What value is and how it differs from price and from cost, the principles an appraiser reasons with, all three approaches to value and when each one governs, the loan instruments and the ratios a lender underwrites to, the federal rules that govern how a loan is disclosed and settled, and the arithmetic: area and acreage, commission splits, net to seller, points, loan-to-value, prorations, capitalization and percentage rent.
Score 80% or higher to earn a certificate.
Areas III, VII and VIII of the national outline, 25 of the 80 scored questions. Every calculation here is exact and every convention is stated in the question, because proration in particular changes answer depending on the day count and on who owns the day of closing, and those are set by state custom.