RECA RESIDENTIAL EXAM UNIT 5 ACTUAL EXAM
REAL QUESTIONS AND DETAILED ANSWERS
AGRADE LATEST 2024 VERIFIED.
If Sales to new listings ratio is increasing, is it a Seller's
market or a buyer's market? - ANSWER >>>>Sellers' market
What is the meaning of "Mode" in mathematics? - ANSWER
>>>>it is the number in a group of numbers that appears the
most often. For example Mary has a residence in X
subdivision. The sale price that occurred most often in the
previous month was $235,000. Therefore the mode sale price
was $235,000 for that month. This does not mean that Mary's
residence is worth that amount.
What is the meaning of "Median" in mathematics? - ANSWER
>>>>it is the number that is in the middle of a group of figures
that have been sorted in a particular order.
What is the meaning of "Mean" in mathematics? - ANSWER
>>>>The mean in mathematics is also referred to as the
average.
True or False - There is no direct correlation between a
property's assessed value and its market value if it is sold on
the open market today - ANSWER >>>>True
From what time block are municipal property assessments
done? - ANSWER >>>>for one calendar year getting statistics
on sales up to July 1st. For example the valuation day for the
2018 tax year was set at July 1st, 2017. The 2018 property
, tax assessment reflects property sales data up to July 1st,
2017.
3 reasons why assessed value of a property differs from its
current market value. - ANSWER >>>>1. Purpose 2. Timing
(over 1 years data, so older data) 3. Process (mass
assessments within going inside properties)
What is a numerator? - ANSWER >>>>The top number in a
fraction. It represents part of the whole.
What is a denominator? - ANSWER >>>>the number on the
bottom of a fraction. It represents the whole group
3 components to each percentage calculation - ANSWER
>>>>The total, the rate and the part
Formula for solving the unknown total - ANSWER >>>>Part /
Rate = Total. Or P / R = T. Example % = 48, or 12/ .25
= 48
How to calculate percentage increases - ANSWER >>>>(New
amount - old amount / old amount) x 100 = Rate (percentage
change). For example if the new price was $318,000 and the
old price was $305,000. (($318,000 - $305,000) / $305,000)) x
100 = 4.26%
What is a CMA? - ANSWER >>>>Comparative Market
Analysis. A method used by REPs to provide an estimate of
value for residential properties (non-income producing
properties). REPs may also include a CMA for revenue
properties once the income Analysis is complete.
REAL QUESTIONS AND DETAILED ANSWERS
AGRADE LATEST 2024 VERIFIED.
If Sales to new listings ratio is increasing, is it a Seller's
market or a buyer's market? - ANSWER >>>>Sellers' market
What is the meaning of "Mode" in mathematics? - ANSWER
>>>>it is the number in a group of numbers that appears the
most often. For example Mary has a residence in X
subdivision. The sale price that occurred most often in the
previous month was $235,000. Therefore the mode sale price
was $235,000 for that month. This does not mean that Mary's
residence is worth that amount.
What is the meaning of "Median" in mathematics? - ANSWER
>>>>it is the number that is in the middle of a group of figures
that have been sorted in a particular order.
What is the meaning of "Mean" in mathematics? - ANSWER
>>>>The mean in mathematics is also referred to as the
average.
True or False - There is no direct correlation between a
property's assessed value and its market value if it is sold on
the open market today - ANSWER >>>>True
From what time block are municipal property assessments
done? - ANSWER >>>>for one calendar year getting statistics
on sales up to July 1st. For example the valuation day for the
2018 tax year was set at July 1st, 2017. The 2018 property
, tax assessment reflects property sales data up to July 1st,
2017.
3 reasons why assessed value of a property differs from its
current market value. - ANSWER >>>>1. Purpose 2. Timing
(over 1 years data, so older data) 3. Process (mass
assessments within going inside properties)
What is a numerator? - ANSWER >>>>The top number in a
fraction. It represents part of the whole.
What is a denominator? - ANSWER >>>>the number on the
bottom of a fraction. It represents the whole group
3 components to each percentage calculation - ANSWER
>>>>The total, the rate and the part
Formula for solving the unknown total - ANSWER >>>>Part /
Rate = Total. Or P / R = T. Example % = 48, or 12/ .25
= 48
How to calculate percentage increases - ANSWER >>>>(New
amount - old amount / old amount) x 100 = Rate (percentage
change). For example if the new price was $318,000 and the
old price was $305,000. (($318,000 - $305,000) / $305,000)) x
100 = 4.26%
What is a CMA? - ANSWER >>>>Comparative Market
Analysis. A method used by REPs to provide an estimate of
value for residential properties (non-income producing
properties). REPs may also include a CMA for revenue
properties once the income Analysis is complete.
