chp 5 Flashcards
Comparative Market Analysis – An analysis of the competition in the marketplace that a property will face upon sale attempts.
Comparative Market Analysis – An analysis of the competition in the marketplace that a property will face upon sale attempts.
Comparative Market Analysis –
An analysis of the competition in the marketplace that a property will face upon sale attempts.
Expired listings were most likely listed below market value…?
AT (True)
BF (False)
false
A comparative market analysis is performed by which of the following…?
AReal estate agent
BReal estate appraiser
CHomeowner
DBuyer
real estate agent
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
comparative market analysis
A comparative market analysis is also known as an appraisal…?
AT (True)
BF (False)
false
What is a typical starting radius to use when searching for recently sold properties…?
A¼ mile
B1 mile
C5 miles
D10 miles
1/4
Expired listings are listings that have…?
ARecently sold
BNot sold
CRecently been activated
DRecently been taken off of the MLS
not sold
Comparables can be obtained from the Multiple Listing Service…?
AT (True)
BF (False)
true
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
lack of active listing
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
all of the above
When conducting a CMA, an agent can usually find an identical property…?
AT (True)
BF (False)
false
Commissions are always negotiable…?
AT (True)
BF (False)
true
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
price per sq ft basis
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
negative adjustment
A comparative market analysis is not absolute…?
AT (True)
BF (False)
true
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
positive adjustment
What is typically the seller’s largest closing cost…?
ATransfer taxes
BBroker’s commission
CAttorney fees
DEscrow fees
broker commission
In most cases, sellers believe their property is worth ……….. a comparative market analysis?
AMore than
BLess than
CEqual to
DSignificantly lower than
more than
A CMA reflects the realities in the marketplace…?
AT (True)
BF (False)
true
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
closing costs
What is the minimum number of comparables an agent should use when conducting a CMA…?
A1
B3
C6
D10
3
A listing broker’s commission is typically shared with a buyer’s broker…?
AT (True)
BF (False)
true
A real estate agent offers which of the following to the principal…?
AExperience
BExposure
CExpertise
DAll of the above
all of the above
The value of comparable properties can vary greatly depending on the age of each property…?
AT (True)
BF (False)
true
A CMA helps determine the listing price of a property…?
AT (True)
BF (False)
true
Working with buyers is typically more time consuming than working with sellers…?
AT (True)
BF (False)
true
Comparables are also known as…?
AListings
BComps
CAppraisals
DValuations
comps
A comparable market analysis is also known as a…?
AAppraisal
BListing presentation
CPro forma
DCompetitive market analysis
competitive market analysis
A CMA is only used for residential properties up to…?
A4 units
B5 units
C6 units
D10 units
4
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
3
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
all of the above
