Real Estate Practice Ch. 5

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What is a typical starting radius to use when searching for recently sold properties

1/4 mile

What is the minimum number of comparables an agent should use when conducting a CMA

3

When conducting a CMA, an agent should look for comparable properties that have sold in the last

3 months

A CMA is only used for residential properties up to

4 units

Which of the following is an indication of a desirable area

A lack of active listings

A real estate agent offers which of the following to the principal? A-Experience B-Exposure C-Expertise D-All of the above

All of the above

Properties can differ on which of the following features? A-Size of the property B-Age of the house C-Condition of the property D-All of the above

All of the above

When conducting a CMA, which of the following listings should be reviewed? A-Recently sold properties B-Current properties on the market C-Expired listings D-All of the above

All of the above

What is typically the seller's largest closing cost

Broker's commission

In addition to the broker's commission, sellers are also responsible for paying which of the following when selling their house

Closing costs

An analysis of the competition in the marketplace that a property will face upon sale attempts is known as a

Comparative market analysis

A comparable market analysis is also known as a

Competitive market analysis

Comparables are also known as

Comps

A comparative market analysis is also known as an appraisal. T/F?

False

Expired listings were most likely listed below market value. T/F?

False

When conducting a CMA, an agent can usually find an identical property. T/F?

False

In most cases, sellers believe their property is worth ........... a comparative market analysis

More than

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

Negative adjustment

Expired listings are listings that have

Not sold

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

Positive adjustment

As an additional check when conducting a CMA, agents should also analyze properties on a

Price per sq. ft basis

A comparative market analysis is performed by which of the following

Real estate agent

A CMA helps determine the listing price of a property. T/F?

True

A CMA reflects the realities in the marketplace. T/F?

True

A comparative market analysis is not absolute. T/F?

True

A listing broker's commission is typically shared with a buyer's broker. T/F?

True

Commissions are always negotiable. T/F?

True

Comparables can be obtained from the Multiple Listing Service. T/F?

True

The value of comparable properties can vary greatly depending on the age of each property. T/F?

True

Working with buyers is typically more time consuming than working with sellers. T/F?

True


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