SU # 39__CMA Mechanics Flashcards
A significant difference between an appraisal and a broker’s opinion of value is:
the appraiser tends to use only one or two of the approaches to value.
the broker is a disinterested party.
the broker is subject to government regulation in generating the opinion.
the appraiser uses less current market data.
the appraiser uses less current market data.
Which of the following statements provides the best definition of appraisal?
It is a professional appraiser’s opinion of the value of a property as of a specific date.
It is a professional appraiser’s estimate of market price.
It is an estimate of value offered by a knowledgeable real estate professional.
It is a broker’s opinion of value, based on comparison with recent comparable sales and current listings in the multiple listing.
It is a professional appraiser’s opinion of the value of a property as of a specific date.
Appraisals make all of the following assumptions EXCEPT ________.
payment is made in cash or a cash equivalent.
buyer and seller are unrelated.
buyer and seller are uninformed consumers.
the property is exposed on the market for a reasonable time.
buyer and seller are uninformed consumers.
When collecting property information for a CMA, a licensee should focus on
the condition of the subject property and surrounding properties.
the builder’s original plans.
the chain of title of the property.
what the seller originally paid for the property.
the condition of the subject property and surrounding properties.
To complete the sales comparison approach, the appraiser:
averages the adjustments.
weighs the comparables.
discards all comparables having a lower value.
identifies the subject’s value as that of the nearest comparable.
weighs the comparables.
Appraisals are performed by:
any licensed real estate professional.
licensed professional appraisers.
competitive market analysts.
state-appointed tax officials.
licensed professional appraisers.
The three approaches to value employed by appraisers are the sales comparison approach, the income approach, and the
construction approach.
measurement approach.
adjustment approach.
cost approach.
cost approach.
Who decides the final listing price of a property?
The listing agent.
The appraiser.
The seller.
The buyer.
The seller.
Which of the following best describes the outcome of a CMA?
An opinion of market value.
A listing price that is the average of the prices of comparable sales.
A range of listing prices based on adjusted comparable values.
A market value.
A range of listing prices based on adjusted comparable values.
What is meant by “amenities” in a property description?
The good will of neighbors.
Special features that distinguish the property.
Property fixtures.
Improvements.
Special features that distinguish the property.
