Sunday, May 15, 2011

Chapter 12

Kasper Hovannisian

Chapter 12

1. The subconscious mental shortcuts employed by human problem solvers needing to minimize cognitive effort is;

A. Heuristics

B. Normative Process

C. Recency

D. Anchoring

2. The broker who brings the buyer to the transaction is;

A. Listing Broker

B. Agent

C. Buyers Broker

D. Selling Broker

3. The most common listing or brokerage agency relationship is;

A. Special Agency

B. Exclusive agency

C. Exclusive Right to Sell

D. Dual Agency

4. A buyers broker represents the buyer in an agent principal fiduciary capacity.


5. The broker who enters into an agency agreement to sell property on behalf of its owner is the listing broker.


6. The least likely transaction price for a property is the market value.

T/F The market value is the most likely transaction price

7. The process of converting an income stream into a lump sum estimate of present value is called capitalization.


8. Value in use and value in exchange are not two of the concepts considered by appraisers.

T/F They are the two concepts considered by appraisers.

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