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.

T/F

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

T/F

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.

T/F

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.