NRES Nevada Real Estate Salesperson Exam - Set 3 - Part 3

Test your knowledge of technical writing concepts with these practice questions. Each question includes detailed explanations to help you understand the correct answers.

Question 41: Property tax rates in a jurisdiction are frequently expressed in mills, a unit used to state how much tax is charged for each dollar of a property's taxable value. One mill represents which of the following fractions of a dollar?

One hundredth of a dollar

One tenth of a dollar

One thousandth of a dollar

One whole dollar

Question 42: A local taxing authority assigns a dollar figure to a property, and the annual property tax is then computed by applying the tax rate to that figure rather than to the recent sale price. What is this figure the authority assigns for taxation called?

The replacement cost

The assessed value

The mortgage interest rate

The listing price

Question 43: Using the straight-line method, an appraiser finds the annual depreciation of an improvement by taking its cost and dividing it by one particular figure so the loss is spread evenly. By what is the improvement's cost divided to find the yearly depreciation?

The number of years of useful life

The current mortgage interest rate

The property's assessed value

The buyer's down payment

Question 44: An owner wants to know the portion of a property's value that truly belongs to the owner rather than to the lender that financed it. This portion is found by taking the property's current market value and subtracting what figure from it?

The annual property tax

The listing commission

The remaining debt owed on the property

The original purchase price

Question 45: Many states impose a transfer tax when a deed is recorded, and the amount is set by applying a fixed charge to each increment of a particular figure from the transaction. To which figure is the transfer tax rate applied when the tax is calculated?

The property's sales price

The buyer's down payment

The annual rental income

The appraiser's fee

Question 46: An investor buys a property, later sells it for more, and wants to express the gain as a percentage that reflects profit relative to the amount originally invested. In a percentage-of-profit calculation, the gain is measured against which figure?

The later sale price

The property's assessed value

The original amount paid

The current mortgage balance

Question 47: To find the cubic volume of a rectangular room or building, such as when estimating the enclosed space for a heating or cooling estimate, a candidate combines three dimensions with multiplication. Which three measurements are multiplied together to find the volume?

Length, width, and height

Length, width, and price

Area, depth, and tax rate

Width, height, and interest

Question 48: In the rectangular survey system, a township is a large square formed where the township lines and range lines intersect, and it is then subdivided into numbered one-square-mile squares called sections. How many sections does one full township contain?

Six sections

Twenty-four sections

Thirty-six sections

Six hundred forty sections

Question 49: Some parcels are valued per front foot, a unit that measures value along one particular boundary of the lot rather than by its total area or its depth. A front foot measures one foot along which boundary of the parcel?

The rear property line

The frontage along the street

The full lot perimeter

The diagonal of the lot

Question 50: In the income approach, an appraiser observes how a property's indicated value responds to changes in the capitalization rate while the net operating income stays the same. As the capitalization rate goes down, what happens to the indicated value?

The value goes up

The value goes down

The value stays exactly the same

The income disappears

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