WRES - Wyoming Real Estate Salesperson

Question 21: An appraiser labels a depreciation item curable when a certain economic test is satisfied. According to standard appraisal reasoning, a depreciation item is treated as curable when repairing it does which of the following relative to its cost?

Adds at least as much value

Adds far less value

Costs more than the property

Requires demolition first

Question 22: A tidy suburban home drops in value after a busy interstate highway is built directly behind the backyard, filling the property with noise and traffic the owner cannot control or fix. Which type of depreciation does this loss illustrate?

Functional obsolescence

Physical deterioration

Curable obsolescence

External obsolescence

Question 23: A modest, average cottage sits on a block that has gradually filled with large, luxurious, well-maintained homes, and the appraiser observes that the cottage's value is lifted upward by its impressive neighbors. Which principle of value best accounts for this positive influence?

Regression

Progression

Conformity

Contribution

Question 24: A well-maintained house loses value because it has three bedrooms sharing a single bathroom and a kitchen closed off from every other room, a layout modern buyers dislike. Which form of depreciation does this outdated interior design represent?

Functional obsolescence

Physical deterioration

External obsolescence

Curable deterioration

Question 25: A knowledgeable buyer refuses to pay more for a subdivision lot in Rock Springs than it would cost to acquire an equally desirable and suitable lot nearby. This buyer behavior reflects which principle of value that also underlies the sales comparison approach?

Contribution

Anticipation

Conformity

Substitution

Question 26: A remote parcel is desirable and genuinely useful, but a tangled chain of title and several unresolved liens make it very difficult to convey ownership rights to a new buyer. Which characteristic of value is directly weakened by these obstacles to conveyance?

Utility

Demand

Transferability

Scarcity

Question 27: The sales comparison approach rests on an economic principle holding that a knowledgeable buyer will pay no more for a property than the cost of acquiring an equally desirable alternative. Which principle of value provides this foundation for the sales comparison approach?

Anticipation

Conformity

Contribution

Substitution

Question 28: In discussing the characteristics of value, an appraiser stresses that mere wishing for a property is not enough; the desire for ownership must be backed by the financial means to satisfy it. Which characteristic of value is being described here?

Demand

Utility

Scarcity

Transferability

Question 29: A comparable sale is superior to the subject because it includes a finished basement the subject does not have. When the appraiser accounts for this feature, in which direction is the comparable's sale price adjusted to reflect the subject's condition?

Upward

Downward

It is left unchanged

The subject is raised

Question 30: An appraiser using the sales comparison approach notes a comparable has an extra bathroom the subject lacks and must account for this difference. According to standard practice, to which property does the appraiser apply the dollar adjustment for that difference?

The subject, not the comparable

Both properties equally

The comparable, not the subject

Neither property

Question 31: A county official places a value on each parcel of real property for the purpose of distributing the local property tax burden fairly among owners. Which term describes the value the taxing authority officially assigns for this purpose?

Market value

Assessed value

Replacement value

Insured value

Question 32: A county official assigns each parcel a specific dollar figure that serves as the base upon which annual property taxes are calculated, a figure that often differs from the price a buyer would actually pay. Which term names this figure?

Assessed value

Market value

Replacement value

Insured value

Question 33: Over several years, a well-located property steadily rises in market value because of inflation, growing demand, and neighborhood improvements, so the owner could later sell for more than was originally paid. This gradual increase in value is known as what?

Depreciation

Amortization

Equity buildup

Appreciation

Question 34: An investor wants a single measure showing how much income or profit a property generates each year in relation to the money put into it, so different opportunities can be compared. Which concept expresses earnings relative to the amount invested?

Gross rent multiplier

Loan-to-value ratio

Return on investment

Replacement cost

Question 35: A homeowner in Sheridan wants to know the portion of her property's worth that she truly owns outright, meaning the market value that remains after her outstanding mortgage balance is taken into account. Which term correctly names that owned portion?

Appreciation

Assessed value

Amortization

Equity

Question 36: A lender describes a borrower's total monthly housing payment as covering four parts: the loan principal, the interest, the property taxes, and the hazard insurance, often collected together. Which set of components does the common shorthand for this payment represent?

Principal, interest, taxes, insurance

Principal, interest, transfer, insurance

Payment, income, taxes, insurance

Principal, interest, title, improvements

Question 37: A borrower wants to pay off a mortgage well ahead of schedule but discovers the note requires an extra fee for doing so, meant to offset the interest income the lender loses by early payoff. This fee is called what?

A late fee

A prepayment penalty

A discount point

An assumption fee

Question 38: Before suggesting a listing figure, an agent gathers recent sale prices of nearby homes similar in size, age, and condition, then compares them to the seller's property to estimate a competitive asking range. Which tool is the agent most likely preparing?

Formal appraisal

Cost approach analysis

Comparative market analysis

Highest and best use study

Question 39: During a survey lesson, a student asks whether an acre describes how long a boundary line runs or instead describes the total surface enclosed within a parcel's borders. Which statement best captures what kind of measurement an acre actually is?

A measure of area

A measure of length

A measure of value

A measure of frontage

Question 40: A borrower repays a mortgage loan and notices that beyond returning the amount originally advanced, an additional charge is owed to the lender simply for having the temporary use of that money over time. What is this additional charge called?

Principal

Equity

A discount point

Interest

WRES Wyoming Real Estate Salesperson - Set 3 - Part 2

Question 21: An appraiser labels a depreciation item curable when a certain economic test is satisfied. According to standard appraisal reasoning, a depreciation item is treated as curable when repairing it does which of the following relative to its cost?

Question 22: A tidy suburban home drops in value after a busy interstate highway is built directly behind the backyard, filling the property with noise and traffic the owner cannot control or fix. Which type of depreciation does this loss illustrate?

Question 23: A modest, average cottage sits on a block that has gradually filled with large, luxurious, well-maintained homes, and the appraiser observes that the cottage's value is lifted upward by its impressive neighbors. Which principle of value best accounts for this positive influence?

Question 24: A well-maintained house loses value because it has three bedrooms sharing a single bathroom and a kitchen closed off from every other room, a layout modern buyers dislike. Which form of depreciation does this outdated interior design represent?

Question 25: A knowledgeable buyer refuses to pay more for a subdivision lot in Rock Springs than it would cost to acquire an equally desirable and suitable lot nearby. This buyer behavior reflects which principle of value that also underlies the sales comparison approach?

Question 26: A remote parcel is desirable and genuinely useful, but a tangled chain of title and several unresolved liens make it very difficult to convey ownership rights to a new buyer. Which characteristic of value is directly weakened by these obstacles to conveyance?

Question 27: The sales comparison approach rests on an economic principle holding that a knowledgeable buyer will pay no more for a property than the cost of acquiring an equally desirable alternative. Which principle of value provides this foundation for the sales comparison approach?

Question 28: In discussing the characteristics of value, an appraiser stresses that mere wishing for a property is not enough; the desire for ownership must be backed by the financial means to satisfy it. Which characteristic of value is being described here?

Question 29: A comparable sale is superior to the subject because it includes a finished basement the subject does not have. When the appraiser accounts for this feature, in which direction is the comparable's sale price adjusted to reflect the subject's condition?

Question 30: An appraiser using the sales comparison approach notes a comparable has an extra bathroom the subject lacks and must account for this difference. According to standard practice, to which property does the appraiser apply the dollar adjustment for that difference?

Question 31: A county official places a value on each parcel of real property for the purpose of distributing the local property tax burden fairly among owners. Which term describes the value the taxing authority officially assigns for this purpose?

Question 32: A county official assigns each parcel a specific dollar figure that serves as the base upon which annual property taxes are calculated, a figure that often differs from the price a buyer would actually pay. Which term names this figure?

Question 33: Over several years, a well-located property steadily rises in market value because of inflation, growing demand, and neighborhood improvements, so the owner could later sell for more than was originally paid. This gradual increase in value is known as what?

Question 34: An investor wants a single measure showing how much income or profit a property generates each year in relation to the money put into it, so different opportunities can be compared. Which concept expresses earnings relative to the amount invested?

Question 35: A homeowner in Sheridan wants to know the portion of her property's worth that she truly owns outright, meaning the market value that remains after her outstanding mortgage balance is taken into account. Which term correctly names that owned portion?

Question 36: A lender describes a borrower's total monthly housing payment as covering four parts: the loan principal, the interest, the property taxes, and the hazard insurance, often collected together. Which set of components does the common shorthand for this payment represent?

Question 37: A borrower wants to pay off a mortgage well ahead of schedule but discovers the note requires an extra fee for doing so, meant to offset the interest income the lender loses by early payoff. This fee is called what?

Question 38: Before suggesting a listing figure, an agent gathers recent sale prices of nearby homes similar in size, age, and condition, then compares them to the seller's property to estimate a competitive asking range. Which tool is the agent most likely preparing?

Question 39: During a survey lesson, a student asks whether an acre describes how long a boundary line runs or instead describes the total surface enclosed within a parcel's borders. Which statement best captures what kind of measurement an acre actually is?

Question 40: A borrower repays a mortgage loan and notices that beyond returning the amount originally advanced, an additional charge is owed to the lender simply for having the temporary use of that money over time. What is this additional charge called?

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