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Sales Comparison Approach to Real Estate Valuation 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!

Page 1

Question 1 1. Which of the following is true of a property with an encumbrance on it regarding comparable sales?

Question 2 2. What unit of measurement is typically used to compare residential real estate properties?

Question 3 3. Which of the following best describes an easement which might appear on a comparable property?

Question 4 4. Which of the following considerations is part of the general market information used to determine property values?

Question 5 5. Which of the following is TRUE of comparable sales?

Page 2

Question 6 6. Which one of the following is NOT an attribute to use when looking at trend analysis:

Question 7 7. Which valuation process puts the property in question in between a superior property and an inferior property once the determination is made?

Question 8 8. If an adjustment is not supportable with a specific dollar amount, then _____ adjustments would be easier to justify.

Question 9 9. Relative comparison is a _____ type of property assessment.

Question 10 10. 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.

Page 3

Question 11 11. Which of the following is a limitation of the comparable sales approach?

Question 12 12. How does the sales comparison approach refer to the property being purchased?

Question 13 13. How does the sales comparison approach estimate property value?

Question 14 14. 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 15 15. Which of the following is not likely a factor for an adjustment in looking at comparable sales?

Page 4

Question 16 16. Under which appraisal/valuation method are quantitative adjustment methods utilized?

Question 17 17. Which of the following is not an advantage of using quantitative adjustment methods?

Question 18 18. 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?

Question 19 19. What is the median of the following data set? 2, 6, 2, 4, 8, 2, 6, 7, 7, 5

Question 20 20. 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?

Sales Comparison Approach to Real Estate Valuation 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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