PSI Oklahoma Real Estate Practice Test

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

Prepare for the Oklahoma Real Estate Test. Study with flashcards and multiple choice questions, each question has hints and explanations. Get ready for your exam!

Start Multiple Choice Practice Test
Start Flash Cards

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 appraising a property, adjustments are made based on what?

  1. Current market trends

  2. Recent repairs by the seller

  3. Characteristics of comparable properties

  4. Age of the properties sold

The correct answer is: Characteristics of comparable properties

When appraising a property, adjustments are primarily made based on the characteristics of comparable properties. This means that appraisers analyze features such as location, size, number of bedrooms and bathrooms, and specific amenities to determine how much value these characteristics add or subtract from the appraised property. By examining comparable properties, also known as "comps," appraisers can assess how similar homes have sold in the market and make informed adjustments to the subject property’s value. For instance, if a comparable property has a swimming pool and is valued higher, the appraiser may adjust the value of the subject property downwards if it lacks that feature. While current market trends, recent repairs, and the age of properties can be relevant considerations in a broader context, they do not directly influence the adjustment process as much as the direct comparison of characteristics. Appraisers focus on these specifics to ensure a more accurate and justifiable valuation that reflects the market conditions and property attributes.

More Questions Like This