In Using Transaction Data to Determine the Current Value of the Subject

question 29

Multiple Choice

In using transaction data to determine the current value of the subject property, it is important to recognize that general market conditions may have changed since a particular transaction occurred. Property A sold 18 months ago for $235,000 and Property B sold 12 months ago for $215,000. If the two properties are priced today at $239,500 and $222,300, respectively, what is the average monthly rate of increase that can be used to adjust comparable prices for changes in market conditions?

• A) 0.09%
• B) 0.17%
• C) 0.19%
• D) 0.32%

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Definitions:

Charity Bazaar

Denotes a fundraising event organized to raise money for charitable causes, often featuring sales of goods and various entertainments.

Betting

Staking something on the outcome of an event in the hope of winning more than what was wagered.

Dual-Process Theory

A cognitive theory suggesting that thought can arise in two different ways, or as a result of two different processes, often described as intuitive and analytical thinking.

Bounded Rationality

The concept that decision-making is limited by the information available, the cognitive limitations of the individual, and the finite amount of time available to make a decision.