Basic Appraisal Procedures Final Exam |
2024 Questions & Answers | 100%
Correct | Verified
The first step in the valuation process is - define the problem
Appraisers are cautioned to identify the exact _______________ of market value, and its
_______________, applicable in each appraisal compl...
Basic Appraisal Procedures Final Exam |
2024 Questions & Answers | 100%
Correct | Verified
The first step in the valuation process is - ✔✔define the problem
Appraisers are cautioned to identify the exact _______________ of market value, and its
_______________, applicable in each appraisal completed for the purpose of market value. -
✔✔definition, authority
"Real property for which the expansion, redevelopment, or reuse of the real estate may be complicated
by the presence of environmental contamination that needs to be remediated to appropriate regulatory
standards " is the definition of - ✔✔Brownsfield
The ground rent capitalization method should only be used when appraising a property that is -
✔✔income-producing or suitable for income production
"The total period a building lasts or is expected to last..." is the definition of _________ life. - ✔✔physical
Parging is used on which kind of foundation wall? - ✔✔concrete block
When 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 median of the GRMs? - ✔✔95.6
The most complex method of site valuation is the _______________ method. - ✔✔subdivision
development
"Expenditures or allowances for items other than labor and materials that are necessary for
construction, but are not typically part of the construction contract" is the definition of - ✔✔indirect
costs
, It is common in appraisal reports to include a map that shows the location of the _______________. -
✔✔subject property and comparable sales
"The amount an entrepreneur expects to receive for his or her contribution to a project" is the definition
of - ✔✔entrepreneurial incentive
The intended user of an appraisal is the __________ and any other user, as identified by _________. -
✔✔client, name or type
What is another name for "indirect costs"? - ✔✔soft costs
What is the most common type of framing currently being used in new homes? - ✔✔platform frame
The cost approach formula states that reproduction or replacement cost new _______________,
_______________ equals property value. - ✔✔minus depreciation, plus site value
"A method used to convert an estimate of a single year's income expectancy into an indication of value
in one direct step, either by dividing the net income estimate by an appropriate capitalization rate or by
multiplying the income estimate by an appropriate factor " is the definition of - ✔✔direct capitalization
When measuring a condominium you should calculate ____ using _______ measurements. - ✔✔GLA,
interior
Early ductless heating systems were called - ✔✔gravity systems
The most common unit of comparison for land in rural areas is price per _______. - ✔✔acre
Which entity produces the most commonly-used land appraisal report form? - ✔✔It is a generic form
When describing roofing shingles, a "square" contains __________ square feet. - ✔✔100
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