Humber/Ontario Real Estate Course 2 Exam Practice

Disable ads (and more) with a membership for a one time $2.99 payment

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.

Which type of comparable would be most useful for appraising a new four-bedroom, two-storey home?

Recently sold homes within one mile of the area.
Properties with a similar lot size only.
Four-bedroom, two-storey homes sold within the past month and in close proximity.
Homes listed but not sold in the last three months in the neighborhood.
Homes irrespective of the number of storeys.
Homes with identical floor plans.

The correct answer is: Four-bedroom, two-storey homes sold within the past month and in close proximity.

For appraising a new four-bedroom, two-storey home, the most useful type of comparable would be other four-bedroom, two-storey homes that were sold within the past month and are in close proximity. This option provides the most accurate representation of the current market value of the subject property as it focuses on properties that are similar in terms of size, style, and timing. Options A and D involve properties that may not be directly comparable in terms of features or timing, which could lead to inaccurate valuations. Option B only focuses on lot size, which is just one of many factors influencing a property's value. Options E and F, focusing on homes irrespective of the number of stories or identical floor plans, do not specifically match the criteria of a new four-bedroom, two-storey home, making them less relevant for accurate appraisal in this case.