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Question 1 of 10
1. Question
What will happen in the event principal’s death or impairment?
Correct
Death or incapacity or any party terminates the agency by lawful action.
Incorrect
Death or incapacity or any party terminates the agency by lawful action.
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Question 2 of 10
2. Question
Scheduled production is composed of what?
Correct
A projected development involves privately owned lots and other generally owned lots or areas.
Incorrect
A projected development involves privately owned lots and other generally owned lots or areas.
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Question 3 of 10
3. Question
Which of the following statement about the limitation of families in an industrial area is true?
Correct
It is specified in the principle of conformity that the value held by the property should be located within a similar region.
Incorrect
It is specified in the principle of conformity that the value held by the property should be located within a similar region.
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Question 4 of 10
4. Question
Select from the following situations that best describe net leasing.
Correct
A net lease involves rent plus operating expenses. It is when a tenant pays a monthly price at a strip mall rental, including all charges for land repairs, electricity, and cleaning services.
Incorrect
A net lease involves rent plus operating expenses. It is when a tenant pays a monthly price at a strip mall rental, including all charges for land repairs, electricity, and cleaning services.
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Question 5 of 10
5. Question
The cost method is most reasonable to estimate the value of?
Correct
Cost approach is preferable, when evaluating specific properties.
Incorrect
Cost approach is preferable, when evaluating specific properties.
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Question 6 of 10
6. Question
While the target in the cost approach is to estimate the value of both land and upgrades. The land is typically evaluated using?
Correct
By comparing the subject property to recent sales of comparable property, the land is evaluated.
Incorrect
By comparing the subject property to recent sales of comparable property, the land is evaluated.
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Question 7 of 10
7. Question
Geoffrey received his own property tax bills after he purchased his apartment. What does this indicate?
Correct
In fee simple, a condominium is owned just as it would be a single home. In comparison, the owner of a cooperative apartment receives shares in a company that the entire building owns and pays property taxes on it.
Incorrect
In fee simple, a condominium is owned just as it would be a single home. In comparison, the owner of a cooperative apartment receives shares in a company that the entire building owns and pays property taxes on it.
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Question 8 of 10
8. Question
The group most likely to sue in the acquisition of real estate for particular reasons is the?
Correct
Although the problems of a seller can be solved with cash damage, a buyer may prefer to force the seller to sell, since each one the real estate kit is special.
Incorrect
Although the problems of a seller can be solved with cash damage, a buyer may prefer to force the seller to sell, since each one the real estate kit is special.
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Question 9 of 10
9. Question
A home-owners association decides that the community center of the subdivision should be sold for economic purposes. The association agreed that it needs advice on an acceptable asking price before seeking to locate an investor, and then hires an appraiser. Which method is the assessor likely to find most suitable for assessing this property?
Correct
Most specifically, special properties are evaluated by applying the cost approach method to value.
Incorrect
Most specifically, special properties are evaluated by applying the cost approach method to value.
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Question 10 of 10
10. Question
If the private property for public use is needed by jurisdiction, the first step begins with?
Correct
The jurisdiction is attempting to buy the property.
Incorrect
The jurisdiction is attempting to buy the property.