Real Estate Practice Exam 4

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An appraiser noted a 3 year-old air conditioning system which was operable. He assigned $2,500 depreciation to the system. What type of depreciation is it?

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Jim Singletary wishes to construct an office building containing 24,000 square feet. The zoning in the area requires 1 parking space for every 400 square feet of building area. How many spaces will be necessary?

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John is a broker in Tallahassee, and meets for lunch with Martha, his most important competitor. They agree that, effective January 1 of the following year, both companies will begin charging 7.5% commissions on all residential properties. Which is correct?

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What is not available to the Federal Reserve System in controlling the money supply?

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Plottage is

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What is the final step after an appraiser has utilized all three approaches to value?

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An example of functional obsolescence is which of the following?

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Which two expenses are deductible for income taxes that are not deducted in calculating net operating income?

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Under the income approach, value equals

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A seller tells a real estate licensee that he does not want his house shown to ethnic buyers. The sales associate should say

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Investor Charles Greenacre is purchasing a building from the Acme Tool Company with a 20-year net-net-net leaseback offering outstanding cash throwoff and good tax treatment. The building was built to the seller's needs under strict specifications to the seller's business. Greenacre should be most concerned with

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Which of the following forms of depreciation is usually found in external obsolescence?

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John purchases a home, and the seller helps to finance the sale. The price is $100,000, and John is to make a $10,000 cash down payment. The amount of the mortgage payments would pay it off in thirty years, but the owner requires that it come due in seven years. What type mortgage is this?

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If the capitalization rate increases, the value

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Lien theory means that the mortgage

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Which is most closely related to the comparable sales approach?

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Which of the following expenses is not deducted from effective gross income in calculating net operating income?

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Which is synonymous?

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Concerning the buyer's attitude and willingness to pay, the lender considers

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Which is not correct? I. Redlining is not a violation of state and federal laws. II. “Blockbusting” is a description of the practice of scaring owners into selling because of 'undesirable elements' moving into the neighborhood. III. A sales associate has a direct fiduciary relationship with his seller under an exclusive right of sale agreement.

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