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REE 4103 TEST 2 QUESTIONS WITH VERIFIED ANSWERS GRADED A+

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REE 4103 TEST 2 QUESTIONS WITH VERIFIED ANSWERS GRADED A+ Direct costs (Hard costs) are - Answer-• The cost of labor, materials, and equipment used in construction Entrepreneurial incentive is - Answer-• An amount anticipated prior to development In the cost approach _____ is deducted...

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  • September 2, 2024
  • 14
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • ree 4103
  • ree 4103 test 2 questions
  • ree 4103 test 2 questions with verified answers
  • direct costs hard costs are

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REE 4103 TEST 2 QUESTIONS WITH
VERIFIED ANSWERS GRADED A+
Direct costs (Hard costs) are - Answer-• The cost of labor, materials, and equipment
used in construction

Entrepreneurial incentive is - Answer-• An amount anticipated prior to development

In the cost approach _____ is deducted after estimating the cost to reproduce an
existing structure - Answer-Depreciation

In the cost approach the site is valued as if it were - Answer-• Vacant and available for
development to its highest and best use
• Improved and suited for its intended use or development
• Developed and operating****

In the cost approach, the valuation of land involves the principle of: - Answer-• Highest
and best use

Physical deterioration refers to - Answer-• Loss of value of a building from its
reproduction cost, resulting from wear and tear over time

Replacement cost new refers to the cost of: - Answer-• Constructing a building that
would have similar or equivalent utility

Replacement cost - Answer-• The cost of building an improvement of equal utility, but
using modern materials, techniques, layout, and design.

Reproduction cost is: - Answer-• The cost of creating an exact replica of the
improvements, using the same materials, design, layout, and level of craftsmanship.

The cost approach is not useful for - Answer-• Checking value approaches

The cost approach is most applicable when the property being appraised: - Answer-•
Has relatively new improvements that represents the highest and best use of the land

The cost approach is typically very effective when - Answer-• the property being
appraised has new improvements that represent the highest and best use

The current reproduction cost - Answer-• Includes the estimated cost of all items as of
the effective date of appraisal with materials as they were installed

, The market loss caused by depreciation in an older structure may be offset by all of the
following except - Answer-It may be offset by a temporary scarcity relative to demand or
by an improvement's historical or architectural significance

The total construction cost of a structure requires consideration of which of the
following? - Answer-• Replacement cost new of the improvements plus the market value
of the land.

Which of the following tends to set the upper limit of value? - Answer-• Replacement
cost new of the improvements plus the market value of the land.

Which principle of value best affirms that the maximum value of property generally
cannot exceed the cost of its replacement - Answer-• Substitution

All of the following are cost estimation methods except:
• Unit-in-place
• Unit-breakdown
• Quantity survey
• Comparative unit
• Segregated cost - Answer-Unit break-down

Based on the following cost estimates, what is the reproduction cost of a 2,350-sq.-ft.
house with a 1,100-sq.-ft. basement, a 650-sq.-ft. attached garage, and a 300-sq.-ft.
wood deck?· Above-grade residence cost = $77 per square foot; · Basement area cost
= $18 per square foot; · Garage cost = $18 per square foot; · Wood deck = $11 per
square foot - Answer-• $215,750

Based on the following cost estimates, what is the reproduction cost of a 2,650-sq.-ft.
house with a 1,100-sq.-ft. basement, a 650-sq.-ft. attached garage, and a 300-sq.-ft.
wood deck?· Above-grade residence cost = $77 per square foot; · Basement area cost
= $18 per square foot; · Garage cost = $18 per square foot; · Wood deck = $11 per
square foot - Answer-• $238,850

Cost index trending is - Answer-• Estimating current cost based on the original cost
extended to the effective date

Historical costs of construction for an improvement totaled $100,000 in January 1998.
To update the original cost amounts to a more recent date is an example of - Answer-•
Cost index

Reproduction or replacement cost includes all of the following except - Answer-• Fixed
and variable expenses of operations

The basis of the comparative-unit method of estimating reproduction cost is - Answer-•
Price per square foot

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