Exam (elaborations)
Basic Appraisal Procedures: Q&A
- Course
- Institution
Basic Appraisal Procedures: Q&A
[Show more]
Seller
Follow
LeCrae
Reviews received
Content preview
Basic Appraisal Procedures: Q&AWhen developing an appraisal, you calculate the following GRMs for
comparable properties: 94.3, 90.1, 95.6, 109.2, 84.5, 100.7, 99.9. What is the
mean of the GRMs? Correct Ans - 96.3
"The process of valuing a universe of properties as of a given date using
standard methodology, employing common data, and allowing for statistical
testing" is the definition of Correct Ans - mass appraisal
What is the most common type of framing currently being used in new
homes? Correct Ans - platform frame
Fannie Mae requires a single-unit residential appraisal report to include
photographs of Correct Ans - the subject property and the comparable
sales
When measuring a condominium you should calculate ____ using _______
measurements. Correct Ans - GLA, interior
A parcel is valued at $450,000 as a single unit. Zoning allows it to be
subdivided into 8 lots and it is estimated that each lot could sell for $70,000.
Site development costs (sewer, grading, road, etc.) would cost $65,000. What
is the highest and best use? Correct Ans - subdivide it
An appraiser encounters an underground storage tank and there are no signs
of leakage or failure. An appraisal could be performed under the presumption
that the tank is not leaking and the property is not contaminated. This would
be an example of a(n) Correct Ans - extraordinary assumption
A deed could provide all of the following information about a property
EXCEPT
owner of record
easements
deed restrictions
zoning Correct Ans - zoning
, You examine a construction contract to build a 2,448 square foot house and
the total cost is $197,450. What was the cost per square foot? Correct Ans
- $80.66
Which would NOT be an appropriate legal description of a subject property?
postal address
metes and bounds description
rectangular survey description
lot and block description Correct Ans - postal address
You calculate the following gross rent multipliers for comparable properties:
121.2, 105.3, 111.2, 150.1, 108.3, 105.3, 109.8, 108.8. What is the median of
the GRMs? Correct Ans - 109.3
Which of the following would NOT be a common adjustment when appraising
land?
size
quality
shape
topography Correct Ans - quality
Possible Adjustments. The other three are common adjustments, but quality
adjustments would be made to improvements - not land.
The most common brownfield contaminant is Correct Ans - petroleum
"The actual or anticipated net income that remains after all operating
expenses are deducted from effective gross income but before mortgage debt
service and book depreciation are deducted" is the definition of Correct
Ans - net operating income
Which cost estimating method is the most detailed and time-consuming to
develop?
comparative-unit
quantity survey
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller LeCrae. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79064 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now