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intro real estate practice chap 1 > chp 5 > Flashcards

chp 5 Flashcards

1
Q

Comparative Market Analysis – An analysis of the competition in the marketplace that a property will face upon sale attempts.

A

Comparative Market Analysis – An analysis of the competition in the marketplace that a property will face upon sale attempts.

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2
Q

Comparative Market Analysis –

A

An analysis of the competition in the marketplace that a property will face upon sale attempts.

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3
Q

Expired listings were most likely listed below market value…?
AT (True)
BF (False)

A

false

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4
Q

A comparative market analysis is performed by which of the following…?
AReal estate agent
BReal estate appraiser
CHomeowner
DBuyer

A

real estate agent

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5
Q

An analysis of the competition in the marketplace that a property will face upon sale attempts is known as a…?
APro forma
BAppraisal
CComparative market analysis
DListing package

A

comparative market analysis

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6
Q

A comparative market analysis is also known as an appraisal…?
AT (True)
BF (False)

A

false

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7
Q

What is a typical starting radius to use when searching for recently sold properties…?
A¼ mile
B1 mile
C5 miles
D10 miles

A

1/4

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8
Q

Expired listings are listings that have…?
ARecently sold
BNot sold
CRecently been activated
DRecently been taken off of the MLS

A

not sold

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9
Q

Comparables can be obtained from the Multiple Listing Service…?
AT (True)
BF (False)

A

true

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10
Q

Which of the following is an indication of a desirable area…?
AAn abundance of active listings
BAn abundance of expired listings
CA lack of active listings
DA lack of comparable properties

A

lack of active listing

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11
Q

Properties can differ on which of the following features…?
ASize of the property
BAge of the house
CCondition of the property
DAll of the above

A

all of the above

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12
Q

When conducting a CMA, an agent can usually find an identical property…?
AT (True)
BF (False)

A

false

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13
Q

Commissions are always negotiable…?
AT (True)
BF (False)

A

true

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14
Q

As an additional check when conducting a CMA, agents should also analyze properties on a…?
ARent per sq.ft. basis
BPrice per cubic ft. basis
CPrice per sq. yard basis
DPrice per sq.ft. basis

A

price per sq ft basis

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15
Q

A comparable property sold for $300,000, which included 2 bedrooms and 3 bathrooms. If the subject property includes 2 bedrooms and 2.5 bathrooms, what type of adjustment must be made…?
APositive adjustment
BAffirmative adjustment
CNegative adjustment
DEnhanced adjustment

A

negative adjustment

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16
Q

A comparative market analysis is not absolute…?
AT (True)
BF (False)

A

true

17
Q

A comparable property sold for $250,000, which included 2 bedrooms and 2 bathrooms. If the subject property also includes 2 bedrooms and 2 bathrooms but comes with a garage, what type of adjustment must be made…?
APositive adjustment
BAffirmative adjustment
CNegative adjustment
DEnhanced adjustment

A

positive adjustment

18
Q

What is typically the seller’s largest closing cost…?
ATransfer taxes
BBroker’s commission
CAttorney fees
DEscrow fees

A

broker commission

19
Q

In most cases, sellers believe their property is worth ……….. a comparative market analysis?
AMore than
BLess than
CEqual to
DSignificantly lower than

A

more than

20
Q

A CMA reflects the realities in the marketplace…?
AT (True)
BF (False)

A

true

21
Q

In addition to the broker’s commission, sellers are also responsible for paying which of the following when selling their house…?
AClosing costs
BAppraisal fees
CRepositioning costs
DLoan origination fees

A

closing costs

22
Q

What is the minimum number of comparables an agent should use when conducting a CMA…?
A1
B3
C6
D10

A

3

23
Q

A listing broker’s commission is typically shared with a buyer’s broker…?
AT (True)
BF (False)

A

true

24
Q

A real estate agent offers which of the following to the principal…?
AExperience
BExposure
CExpertise
DAll of the above

A

all of the above

25
Q

The value of comparable properties can vary greatly depending on the age of each property…?
AT (True)
BF (False)

A

true

26
Q

A CMA helps determine the listing price of a property…?
AT (True)
BF (False)

A

true

27
Q

Working with buyers is typically more time consuming than working with sellers…?
AT (True)
BF (False)

A

true

28
Q

Comparables are also known as…?
AListings
BComps
CAppraisals
DValuations

A

comps

29
Q

A comparable market analysis is also known as a…?
AAppraisal
BListing presentation
CPro forma
DCompetitive market analysis

A

competitive market analysis

30
Q

A CMA is only used for residential properties up to…?
A4 units
B5 units
C6 units
D10 units

A

4

31
Q

When conducting a CMA, an agent should look for comparable properties that have sold in the last…?
A3 months
B12 months
C18 months
D24 months

A

3

32
Q

When conducting a CMA, which of the following listings should be reviewed…?
ARecently sold properties
BCurrent properties on the market
CExpired listings
DAll of the above

A

all of the above

intro real estate practice chap 1 (7 decks)

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