC, 6 a...
5% of 1,500 = The answer is 75. To determine a part of a whole, multiply the rate by the total. For example, 5% of 1,500 = 75 (0.05 × 1,500 = 75). This formula is used in calculating mortgage loan interest, brokers' commissions, loan origination fees, discount points, and income on investment prope...
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Add to cart5% of 1,500 = The answer is 75. To determine a part of a whole, multiply the rate by the total. For example, 5% of 1,500 = 75 (0.05 × 1,500 = 75). This formula is used in calculating mortgage loan interest, brokers' commissions, loan origination fees, discount points, and income on investment prope...
Attorneys Must have a real estate license to participate in a commission split. Attorneys can handle a real estate transaction for a client for a fee as long as they do not participate in broker to broker commission split. Any attorney licensed in a state other than Texas will need to be licensed...
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Add to cartAttorneys Must have a real estate license to participate in a commission split. Attorneys can handle a real estate transaction for a client for a fee as long as they do not participate in broker to broker commission split. Any attorney licensed in a state other than Texas will need to be licensed...
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