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REAE 3325 Ch 7 Questions and Answers 100% Correct $11.49   Add to cart

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REAE 3325 Ch 7 Questions and Answers 100% Correct

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REAE 3325 Ch 7 Questions and Answers 100% CorrectREAE 3325 Ch 7 Questions and Answers 100% CorrectREAE 3325 Ch 7 Questions and Answers 100% CorrectREAE 3325 Ch 7 Questions and Answers 100% CorrectUnder the Cost Approach to appraisal, the estimated expenditure required to construct a building with e...

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  • October 28, 2024
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  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • REAE 3325
  • REAE 3325
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REAE 3325 Ch 7 Questions and Answers
100% Correct
Under the Cost Approach to appraisal, the estimated expenditure required to construct
a building with equal utility as the one being appraised is termed the - ANSWER-
Replacement Cost

To reflect a change in market conditions between the date on which a comparable
property sold and the date of appraisal of a subject property, an adjustment must be
made for which of the following? - ANSWER-Market Conditions

A new house in good condition that has a poor floor plan would suffer from which type
of accrued depreciation? - ANSWER-Incurable functional Obsolescence

In the sales comparison approach, the value obtained after reconciliation of the final
adjusted sales prices from the comparable sales is termed the - ANSWER-Indicated
Opinion of Value

Which of the following is not included in accrued depreciation when applying the cost
approach to valuation? - ANSWER-Tax Depreciation

The final price for each comparable property reached after all adjustments have been
made is termed the: - ANSWER-Final Adjusted sale price

Restricted Appraisal Report - ANSWER-large numbers, client just wants to know what
property is worth

Summary Appraisal Report - ANSWER-summarizes conclusions of appraisal

Self-contained appraisal report - ANSWER-includes all the detail and information that
were relevant to deriving market value of the other conclusions within the report

Uniform Standards of Professional
Appraisal Practice (USPAP) - ANSWER-Required & followed by all states & federal
regulatory agencies

USPAP Appraisal Process - ANSWER-1. Identify Problem
2. Determine Scope of Work
3. Collect Data and Describe Property
4. Perform Data Analysis [1-legally permissible, 2-physically possible, 3-financially
feasible, 4- maximally productive (i.e. yielding greatest benefit to the owner)]
5. Determine Value of Land
6. Apply 3 Approaches to Valuation (Sales, Income, and Cost)

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