NSAR SAleSpeRSoN liceNSiNg couRSe NeweST 2026 wiTH coRRecT
AcTuAl QueSTioNS AND coRRecTlY well DeFiNeD ANSweRS lATeST
AlReADY gRADeD A+ || JuST ReleASeD.
Subjective Value - coRRecT ANSweR-the perception of value in the minds of the buyer
and seller
Objective Value - coRRecT ANSweR-related to the direct cost of creating (e.g. acquiring a
lot and building a home)
Types of value found in the Canadian Economy - coRRecT ANSweR--insurable; book
-appraised
-salvage
-assessed
-liquidation
-loan
-sentimental
Three approaches that appraisers use to establish an estimate of value - coRRecT
ANSweR--cost approach (actual cost)
-income approach (subjective value)
-direct comparison approach (subjective value)
market price - coRRecT ANSweR-the price for an individual property
market value (aka value in exchange) - coRRecT ANSweR-an estimate of value arising
from many sales (market prices)
Definition of Market Value - coRRecT ANSweR-The most probable price, as of a specified
date, in cash, or in terms equivalent to cash or in other precisely revealed terms, for
,which the specified property rights should sell after reasonable exposure in a
competitive market under all conditions requisite to a fair-sale, with the buyer and seller
each acting prudently, knowledgeably, and for self-interest, and assuming that neither is
under undue duress.
What brokerage should you join after you pass this exam? Let's chat! - coRRecT
ANSweR-Instagram: @laurahalifaxrealtor
Facebook: Laura Sumarah
Text: 902 210 9876
The 4 assumptions of market value - coRRecT ANSweR-1) reasonable time
2) no undue pressure
3) prudent behaviour
4) informed buyer and seller
15 Principles of Value - coRRecT ANSweR-- Principle of Anticipation
- Principle of Balance
- Principle of Change
- Principle of Competition
- Principle of Conformity
- Principle of Consistent Use
- Principle of Contribution
- Principle of External Factors
- Principle of Highest & Best Use
- Principle of Increasing/Decreasing Returns
- Principle of Progression
- Principle of Regression
- Principle of Substitution
- Principle of Supply & Demand
- Principle of Surplus
- Productivity
, Principle of Anticipation - coRRecT ANSweR-Buyers buy the present worth of future
benefits (e.g. thinking about resale value)
Principle of Balance - coRRecT ANSweR-Maximum value is maintained through balance
(e.g. huge house with only one car garage is not balanced)
Principle of Change - coRRecT ANSweR-A value today is valid only for today (e.g. large
portion of the community will be losing their jobs = lower value of house as lower
demand)
Principle of Competition - coRRecT ANSweR-Excess profit breeds ruinous competition
(two people see same opportunity and both jump in; neither will achieve their anticipated
profits)
Principle of Conformity - coRRecT ANSweR-Reasonable conformance with existing
standards protects value (houses that conform with one another hold their value)
Principle of Consistent Use - coRRecT ANSweR-No double dipping when analyzing value
(can't give value to the house on a commercial property worth building on; must be
viewed together as you'd have to renovate the house to use it commercially)
Principle of Contribution - coRRecT ANSweR-Value relates to contribution; not cost
(owner wants to put in a pool that cost $10,000 but appraiser says it will only improve
value of house by $7,000)
Principle of External Factors - coRRecT ANSweR-Things nearby can influence value (two
comparable houses purchased on a quiet vs. noisy street = noisy street will have
decreased value)
Principle of Highest and Best Use - coRRecT ANSweR-Focus on the use that will produce
the greatest return (look at the property's current and potential use = large house on lot
that a four-plex could be built; value can increase based on this possibility)
AcTuAl QueSTioNS AND coRRecTlY well DeFiNeD ANSweRS lATeST
AlReADY gRADeD A+ || JuST ReleASeD.
Subjective Value - coRRecT ANSweR-the perception of value in the minds of the buyer
and seller
Objective Value - coRRecT ANSweR-related to the direct cost of creating (e.g. acquiring a
lot and building a home)
Types of value found in the Canadian Economy - coRRecT ANSweR--insurable; book
-appraised
-salvage
-assessed
-liquidation
-loan
-sentimental
Three approaches that appraisers use to establish an estimate of value - coRRecT
ANSweR--cost approach (actual cost)
-income approach (subjective value)
-direct comparison approach (subjective value)
market price - coRRecT ANSweR-the price for an individual property
market value (aka value in exchange) - coRRecT ANSweR-an estimate of value arising
from many sales (market prices)
Definition of Market Value - coRRecT ANSweR-The most probable price, as of a specified
date, in cash, or in terms equivalent to cash or in other precisely revealed terms, for
,which the specified property rights should sell after reasonable exposure in a
competitive market under all conditions requisite to a fair-sale, with the buyer and seller
each acting prudently, knowledgeably, and for self-interest, and assuming that neither is
under undue duress.
What brokerage should you join after you pass this exam? Let's chat! - coRRecT
ANSweR-Instagram: @laurahalifaxrealtor
Facebook: Laura Sumarah
Text: 902 210 9876
The 4 assumptions of market value - coRRecT ANSweR-1) reasonable time
2) no undue pressure
3) prudent behaviour
4) informed buyer and seller
15 Principles of Value - coRRecT ANSweR-- Principle of Anticipation
- Principle of Balance
- Principle of Change
- Principle of Competition
- Principle of Conformity
- Principle of Consistent Use
- Principle of Contribution
- Principle of External Factors
- Principle of Highest & Best Use
- Principle of Increasing/Decreasing Returns
- Principle of Progression
- Principle of Regression
- Principle of Substitution
- Principle of Supply & Demand
- Principle of Surplus
- Productivity
, Principle of Anticipation - coRRecT ANSweR-Buyers buy the present worth of future
benefits (e.g. thinking about resale value)
Principle of Balance - coRRecT ANSweR-Maximum value is maintained through balance
(e.g. huge house with only one car garage is not balanced)
Principle of Change - coRRecT ANSweR-A value today is valid only for today (e.g. large
portion of the community will be losing their jobs = lower value of house as lower
demand)
Principle of Competition - coRRecT ANSweR-Excess profit breeds ruinous competition
(two people see same opportunity and both jump in; neither will achieve their anticipated
profits)
Principle of Conformity - coRRecT ANSweR-Reasonable conformance with existing
standards protects value (houses that conform with one another hold their value)
Principle of Consistent Use - coRRecT ANSweR-No double dipping when analyzing value
(can't give value to the house on a commercial property worth building on; must be
viewed together as you'd have to renovate the house to use it commercially)
Principle of Contribution - coRRecT ANSweR-Value relates to contribution; not cost
(owner wants to put in a pool that cost $10,000 but appraiser says it will only improve
value of house by $7,000)
Principle of External Factors - coRRecT ANSweR-Things nearby can influence value (two
comparable houses purchased on a quiet vs. noisy street = noisy street will have
decreased value)
Principle of Highest and Best Use - coRRecT ANSweR-Focus on the use that will produce
the greatest return (look at the property's current and potential use = large house on lot
that a four-plex could be built; value can increase based on this possibility)
