NSAR Salesperson Licensing Course Taking the course
and wondering what brokerage you should join? Let's
chat! @laurahalifaxrealtor on Instagram Laura Sumarah
on Facebook Text 902 210 9876 I made these flashcards
for myself when I took the exam in 2020 and they've
become very popular ever since! NSREC, Nova Scotia
REALTOR course
Subjective Value - Correct Answers the perception of value in the minds of the buyer and seller
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Il` Objective Value - Correct Answers related to the direct cost of creating (e.g. acquiring a lot and
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Il` building a home) Il` Il`
Il` Types of value found in the Canadian Economy - Correct Answers -insurable; book
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
-appraised
-salvage
-assessed
-liquidation
-loan
-sentimental
Il` Three approaches that appraisers use to establish an estimate of value - Correct Answers -cost
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` approach (actual cost) Il` Il`
-income approach (subjective value)
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-direct comparison approach (subjective value)
Il` Il` Il` Il`
,Il` market price - Correct Answers the price for an individual property
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` market value (aka value in exchange) - Correct Answers an estimate of value arising from many
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` sales (market prices) Il` Il`
Il` Definition of Market Value - Correct Answers The most probable price, as of a specified date, in
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` cash, or in terms equivalent to cash or in other precisely revealed terms, for which the specified
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` property rights should sell after reasonable exposure in a competitive market under all conditions
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` requisite to a fair-sale, with the buyer and seller each acting prudently, knowledgeably, and for
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` self-interest, and assuming that neither is under undue duress. Il` Il` Il` Il` Il` Il` Il` Il`
Il` What brokerage should you join after you pass this exam? Let's chat! - Correct Answers
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` Instagram: @laurahalifaxrealtor Il`
Facebook: Laura Sumarah Il` Il`
Text: 902 210 9876 Il` Il` Il`
Il` The 4 assumptions of market value - Correct Answers 1) reasonable time
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2) no undue pressure
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3) prudent behaviour
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4) informed buyer and seller
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Il` 15 Principles of Value - Correct Answers - Principle of Anticipation
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- Principle of Balance
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- Principle of Change
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- Principle of Competition
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- Principle of Conformity
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- Principle of Consistent Use
Il` Il` Il` Il`
- Principle of Contribution
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,- Principle of External Factors
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- Principle of Highest & Best Use
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- Principle of Increasing/Decreasing Returns
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- Principle of Progression
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- Principle of Regression
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- Principle of Substitution
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- Principle of Supply & Demand
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- Principle of Surplus
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- Productivity
Il`
Il` Principle of Anticipation - Correct Answers Buyers buy the present worth of future benefits (e.g.
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Il` thinking about resale value) Il` Il` Il`
Il` Principle of Balance - Correct Answers Maximum value is maintained through balance (e.g.
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Il` huge house with only one car garage is not balanced)
Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` Principle of Change - Correct Answers A value today is valid only for today (e.g. large portion of
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` the community will be losing their jobs = lower value of house as lower demand)
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` Principle of Competition - Correct Answers Excess profit breeds ruinous competition (two
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` people see same opportunity and both jump in; neither will achieve their anticipated profits)
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` Principle of Conformity - Correct Answers Reasonable conformance with existing standards
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` protects value (houses that conform with one another hold their value)
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` Principle of Consistent Use - Correct Answers No double dipping when analyzing value (can't
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Il` give value to the house on a commercial property worth building on; must be viewed together as
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Il` you'd have to renovate the house to use it commercially)
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, Il` Principle of Contribution - Correct Answers Value relates to contribution; not cost (owner wants
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` to put in a pool that cost $10,000 but appraiser says it will only improve value of house by $7,000)
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Il` Principle of External Factors - Correct Answers Things nearby can influence value (two
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Il` comparable houses purchased on a quiet vs. noisy street = noisy street will have decreased value)
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Principle of Highest and Best Use - Correct Answers Focus on the use that will produce the
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
greatest return (look at the property's current and potential use = large house on lot that a four-
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
plex could be built; value can increase based on this possibility)
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` Principle of Increasing/Decreasing Returns - Correct Answers More is not necessarily better
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Il` (building one garage may increase value, but building two more wont increase 3x; it reaches a
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` point)
Il` Principle of Progression - Correct Answers The smallest house on the street might be the best
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` buy (when houses aren't similar; the poorest property increases in value)
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` Principle of Regression - Correct Answers The largest house on the street might not be the best
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` buy (when houses aren't similar; the highest value home loses value due to it's neighbours)
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` Principle of Substitution - Correct Answers Buyers look for the best bang for their buck (they
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` value a home by comparing it to a substitute and choose the best priced one)
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` Principle of Supply and Demand - Correct Answers Market forces are always at work (supply
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Il` decreases value; demand increases value) Il` Il` Il` Il`
Il` Principle of Surplus Productivity - Correct Answers Net income flows to the land (after all costs
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Il` are satisfied, the net income flows to land and establishes the value of that land)
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
and wondering what brokerage you should join? Let's
chat! @laurahalifaxrealtor on Instagram Laura Sumarah
on Facebook Text 902 210 9876 I made these flashcards
for myself when I took the exam in 2020 and they've
become very popular ever since! NSREC, Nova Scotia
REALTOR course
Subjective Value - Correct Answers the perception of value in the minds of the buyer and seller
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` Objective Value - Correct Answers related to the direct cost of creating (e.g. acquiring a lot and
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` building a home) Il` Il`
Il` Types of value found in the Canadian Economy - Correct Answers -insurable; book
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
-appraised
-salvage
-assessed
-liquidation
-loan
-sentimental
Il` Three approaches that appraisers use to establish an estimate of value - Correct Answers -cost
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` approach (actual cost) Il` Il`
-income approach (subjective value)
Il` Il` Il`
-direct comparison approach (subjective value)
Il` Il` Il` Il`
,Il` market price - Correct Answers the price for an individual property
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` market value (aka value in exchange) - Correct Answers an estimate of value arising from many
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` sales (market prices) Il` Il`
Il` Definition of Market Value - Correct Answers The most probable price, as of a specified date, in
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` cash, or in terms equivalent to cash or in other precisely revealed terms, for which the specified
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` property rights should sell after reasonable exposure in a competitive market under all conditions
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` requisite to a fair-sale, with the buyer and seller each acting prudently, knowledgeably, and for
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` self-interest, and assuming that neither is under undue duress. Il` Il` Il` Il` Il` Il` Il` Il`
Il` What brokerage should you join after you pass this exam? Let's chat! - Correct Answers
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` Instagram: @laurahalifaxrealtor Il`
Facebook: Laura Sumarah Il` Il`
Text: 902 210 9876 Il` Il` Il`
Il` The 4 assumptions of market value - Correct Answers 1) reasonable time
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
2) no undue pressure
Il` Il` Il`
3) prudent behaviour
Il` Il`
4) informed buyer and seller
Il` Il` Il` Il`
Il` 15 Principles of Value - Correct Answers - Principle of Anticipation
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
- Principle of Balance
Il` Il` Il`
- Principle of Change
Il` Il` Il`
- Principle of Competition
Il` Il` Il`
- Principle of Conformity
Il` Il` Il`
- Principle of Consistent Use
Il` Il` Il` Il`
- Principle of Contribution
Il` Il` Il`
,- Principle of External Factors
Il` Il` Il` Il`
- Principle of Highest & Best Use
Il` Il` Il` Il` Il` Il`
- Principle of Increasing/Decreasing Returns
Il` Il` Il` Il`
- Principle of Progression
Il` Il` Il`
- Principle of Regression
Il` Il` Il`
- Principle of Substitution
Il` Il` Il`
- Principle of Supply & Demand
Il` Il` Il` Il` Il`
- Principle of Surplus
Il` Il` Il`
- Productivity
Il`
Il` Principle of Anticipation - Correct Answers Buyers buy the present worth of future benefits (e.g.
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` thinking about resale value) Il` Il` Il`
Il` Principle of Balance - Correct Answers Maximum value is maintained through balance (e.g.
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` huge house with only one car garage is not balanced)
Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` Principle of Change - Correct Answers A value today is valid only for today (e.g. large portion of
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` the community will be losing their jobs = lower value of house as lower demand)
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` Principle of Competition - Correct Answers Excess profit breeds ruinous competition (two
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` people see same opportunity and both jump in; neither will achieve their anticipated profits)
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` Principle of Conformity - Correct Answers Reasonable conformance with existing standards
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` protects value (houses that conform with one another hold their value)
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` Principle of Consistent Use - Correct Answers No double dipping when analyzing value (can't
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` give value to the house on a commercial property worth building on; must be viewed together as
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` you'd have to renovate the house to use it commercially)
Il` Il` Il` Il` Il` Il` Il` Il` Il`
, Il` Principle of Contribution - Correct Answers Value relates to contribution; not cost (owner wants
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` to put in a pool that cost $10,000 but appraiser says it will only improve value of house by $7,000)
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` Principle of External Factors - Correct Answers Things nearby can influence value (two
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` comparable houses purchased on a quiet vs. noisy street = noisy street will have decreased value)
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Principle of Highest and Best Use - Correct Answers Focus on the use that will produce the
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
greatest return (look at the property's current and potential use = large house on lot that a four-
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
plex could be built; value can increase based on this possibility)
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` Principle of Increasing/Decreasing Returns - Correct Answers More is not necessarily better
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` (building one garage may increase value, but building two more wont increase 3x; it reaches a
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` point)
Il` Principle of Progression - Correct Answers The smallest house on the street might be the best
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` buy (when houses aren't similar; the poorest property increases in value)
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` Principle of Regression - Correct Answers The largest house on the street might not be the best
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` buy (when houses aren't similar; the highest value home loses value due to it's neighbours)
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` Principle of Substitution - Correct Answers Buyers look for the best bang for their buck (they
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` value a home by comparing it to a substitute and choose the best priced one)
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` Principle of Supply and Demand - Correct Answers Market forces are always at work (supply
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` decreases value; demand increases value) Il` Il` Il` Il`
Il` Principle of Surplus Productivity - Correct Answers Net income flows to the land (after all costs
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
Il` are satisfied, the net income flows to land and establishes the value of that land)
Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il` Il`
