Verification of a suspected concession is best pursued through:
Correct Answer
C) MLS remarks and confirmation with a party to the transaction
Why this is correct: Concessions are terms of sale best verified through sources with direct knowledge: MLS remarks and confirmation with a party to the transaction (e.g., agent, buyer, seller). Why the other choices are wrong: The county assessor's annual valuation notice for that parcel records value for tax purposes, not sale terms. The buyer's mortgage broker and the lender's underwriting file may have data, but MLS and parties are more direct. The listing photographs archived on public real estate sites show physical features, not financial terms. Exam tip: Verify concessions directly; don't rely on indirect records.
Why This Is the Correct Answer
Why this is correct: Concessions are terms of sale best verified through sources with direct knowledge: MLS remarks and confirmation with a party to the transaction (e.g., agent, buyer, seller). Why the other choices are wrong: The county assessor's annual valuation notice for that parcel records value for tax purposes, not sale terms. The buyer's mortgage broker and the lender's underwriting file may have data, but MLS and parties are more direct. The listing photographs archived on public real estate sites show physical features, not financial terms. Exam tip: Verify concessions directly; don't rely on indirect records.
More Sales Comparison Questions
Excess land differs from surplus land in that excess land:
A paired sales analysis reveals that homes with stainless-steel appliances sell for $2,100 more than identical homes with standard appliances — but only when the homes are priced below $350,000. In the subject’s neighborhood, median sale price is $410,000. What is the appraiser’s obligation regarding the $2,100 appliance adjustment?
GLA differs by 210 sq ft between subject and comparable. Paired sales support $65 per sq ft of living area. The line adjustment is:
Paired sales are drawn from transactions six months apart in a stable market. The time adjustment needed is:
The most appropriate unit of comparison is determined by:
A comparable superior to the subject in every adjusted category should produce an indication that is:
Three sales support $520,000; the borrower's purchase contract is $505,000. May the appraisal conclude above the contract price?
A comparable sold for $300,000 with the seller carrying a loan 2 points below market, a benefit worth $8,000. What is its cash-equivalent price?
Why is a foreclosure sale generally a poor comparable in a stable market?
A comparable sold 8 months ago for $250,000 in a market appreciating 6% per year. What is the time-adjusted price?
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