New Jersey Real Estate Practice Exam Practice Question
A broker is meeting with an owner about listing a property and is asked to recommend a listing price. Which of the following actions is most appropriate?
Correct Answer: C
Rationale: Basing the listing price on a competitive market analysis (C) is the most appropriate action. This approach considers recent sales data, market trends, and comparable properties, ensuring the listing price reflects current market conditions and attracts potential buyers.
Option A is incorrect because relying solely on the owner's perceived value may lead to overpricing or underpricing, which can hinder the sale. Option B, while useful, doesn't account for specific property features or market fluctuations. Option D focuses too much on financial aspects like mortgage value and inflation, which may not accurately represent the property's market value.
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