BASIC APPRAISAL PROCEDURES -
FINAL EXAM QUESTIONS & ANSWERS
100% PASS | RATED A+ The most common heating systems in residential construction today are
-hot water
-heat pumps
-forced warm air
-electric radiant - hot water
A home has a permanent steel chassis, wheels and axles.
-panelized
-...
The most common heating systems in residential construction today are
-hot water
-heat pumps
-forced warm air
-electric radiant - ✔✔hot water
A home has a permanent steel chassis, wheels and axles.
-panelized
-modular
-pre-cut
-manufactured - ✔✔manufactured
"The total period a building lasts or is expected to last..." is the definition of life.
-useful
-expected
-real
-physical - ✔✔physical
"The actual rental income specified in a lease" is the definition of rent.
,-deficit
-contract
-market
-lease - ✔✔contract
A comparable new house just sold for $440,000. You estimate the value of the site at $90,000
and the cost of the site improvements at $15,000. It has 2,885 square feet of GLA. What is its
unit cost?
A one-and-a-half-story house is commonly known as a
-cape cod
-ranch
-split-level
-split-entry - ✔✔cape cod
Appraisal fees are examples of costs.
-direct
-indirect
-unnecessary
-replacement - ✔✔indirect
,Separate site valuations would likely be required in which of the following situations:
-cost approach
-condemnation appraisals
-highest and best use analysis
-any of the above - ✔✔any of the above
When measuring a condominium you should calculate using measurements.
-GLA, exterior
-GBA, interior
-GLA, interior
-GBA, exterior - ✔✔GLA, interior
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 range of the GRMs?
-24.7
-25.6
-27.2
-28.7 - ✔✔24.7
It is common in appraisal reports to include a map that shows the location of the .
-subject property only
-subject property and support facilities
-subject property and comparable sales
-subject property and local schools - ✔✔-subject property and comparable sales
, "Details about the property being appraised, comparable sale and rental properties, and
relevant local market characteristics" is the definition of
-specialized data
-specific data
-general data
-neighborhood data - ✔✔specific data
In the sales comparison approach, sales data on sales should be collected.
-one or two
-no more than two
-exactly three
-at least three - ✔✔at least three
"The amount by which contract rent exceeds market rent at the time of the appraisal. " is the
definition of rent.
-excess
-deficit
-effective
-economic - ✔✔excess
Keyways are employed in which type of foundation walls?
-stone
-wood
-concrete block
-poured concrete - ✔✔poured concrete
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