1. If the subject's market is declining should you chose comparables:
a. Within the past 6 months
b. Within the past 12 months
c. Within the past 2 years
d. Does not matter as long as they are within the same market area




2. Subject is a mobile home in a rural location with limited comps, should you:
a. Use 1 story comps of stick built construction within the closest proximity
b. Expand distance search as far as needed to obtain mobile home comps
c. Go back 2 years to look for comps
d. Find homes with no basements




3. Subject is listed as a short sale, should you:
a. Provide comps to support current list price
b. Provide comps that bracket current list price
c. Provide comps that are representative of fair market value
d. Provide distressed and reo comps




4. Subject is a waterfront property:
a. Comps should be similar in sq ft and within 1 mile of subject
b. Comps should be similar waterfront location even if they vary slightly in sq ft
c. Comps should be similar in design, sq ft and lot size
d. Comps should be some sort of vacation home




5. The subject's basement is finished. Is this considered:
a. Additional living area and included in the total sq ft
b. Not considered additional living area
c. Additional living area that contributes to the value but not included in the overall sq ft
d. none of the above




6. The subject is located within an Urban/Suburban location. Comp distance should be:

a. Within 5 miles
b. Within 2 mile
c. Within 1 mile
d. Does not matter as long as they are comparable to subject




7. A comp is considered to be inferior, equal or superior to the subject by comparing:
a. All the amenities of the comps to the subject
b. The condition, sq ft and age of the comp to the subject
c. The total room count, beds and baths of the comp to the subject
d. All of the above




8. Which comment is most useful and important to our client?
a. Subject is maintained, comp is inferior to subject due to needed repairs
b. Comp is beautiful and ready to move in
c. Superior due to price only
d. Used this comp due to lack of comparables




9. What is the definition of arm's length transactions?
a. It is a transaction between two parties who are related, not of the same last name and under duress.
b. It is a transaction between unrelated parties who are not under duress
c. It is a transaction that is considered to be free and clear of any seller influences
d. It is any transaction that is not influenced by undue economic stimulus within the market




10. Subject has fire damage. How would you comp this property?
a. Comp as if there were no damage to home
b. Cannot comp a property with fire damage
c. Provide comps that are poor condition even if they are not comparable in property type, sq ft, age etc.
d. Comp to homes similar to subject and provide an "as is" and "as repaired" value for subject.




11. When choosing comps to arrive at an estimate of value, the most important criteria is?
a. Comps should bracket subject's estimate of value
b. Comps should be within the past 6 months not to exceed 12 months
c. Comps should be similar in design, sq ft and age, etc.
d. All of the above

Yes I can answer these.

Oh wait, did you mean WILL I answer these? That's a different story.... ha ha ha ha

Aren't the answers in the back of the book?

Momma always said "when in doubt answer C" So I say C to all.

She also advised to bet the Gray horse.

Hey Bonefish, im taking the same test from Pro-Teck valuation services...did you get any help?? i'm looking for the same info..thanks!

8. Which comment is most useful and important to our client?

I do one then.. what you think? I think only right answer.


Lets talk about why the others are wrong.

b. Comp is beautiful and ready to move in: opinion
c. Superior due to price only: not really superior
d. Used this comp due to lack of comparables: helpful but not a real answer.

I think A:
a. Subject is maintained, comp is inferior to subject due to needed repairs.

this lets the client know exactly what they need to know which is that the subject property is in better condition then the comp.

Any debate or though. I remember taking this test and getting 9 out of 11. I wonder which I got wrong. Brian

I scored 100% on that test..but I don't remember the answers.

How do you comp a fire damaged home?

Yes, sorta - I scored 10/11.

The fire damaged home will depend on how much damage there is. Meaning is it in a small section that can be remediated or a complete teardown. It could also be a complete teardown even if located in a small section makes the repairs worth MORE than the house is worth in ARV value.

In these situations you would throw in costs for demoing the house and number of bins to haul away. Most of the time the BPO companies will say do a lot value only and the owner will take insurance proceeds.

Those questions are a joke as what is OK for one mill another will interpret differently. They all have different clients with different ways of looking at things. Just like a government entity will be working off of a different system most times than the private sector.

One thing is for sure I don't do these for a crappy 40 to 50 bucks.

If REODayton is taking 'C', I'm taking 'B'.