NSAR Salesperson Licensing Course Latest Exam|
Verified Questions and Answers| Graded A+
5 Estate Types - Correct Answer✅💯- fee simple
- leasehold estate
- life estate
- future estate
- estate to uses
5 ways that a contract may be terminated - Correct Answer✅💯- By mutual agreement
- By performance
- By impossibility of performance
- By operation of law
- Breach of contract
6 Essential Elements of Real Estate Contracts - Correct Answer✅💯- Capacity of the parties
- Lawful object
- Offer and acceptance
- Genuine intention
- Consideration
- Definite and clear
8 Steps in the Appraisal Process - Correct Answer✅💯1: Define the Problem
2: Preliminary Survey and Appraisal Plan
3: Data Collection
4: Apply the Cost Approach
5: Apply the Direct Comparison Approach
6: Apply the Income Approach
7: Reconciliation
8: Final Estimate and Report Preparation
,8 Steps of the Appraisal Process - Correct Answer✅💯1) Define the problem
2) Preliminary inspection & planning the work
3) Data collection & analysis
4) Apply the cost approach
5) Apply the direct comparison approach
6) Apply the income approach
7) Reconciliation and final estimate
8) Write the appraisal report
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
Abstract - Correct Answer✅💯A written history of the title to a parcel of real estate
Actual Age - Correct Answer✅💯The actual number of year that have passed since a structure
was built.
, Adjusted Sale Price - Correct Answer✅💯The sale price of a comparable property under the
direct comparison approach following all adjustments in comparison with the subject property
being appraised.
Advertising Standards - Correct Answer✅💯Standards established by NSREC regarding real
estate advertising. Industry members must ensure compliance with these standards as set out in
the NS Real Estate Commission Advertising Guidelines.
Age (Life) Cycle - Neighbourhoods - Correct Answer✅💯The cycle of changes in
neighbourhoods which over time can involve decline, growth, or stability.
Age-Life depreciation Method - Correct Answer✅💯A measure of depreciation based on the
anticipated life of the structure.
Agency Relationship - Correct Answer✅💯A relationship in which one party (the agent)
accepts responsibility for representing another (the principal) in dealing with third parties.
Agent - Correct Answer✅💯An individual (or legal entity) authorized by a principal to
represent that principal in business transactions with another party.
Agreement of Purchase and Sale (Turn Key New Construction) - Correct Answer✅💯An
NSREC mandatory form used by brokerages when a buyer is purchasing a new home
Appraisal - Correct Answer✅💯The act or process of estimating value
Appraisal Date - Correct Answer✅💯The date to which the appraisal valuation applies,
sometimes referred to as the effective date of the appraisal.
Architectural drawings - Correct Answer✅💯Drawings which involve structural plans, floor
layouts, elevations, sections, details, schedules, and any incidental architectural diagrams and
specifications
Asbestos - Correct Answer✅💯A building product commonly used in pre-1970s, which has
subsequently proven dangerous to human health if fibres are released into the air.
Assemblage - Correct Answer✅💯The combining of two or more abutting parcels of land into
one ownership or use for the purpose of greater utility.
Assessed Value - Correct Answer✅💯A current market value placed on a property as the basis
for municipal taxation.
Assessment Roll - Correct Answer✅💯Official record of real property assessments
Assignment - Correct Answer✅💯The act of transferring some interest from one party to
another. An example for real estate purposes involves the assignment of an agreement of
purchase and sale.
Verified Questions and Answers| Graded A+
5 Estate Types - Correct Answer✅💯- fee simple
- leasehold estate
- life estate
- future estate
- estate to uses
5 ways that a contract may be terminated - Correct Answer✅💯- By mutual agreement
- By performance
- By impossibility of performance
- By operation of law
- Breach of contract
6 Essential Elements of Real Estate Contracts - Correct Answer✅💯- Capacity of the parties
- Lawful object
- Offer and acceptance
- Genuine intention
- Consideration
- Definite and clear
8 Steps in the Appraisal Process - Correct Answer✅💯1: Define the Problem
2: Preliminary Survey and Appraisal Plan
3: Data Collection
4: Apply the Cost Approach
5: Apply the Direct Comparison Approach
6: Apply the Income Approach
7: Reconciliation
8: Final Estimate and Report Preparation
,8 Steps of the Appraisal Process - Correct Answer✅💯1) Define the problem
2) Preliminary inspection & planning the work
3) Data collection & analysis
4) Apply the cost approach
5) Apply the direct comparison approach
6) Apply the income approach
7) Reconciliation and final estimate
8) Write the appraisal report
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
Abstract - Correct Answer✅💯A written history of the title to a parcel of real estate
Actual Age - Correct Answer✅💯The actual number of year that have passed since a structure
was built.
, Adjusted Sale Price - Correct Answer✅💯The sale price of a comparable property under the
direct comparison approach following all adjustments in comparison with the subject property
being appraised.
Advertising Standards - Correct Answer✅💯Standards established by NSREC regarding real
estate advertising. Industry members must ensure compliance with these standards as set out in
the NS Real Estate Commission Advertising Guidelines.
Age (Life) Cycle - Neighbourhoods - Correct Answer✅💯The cycle of changes in
neighbourhoods which over time can involve decline, growth, or stability.
Age-Life depreciation Method - Correct Answer✅💯A measure of depreciation based on the
anticipated life of the structure.
Agency Relationship - Correct Answer✅💯A relationship in which one party (the agent)
accepts responsibility for representing another (the principal) in dealing with third parties.
Agent - Correct Answer✅💯An individual (or legal entity) authorized by a principal to
represent that principal in business transactions with another party.
Agreement of Purchase and Sale (Turn Key New Construction) - Correct Answer✅💯An
NSREC mandatory form used by brokerages when a buyer is purchasing a new home
Appraisal - Correct Answer✅💯The act or process of estimating value
Appraisal Date - Correct Answer✅💯The date to which the appraisal valuation applies,
sometimes referred to as the effective date of the appraisal.
Architectural drawings - Correct Answer✅💯Drawings which involve structural plans, floor
layouts, elevations, sections, details, schedules, and any incidental architectural diagrams and
specifications
Asbestos - Correct Answer✅💯A building product commonly used in pre-1970s, which has
subsequently proven dangerous to human health if fibres are released into the air.
Assemblage - Correct Answer✅💯The combining of two or more abutting parcels of land into
one ownership or use for the purpose of greater utility.
Assessed Value - Correct Answer✅💯A current market value placed on a property as the basis
for municipal taxation.
Assessment Roll - Correct Answer✅💯Official record of real property assessments
Assignment - Correct Answer✅💯The act of transferring some interest from one party to
another. An example for real estate purposes involves the assignment of an agreement of
purchase and sale.
