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.

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

When adjusting for a large, elevated wooden deck in a comparable property, what is the accurate basis for the adjustment?

The adjustment would be based on the deck's current value.
The adjustment would use the deck's original cost less the current value.
The adjustment would use the deck's original cost.
The upgrade cost would be added to the current value for adjustment purposes.
The adjustment would be based on the deck's construction details.
The appraiser would calculate the adjustment only if required by the bank.

The correct answer is: The adjustment would be based on the deck's current value.

When adjusting for a large, elevated wooden deck in a comparable property, the accurate basis for the adjustment would be based on the deck's current value (Option A). This means that the appraiser would consider the current market value of the deck, taking into account factors such as age, condition, and quality of materials used. It is essential to base adjustments on the current value of the specific feature being evaluated to provide an accurate representation of its impact on the property's overall worth. Options B, C, D, and E are incorrect because they do not reflect the most accurate method for determining the adjustment for the deck. Option F is also incorrect as the need for adjustment would be determined by the specifics of the property being appraised and the relevance of the deck to the comparable properties being evaluated, rather than being solely dictated by the bank's requirements.