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Question 1 of 10
1. Question
The best evidence for evaluating a 20-year-old single-family home is the?
Correct
How much customers have paid for the related properties in the neighborhood are the perfect guide to evaluate a market value.
Incorrect
How much customers have paid for the related properties in the neighborhood are the perfect guide to evaluate a market value.
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Question 2 of 10
2. Question
The rules of the Real Estate Settlement Procedures Act (RESPA) usually extend to?
Correct
RESPA refers to federally connected one-to-four loans for rentals, like Equity Loan.
Incorrect
RESPA refers to federally connected one-to-four loans for rentals, like Equity Loan.
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Question 3 of 10
3. Question
All are accurate during appraisal except?
Correct
Quality is not decided by the appraiser rather, it gives an approximation of the worth.
Incorrect
Quality is not decided by the appraiser rather, it gives an approximation of the worth.
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Question 4 of 10
4. Question
Which of the following statements best describes the economic features of the land?
I. The economic features of the land are scarcity, fixity, modification, and situs.
II. The economic features of the land are scarcity, non-homogeneity, immobility, and modification.
III. The economic features of the land are indestructibility, situs, fixity, and scarcity.
IV. The economic features of the land are situs, fixity, scarcity, and immobility.Correct
The economic features of the land are scarcity, fixity, modification and situs.
Incorrect
The economic features of the land are scarcity, fixity, modification and situs.
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Question 5 of 10
5. Question
Which of the following statement(s) about cases of involuntary transmission of the title is false?
I. Adverse possession is a case of involuntary transmission.
II. Condemnation through eminent domain is a case of involuntary transmission.
III. Tax sale is a case of involuntary transmission.
IV. Dedication is a case of involuntary transmission.Correct
Dedication is just the granting of land to a man or municipality for community use.
Incorrect
Dedication is just the granting of land to a man or municipality for community use.
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Question 6 of 10
6. Question
The most productive way in which a real property may be used is known as its?
Correct
Analyzing the highest and best use (in terms of money) is a standard part of the evaluation process.
Incorrect
Analyzing the highest and best use (in terms of money) is a standard part of the evaluation process.
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Question 7 of 10
7. Question
Which one of the following is prohibited under the Federal Fair Housing Act?
Correct
The Federal Fair Housing Act discrimination on gender basis.
Incorrect
The Federal Fair Housing Act discrimination on gender basis.
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Question 8 of 10
8. Question
The buyer should send the agent of the seller a check for $5,000 to function as the earnest money accompanying the buying offer. He asks the agent not to pay the check for two weeks and even asks him not to tell the seller about it. When an agent submits a bid, he can?
Correct
The seller has the right to receive full details before reaching a decision on the deal. The purchaser has the right to honest and clear service, with warning that his orders will not be complied with.
Incorrect
The seller has the right to receive full details before reaching a decision on the deal. The purchaser has the right to honest and clear service, with warning that his orders will not be complied with.
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Question 9 of 10
9. Question
Which of the following statements about federal fair housing laws being broken is true?
Correct
Occupation and source of revenue are not covered by federal regulations.
Incorrect
Occupation and source of revenue are not covered by federal regulations.
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Question 10 of 10
10. Question
Assuming the net operating gain stays stable, what happens to the current value of the property if the capitalization rate increases?
Correct
The higher the cap rate, the lower the price.
Incorrect
The higher the cap rate, the lower the price.