Humber/Ontario Real Estate Course 2 Exam Practice

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Prepare for the Ontario Real Estate Exam with our comprehensive Humber Course 2 Exam Practice quiz. Engage with multiple choice questions and detailed explanations, designed to help you excel.

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Veilleux bought a home three years ago and its value decreased after a nearby property was rezoned for commercial use. What principle of value is involved in this situation?

External Factors
Conformity
Progression
Regression
Inside Influence
Value Change

The correct answer is: External Factors

The correct answer is A. External Factors. In this situation, the value of Veilleux's home decreased due to an external factor - the rezoning of a nearby property for commercial use. External factors can significantly impact the value of a property and are beyond the control of the property owner. In real estate, external factors such as changes in zoning, neighboring developments, or economic conditions can influence the value of a property. Therefore, the principle of value involved in this scenario is External Factors. The other options are not relevant to this situation: - Conformity refers to properties conforming to surrounding properties. - Progression and Regression are appraisal principles related to the positive or negative impact of neighboring properties on a subject property's value. - Inside Influence typically refers to factors within the property itself that can impact its value. - Value Change is a general term and does not specifically address the external factor affecting the property's value in this scenario.