Humber/Ontario Real Estate Course 3 Exam Practice

Do the Appraisal Institute of Canada's residential living area measurement guidelines apply, and what do they include?

1. They exclude any main floor additions

2. They are the standard used throughout Ontario

3. They use internal measurements only

4. They apply to both one-storey and one and one-half storey homes

5. They offer separate guidelines for each type of residential building

6. They recommend the use of computer modeling for accuracy

The correct answer is: They apply to both one-storey and one and one-half storey homes

The Appraisal Institute of Canada's residential living area measurement guidelines apply to both one-storey and one and one-half storey homes. This means that the guidelines are designed to properly measure and assess the living area of properties with these specific architectural styles. It is crucial for real estate professionals to adhere to these guidelines when determining the accurate living area of such properties to ensure fair and consistent evaluations. Option A is incorrect because the guidelines do not automatically exclude main floor additions; they consider all aspects of the living area when conducting measurements. Option B is incorrect as the guidelines are specific to the Appraisal Institute of Canada and may not necessarily be the sole standard used throughout Ontario. Option C is incorrect as the guidelines may include external measurements in addition to internal measurements to provide a comprehensive assessment. Option E is incorrect because the guidelines encompass various types of residential buildings rather than offering separate guidelines for each type. Finally, option F is incorrect as the guidelines focus on specific measurement methodologies rather than recommending the use of computer modeling.