Real Estate QUIZMASTER

Real Estate QUIZMASTER Adjusting the Comps Quantitative Analytical Numerical Miscellaneous 100 100 100 100 100 200 200 200 200 200 300 300 300 300 300 400 400 400 400 400 500 500 500 500 500 “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

Quantitative for 100 • The minimum number of • comps is ________ on • a form report “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

Quantitative for 200 • New properties generally • command a premium in • the market of ________ • over resales (keeping all • else the same) “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

Quantitative for 300 • If there are three comps, • then any weight that is • less than _________ • means the comp is not • valid comp “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

Quantitative for 400 • Quality adjustments are difficult and subjective and should not involve more than _____ of adjusted selling price “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

Quantitative for 500 • If a multiple regression statistical model is used where there is no qualitative screening selection process then the minimum sample size would be _______ “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

Analytical for 100 • A property sold at a time of market _____ volatility should not be considered a valid comp “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

Analytical for 200 • While adjusting the comps to make the price equivalent to subject property, _______ has the maximum impact “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

Analytical for 300 • Regulation for lenders restricts appraisers from giving ____ intervals of the market value of subject property “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

Analytical for 400 • While adjusting the comps • to make the market value • identical to the subject property the first adjustment should be • for ______ “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

DAILY DOUBLE “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

Daily Double Analytical for 500 Mass appraisal techniques work well as long as there are not too many ________ in some of the sales “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

Adjusting the Comps for 100 • _____ adjustments are based on units of comparison “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

Adjusting the Comps for 200 • _____ adjustments are • based on significant • features within either the • subject property or the • comp “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

Adjusting the Comps for 300 • ______ adjustments relate to the condition of the improvements “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

Adjusting the Comps for 400 • Ideally, a _______ analysis is used to make the Location and Views adjustment “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

Adjusting the Comps for 500 • Information on historical selling prices (recent & prior) are essential to adjust comps for _____ “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

Numerical for 100 In an FHA financing situation, a buyer is putting down $4745 on a $91,835 home, and the lender requires 3 points to be paid at closing. The net price received is equivalent to _____ for the seller “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

Numerical for 200 In an FHA financing situation, a buyer is putting down $4745 on a $91,835 home, and the lender requires 3 points to be paid at closing, The mortgage is of the value of _____ “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

Numerical for 300 • If there are 3 comps, then • any weight that is more • than ___ places a more • than reasonable reliance • on the comp “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

Numerical for 400 • Typical mortgage rates are 8.5% and the seller decides to provide a mortgage loan for a 75% LTV mortgage at 7.5% for three years on a house of value $200,000. What is the approximate amount of money saved by the buyer in the first year? “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

In a linear regression model, the coefficients of the area and “number of baths” are $100 and $1,500. If the value estimate of a 2,000 SF property with 2 bedrooms and 2 baths is $213,000, then the coefficient of the “number of bedrooms” variable will be _____ ignoring everything else. Numerical for 500 “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

Miscellaneous for 100 • The more sales observations available, the ____ the analyst can define a submarket “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

Miscellaneous for 200 A set of properties that would be considered substitutes in the mind of the typical buyer of such property “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

Miscellaneous for 300 • G I S “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

Miscellaneous for 400 • A V M “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

Miscellaneous for 500 • If an appraiser believes the market has been constant in real terms then the comp would simply be adjusted for inflation represented by the ________ “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

Real Estate QUIZMASTER