Please Help Me Pass this Test

[johnresales]

Can someone please help me pass this test!

1. If the subject's market is declining should you chose comparables:
a. Within the past 6 months
b. Within the past 12 months
c. Within the past 2 years
d. Does not matter as long as they are within the same market area

2. Subject is a mobile home in a rural location with limited comps, should you:
a. Use 1 story comps of stick built construction within the closest proximity
b. Expand distance search as far as needed to obtain mobile home comps
c. Go back 2 years to look for comps
d. Find homes with no basements

3. Subject is listed as a short sale, should you:
a. Provide comps to support current list price
b. Provide comps that bracket current list price
c. Provide comps that are representative of fair market value
d. Provide distressed and reo comps

4. Subject is a waterfront property:
a. Comps should be similar in sq ft and within 1 mile of subject
b. Comps should be similar waterfront location even if they vary slightly in sq ft
c. Comps should be similar in design, sq ft and lot size
d. Comps should be some sort of vacation home

5. The subject's basement is finished. Is this considered:
a. Additional living area and included in the total sq ft
b. Not considered additional living area
c. Additional living area that contributes to the value but not included in the overall sq ft
d. none of the above

6. The subject is located within an Urban/Suburban location. Comp distance should be:
a. Within 5 miles
b. Within 2 mile
c. Within 1 mile
d. Does not matter as long as they are comparable to subject

7. A comp is considered to be inferior, equal or superior to the subject by comparing:
a. All the amenities of the comps to the subject
b. The condition, sq ft and age of the comp to the subject
c. The total room count, beds and baths of the comp to the subject
d. All of the above

8. Which comment is most useful and important to our client?
a. Subject is maintained, comp is inferior to subject due to needed repairs
b. Comp is beautiful and ready to move in
c. Superior due to price only
d. Used this comp due to lack of comparables

9. What is the definition of arm's length transactions?
a. It is a transaction between two parties who are related, not of the same last name and under duress.
b. It is a transaction between unrelated parties who are not under duress
c. It is a transaction that is considered to be free and clear of any seller influences
d. It is any transaction that is not influenced by undue economic stimulus within the market

10. Subject has fire damage. How would you comp this property?
a. Comp as if there were no damage to home
b. Cannot comp a property with fire damage
c. Provide comps that are poor condition even if they are not comparable in property type, sq ft, age etc.
d. Comp to homes similar to subject and provide an "as is" and "as repaired" value for subject.

11. When choosing comps to arrive at an estimate of value, the most important criteria is?
a. Comps should bracket subject's estimate of value
b. Comps should be within the past 6 months not to exceed 12 months
c. Comps should be similar in design, sq ft and age, etc.
d. All of the above

thanks

[Adam Robinson Sarasota]

1) a
2) b
3) c
4) b
5) a
6) c
7) d
8) a
9) b
10) d
11) d

Good luck

[joeprost]

I've have an idea! How about opening a book?

[REOagent]

they should have gave you a review prior to the test.

[ewoods]

Thanks - I got 8 out of 11 right on my own and re-took the test with the answers below and got 10 out of 11 right. One of the answers below is incorrect. I am not sure which one but you need 9 out of 11 to be considered passing. Thanks again.

[coastal]

I wish the internet had been fully functional when I was in college. My b- average could have been an A if all I had to do was log on to the forums and have the experts answer all the questions.

[MattPernice]

What is this test for? BPO or REO certification?