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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What adjustment should an appraiser make to the value of a comparable property that has a feature not present in the subject property?

Add $31,800 to the subject property.
Deduct $23,500 from the comparable property.
Deduct $8,300 from the comparable property.
Deduct $23,500 from the subject property.
Deduct $31,800 from the comparable property.
Add $23,500 to the subject property.

The correct answer is: Deduct $23,500 from the comparable property.

When appraising a property, comparables are used to determine the value of the subject property. If a comparable property has a feature that the subject property does not possess, an adjustment needs to be made to reflect this difference accurately. In this case, deducting $23,500 from the comparable property would be the correct adjustment. This deduction accounts for the added value of the feature in the comparable property that the subject property does not have. The other options are not applicable as they do not accurately address the feature difference between the comparable property and the subject property.