Real Estate Practice Ch. 5
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
