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Sales Comparison Approach in Real Estate Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. What is the median of the following data set? 2, 6, 2, 4, 8, 2, 6, 7, 7, 5

Question 2 2. If one of two similar homes in a subdivision has a pool and is worth $250,000 and a comparable home without a pool is worth $200,000, what is the adjustment rate using paired data analysis?

Question 3 3. Under which appraisal/valuation method are quantitative adjustment methods utilized?

Question 4 4. Another option to help valuate property is to conduct interviews with market participants which would consist of interviewing independent, _____ parties who are knowledgeable, willing, and able buyers and sellers in the most advantageous market.

Question 5 5. Which one of the following is NOT an attribute to use when looking at trend analysis:

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Question 6 6. Relative comparison is a _____ type of property assessment.

Question 7 7. A comparable piece of property with similar attributes to the property at hand would be given more _____ than another.

Question 8 8. Which of the following can appraisers use to come up with a property's value?

Question 9 9. Appraisers can give _____ to justify their value for a piece of property.

Question 10 10. Which of the following is NOT a market multiplier formula for an appraiser to use in the sales comparison approach?

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Question 11 11. John wants to use the sales comparison approach on her property, what is one thing he would look at?

Question 12 12. Which of the following is a market multiplier in considering the market value of a property using the sales comparison approach?

Question 13 13. For an appraiser, any concession must be reported in the _____ of the appraisal report

Question 14 14. Concessions in real estate transactions may affect the property's _____.

Question 15 15. When appraising a property, an appraiser must adhere to guidelines that are determined by _____

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Question 16 16. A comparable home has a property value of $200,000. It has an extra bedroom compared to the subject. The appraiser estimates this accounts for a $15,000 difference in value between the two properties. The subject property has a larger garage, which is worth an extra $2,000 in value. Considering these factors, what is the subject's adjusted property value?

Question 17 17. How does the sales comparison approach refer to the property being purchased?

Question 18 18. Which of the following is a limitation of the comparable sales approach?

Question 19 19. In the _____, appraisers compare one property to other properties that have sold recently to estimate value.

Question 20 20. Which property has green features?

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Question 21 21. Which form of documentation can NOT help an appraiser estimate the value of a green building?

Question 22 22. Which of the following is TRUE of comparable sales?

Question 23 23. Which of the following is true of a property with an encumbrance on it regarding comparable sales?

Question 24 24. Which of the following best describes an easement which might appear on a comparable property?

Question 25 25. If net operating income of a property is $15,000 and the capitalization rate is 12%, then what is the property value using the income capitalization method?

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Question 26 26. If an adjustment is not supportable with a specific dollar amount, then _____ adjustments would be easier to justify.

Question 27 27. Which of the following is NOT something used to reconcile an appraisal value?

Question 28 28. Which one of the following is NOT a sales comparison method to use to find the market value of a property.

Question 29 29. A concession in real estate transactions, is usually given in the form of a _____

Question 30 30. Which of the following is not likely a factor for an adjustment in looking at comparable sales?

Sales Comparison Approach in Real Estate Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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