A transaction has closed but recording is pending. Reliable permitted sources verify its price, date and terms, and no applicable assignment condition requires prior recording. How may the appraiser treat the sale?
Correct Answer
B) Consider it if its closing and relevant sale details are reliably verified
A verified closed transaction need not be discarded solely because public recording has not yet occurred. Confirm the closing, price, terms and relevant characteristics through reliable sources and determine its suitability for the assignment; an unverified pending sale is a different case.
Why This Is the Correct Answer
A verified closed transaction need not be discarded solely because public recording has not yet occurred. Confirm the closing, price, terms and relevant characteristics through reliable sources and determine its suitability for the assignment; an unverified pending sale is a different case.
More Sales Comparison Questions
Supported adjustments are: non-market financing $10,000, GLA $36/sf, garage $3,500 per car, pool/spa $12,500. A comparable identical to the 2,800 sf subject sold for $267,000 with non-market financing. What is its adjusted price?
Using GLA $36/sf and non-market financing $10,000: a 3,100 sf comparable sold for $277,000 with non-market financing; the subject has 2,800 sf. Bath count differences are not adjusted. What is the adjusted price?
Using garage $3,500 per car and pool/spa $12,500: a comparable with a 2-car garage and a pool/spa sold for $268,000. The subject has a 3-car garage and no pool. What is the adjusted price?
Using GLA $36/sf, garage $3,500 per car and pool/spa $12,500: a 2,600 sf comparable with a 2-car garage and a pool/spa sold for $264,000. The subject is 2,800 sf with a 3-car garage and no pool. What is the adjusted price?
In a neighborhood with declining values and marketing times over six months, what must Fannie Mae lenders confirm about the sales comparison analysis?
A house is a 4,000 square foot home in an area of 2,000 square foot homes. How must the appraiser treat this over-improvement in the sales comparison grid?
According to the Interagency Appraisal and Evaluation Guidelines, which items should an appraisal’s market conditions discussion include?
A comparable listed at $420,000 and sold for $399,000. What sale-to-list price ratio (sale price ÷ list price) does this indicate?
An appraiser wants to describe the neighborhood boundaries in a Fannie Mae report. Which approach is acceptable?
Which of these is listed by Fannie Mae as a sales or financing concession?
People Also Study
Real Estate Market
13.6% of exam
Property Description
11.8% of exam
Land or Site Valuation
4.5% of exam
Cost Approach
13.6% of exam
Income Approach
8.2% of exam
Previous Question
In a neighborhood of 1970s split-level homes, none of the recent sales can be paired to isolate four features that some comparables have. The appraiser is deciding which feature's adjustment can rest most safely on its depreciated cost. Which feature is the best candidate for a cost-based adjustment?
Next Question
For a 40-year-old house, the sales approach indicates $410,000 from strong verified competing sales. The $445,000 cost indication uses poorly supported depreciation estimates. What is the most defensible next step?