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WRA Chapter 6 Quiz Questions & answers with Complete solutions | Latest edition
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WRA Chapter 6 Quiz Questions & answers with Complete solutions | Latest edition
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WRA Chapter 6 QuizWhich condition would have the least effect on a home's value? - CORRECT
ANSWER-Vacant lots in good condition.
What is the best comparable property for appraising a subject property? -
CORRECT ANSWER-A similar recently sold home in the same neighborhood.
A builder developed a subdivision in which the demand for homes was great. The
last home sold for a much higher price than the first lot had sold in the area.
What principle of value does this illustrate? - CORRECT ANSWER-Supply and
demand.
Which of the following does an appraisal NOT help determine? - CORRECT
ANSWER-The amount of a loan a seller can transfer to a buyer.
What principle of value is represented by a developer purchasing a parking lot in
a busy downtown area and replacing it with an office building? - CORRECT
ANSWER-Highest and best use.
Which of the following is NOT part of the definition of market value? - CORRECT
ANSWER-Market value is the average price a property will bring.
Which value is most similar to a property's market price? - CORRECT
ANSWER-Market value.
To realize maximum value, a property should be in line with existing
neighborhood standards of design, construction, size, and age. What principle of
value does this demonstrate? - CORRECT ANSWER-Conformity.
Which property is the most suitable comparison property if the subject property is
a six-year-old home with three bedrooms, one and a half baths, and 1,500
square feet of living space? - CORRECT ANSWER-A house with the same floor
plan located in the same subdivision, which sold a month ago.
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