1) What method is taught but not used often by appraisers?
a)Capitalization
b)Value in use
c)Descriptive appraisal process
d)Prescriptive appraisal process
2) What method isn't taught to appraisers, but is the one most often used by them?
a)Descriptive appraisal process
b)Value in exchange
c)Prescriptive appraisal process
d)Normative process
3) How many steps are involved in the prescriptive appraisal process?
a)5
b)8
c)7
d)4.75
True/False
1) An agency that exist when a broker represents both the buyer and the seller in the same transaction is known as a dual agency. T/F
2) The process of converting an income stream into a lump sum estimate of present value is known as the descriptive appraisal process. T/F
3) The normative process is a systematic process appraisers are taught to follow when valuing real estate. T/F
4) The listing broker is the broker who brings the buyer to the transaction. T/F
5) The special agency empowers agents to act on behalf of their principal in a transaction. T/F
Answers
1)d
2)a
3)b
1)T
2)F - Capitalization
3)T
4)F - Selling broker
5)T
5)T
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