Humber/Ontario Real Estate Course 4 Exam Practice

Disable ads (and more) with a membership for a one time $2.99 payment

Prepare for the Humber Real Estate Course 4 Exam with a comprehensive quiz designed to test your knowledge through flashcards and multiple-choice questions. Enhance your understanding and boost your confidence before taking the exam!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

What would be an optimal comparable property for appraising a four-bedroom, two-storey home?

Optimally be a nearby four-bedroom, two-storey property that sold two weeks ago and was physically similar to the subject property.
Be difficult to find if the real estate market in the area was very active.
Be very easy to locate if the market was declining due to downward economic pressures.
Would be any home located within a two-block radius of the subject property.
Should be exactly the same in size and style.
Needs to be further than the usual comparable area due to unusual property features.

The correct answer is: Optimally be a nearby four-bedroom, two-storey property that sold two weeks ago and was physically similar to the subject property.

The optimal comparable property for appraising a four-bedroom, two-storey home would ideally be a nearby property that has similar characteristics to the subject property and was sold recently. This is important in order to accurately assess the current market value of the subject property. Choosing a property that is physically similar ensures that the comparables are as close as possible, leading to a more accurate valuation. Additionally, selecting a property sold recently ensures that the market conditions are more reflective of the current state of the real estate market. This approach is crucial for providing an accurate and reliable appraisal.