(C) Choice (C) may sound familiar, but it is an economic factor that affects the value of property; it’s not a duty to provide additional, similar properties. Choices (A), (B), and (D) are all aspects of the fiduciary relationship between agent and principal, so they are not the correct answer to the question.
(B) $33,070 × 0.1199 = $3,965.09 $3,965.09 ÷ 12 = $330.42
(C) Choice (A) is the value that an investor would see in a property. Choice (B) is the highest price for a property that a buyer will pay a seller, neither of whom is under duress to offer or to accept the price. Choice (D) is the opinion of the market value of a property determined by an appraiser.
(B) Choice (A) describes the rectangular survey system of property description. Choice (C) also describes the rectangular survey system. Choice (D) is the opposite of what is true about the metes and bounds system; it does include degrees, minutes, and seconds.
(C) A better way of phrasing choice (C) would be to indicate that the premises was a walk-up. Choice (A) is a common description of the physical size and layout of a property and is not discriminatory. Choice (B) is allowable because it is implied that the living space is shared by the roommates, and limiting the roommate to the same gender as the person placing the ad (assumed) is permissible. Choice (D) is also permissible as a description of a characteristic that would appeal to a family, but does not discriminate against single persons.
(B) Choices (A), (C), and (D) are incorrect because it’s the buyer’s attorney who is responsible for having the deed recorded. In reality, the title company’s representative can take on the responsibility for having the deed and mortgage recorded, and in a business closing, the lender often requests that the title company representative do so.
(D) Choice (D) is most often used to appraise residences. Choice (A) is used to value income-producing, or investment, property. Choice (B) is used to value property where few comparables exist, and the income approach is not appropriate. Choice (C) may seem familiar because replacement cost is one of the factors used in applying the cost approach.
(A) Choice (A) is incorrect because the property management company collects the rent, but doesn’t set it. The property owner does. Remember that if one part of an answer choice is incorrect, the whole answer is incorrect. Choices (B), (C), and (D) are all typical activities of a property management company.
(D) Choice (A) is not true because the salesperson can provide some general information. Choice (B) appears to be avoiding the issue and so is not helpful to the customer. Choice (C) is not true; the customer can ask, but the salesperson can provide only a general answer.
(B) $100 ÷ 0.005 = $20,000 $20,000 × 0.0065 = $130
Total Questions: | |
Correct Answers: | |
Wrong Answers: | |
Percentage: |
|