New York City Assessor – Civil Service Practice Exam

Question: 1 / 400

What type of information is vital to collect on each real estate sale?

Actual sale price and location

Type of deed and date of sale

Collecting information about the type of deed and the date of sale is essential because this data provides insights into the legal transfer of property and the timing of transactions in the real estate market. The type of deed indicates the nature of the ownership transfer, such as warranty deeds or quitclaim deeds, which can affect the rights of the buyers and sellers and any liabilities or claims that may exist on the property. Additionally, knowing the date of sale allows assessors to analyze market trends over time, identify the seasonality of sales, and understand historical valuation changes, which are crucial for accurate property assessment and valuation.

The other choices, while informative, do not offer the same level of fundamental legal and temporal context as the type of deed and date of sale, which directly impact the valuation and understanding of a real estate transaction.

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Number of previous owners

Current market trends and buyer preferences

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