Sample question on CR test, for all you ol' timers.

[Mike Phillips]

When you take exams, I always tell my students to read the question thoroughly, then read it again. The setbacks don't have a thing to do with square footage.

I teach the Definition of an Appraisal - First

Then I teach 43,560 sq ft in an acre.

These two questions are on each quiz and test throughout the semester and believe it or not there are a few who never get them right!

In Florida instructors used to teach "7-11" which is where everyone buys their beer.

 

[Hamlet]

In Florida instructors used to teach "7-11" which is where everyone buys their beer.

Some Ohio instructors teach that too.

 

[Mike Phillips]

First thing to learn in real estate is how to calculate your commission (agent) or that you get paid if the deals flies or not (appraiser)

Don't you know the story behind the standard 7.5% RE commission? Given that many RE agents/brokers had previous careers waiting tables, and were consequently very adept at calculating 15% of any number on the spot, they set the standard RE commission at 7.5% because the calculation would only involve halfing their normal tip to arrive at their commission.

 

[Dennis J. Black ASA IFAS]

only crappy instructors teach 7-11

52650 is aslso 7-11;

so is 34650.....

A good instructor teaches about how the concept of acre came about, and its measurement.

It was the amount of land one horse, one man and one plow could till in a day. This was then laid out as 5 chains by 50 chains.

This means it measured 66' x 660' which equals 43560. So now the student only needs to remember the number 6, which is the easiest number to remember.

This way the student actually learned something as opposed to memorizing BS.

I can guess where you took your class based on you location.

 

[Mike Phillips]

only crappy instructors teach 7-11

52650 is aslso 7-11;

so is 34650.....

A good instructor teaches about how the concept of acre came about, and its measurement.

It was the amount of land one horse, one man and one plow could till in a day. This was then laid out as 5 chains by 50 chains.

This means it measured 66' x 660' which equals 43560. So now the student only needs to remember the number 6, which is the easiest number to remember.

This way the student actually learned something as opposed to memorizing BS.

I can guess where you took your class based on you location.

Yeah, maybe, but 7-11 has worked for me in every exam I've taken where the issue applies since '82. From 43560 and 5280 I can figure whatever I need.

I'll bet you'd be close. Just in case - I took my Saleman's from Ann Crowsdale (spelling?) in '82. In spite of the problems she encountered later on she knew her stuff and she inspired a sense of professionalism in her students, if not fear of FREC. Took my Broker's from Dick Fryer (again, spelling?) in '86 who remains my all-time favorite instructor. I haven't taken any of your courses - one day I will. My other favorite was Steve Williamson - started taking his courses when he first started teaching - we were both Economics students at UCF, but he was getting a little "jaded" as of about '01.

 

[Dennis J. Black ASA IFAS]

My biggest problem with 7-11 is that under the presure of a test situatin you can misrecall the answer. As I said 34650 is 7-11.

As far as my last comment it was uncalled for and I apologize. I am just a little tired of a cadre of "instructors" who have no business being the one in the front of the room, and too many of these men and women take short cuts and cheat their student's of a true education.

Will you be at the FREAB meeting?

 

[Ken B]

Damn, I thought it was B! No wonder I'm still only a scumbag residential appraiser.


TC

I hear the only thing you need to know to be a commercial appraiser is that the cap rate is always 10%.

 

[Dennis J. Black ASA IFAS]

Times are tough better make it 9%. LOL

 

[rbrienza]

.2755 Ac .... 120 X 100 / 43560

 

[Ken B]

Times are tough better make it 9%. LOL

But the new commercial MB...you know, the one who was a res MB until last week...thinks we are lowballing the property and the cap rate should really be 12%. If we can't do it at 12%, he knows someone who can.