CEN 3721 FINAL EXAM PREP STUDY GUIDE
PRACTICE QUESTIONS AND ACCURATE
SOLUTIONS
●● The number of properties available describes this factor that
influences value.
Demand
Scarcity
Transferability
Utility.
Answer: Scarcity
Related to demand, and reflects the supply of property, or lack thereof.
●● Which of the following statements about agents and the duty of
obedience is true?
An agent can ignore a client's instructions if they negatively affect the
agent's commission.
An agent should carry out the client's instructions as long as they are
within the law.
An agent should never question a client's instructions.
,The duty of obedience extends beyond the termination of the agency
agreement..
Answer: An agent should carry out the client's instructions as long as
they are within the law.
●● Carson is purchasing a $600,000 property by obtaining an 80/20
loan. How much is Carson financing?
$120,000
$420,000
$480,000
$600,000.
Answer: $480,000
●● Appraiser Niles uses ______ to determine a range of values based on
comparing a subject property to comparable sales. He makes sure to use
some comparables that lack features of his subject property, and others
that have even more desirable features, to balance out the comparison.
Bracketing
Competition
Correlation
Substituting.
Answer: Bracketing
, ●● What does REO stand for?
Real estate office
Real estate owned
Rental equality ownership
Rental equal opportunity.
Answer: Real estate owned
●● What does the rectangular government survey system use as the
basis for legal descriptions?
Principal meridians, base lines, and sections
Reference to a subdivision plat
Reference to degrees latitude and longitude
The beginning point of a boundary line as identified by a surveyor.
Answer: Principal meridians, base lines, and sections
●● Which entity ensures that contractors perform their work according
to code by inspecting their job sites?
City hall
The attorney general
PRACTICE QUESTIONS AND ACCURATE
SOLUTIONS
●● The number of properties available describes this factor that
influences value.
Demand
Scarcity
Transferability
Utility.
Answer: Scarcity
Related to demand, and reflects the supply of property, or lack thereof.
●● Which of the following statements about agents and the duty of
obedience is true?
An agent can ignore a client's instructions if they negatively affect the
agent's commission.
An agent should carry out the client's instructions as long as they are
within the law.
An agent should never question a client's instructions.
,The duty of obedience extends beyond the termination of the agency
agreement..
Answer: An agent should carry out the client's instructions as long as
they are within the law.
●● Carson is purchasing a $600,000 property by obtaining an 80/20
loan. How much is Carson financing?
$120,000
$420,000
$480,000
$600,000.
Answer: $480,000
●● Appraiser Niles uses ______ to determine a range of values based on
comparing a subject property to comparable sales. He makes sure to use
some comparables that lack features of his subject property, and others
that have even more desirable features, to balance out the comparison.
Bracketing
Competition
Correlation
Substituting.
Answer: Bracketing
, ●● What does REO stand for?
Real estate office
Real estate owned
Rental equality ownership
Rental equal opportunity.
Answer: Real estate owned
●● What does the rectangular government survey system use as the
basis for legal descriptions?
Principal meridians, base lines, and sections
Reference to a subdivision plat
Reference to degrees latitude and longitude
The beginning point of a boundary line as identified by a surveyor.
Answer: Principal meridians, base lines, and sections
●● Which entity ensures that contractors perform their work according
to code by inspecting their job sites?
City hall
The attorney general
