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Basic Appraisal Procedures Exam Solution Manual Already Passed

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Basic Appraisal Procedures Exam Solution Manual Already Passed Replacement cost - Answers If an appraiser uses a cost manual to estimate cost new for a property, the result is Qualitative analysis - Answers Ranking analysis is a form of Soft costs - Answers Another name for indirect costs Dire...

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  • October 23, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • Basic Appraisal Procedures
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Basic Appraisal Procedures Exam Solution Manual Already Passed

Replacement cost - Answers If an appraiser uses a cost manual to estimate cost new for a property, the
result is

Qualitative analysis - Answers Ranking analysis is a form of

Soft costs - Answers Another name for indirect costs

Direct costs - Answers Building permits and workers compensation are examples of

Relevant characteristics - Answers A judgement made by the appraiser

Manufactured home - Answers A home that has a permanent steel chassis, wheels and axles

General data - Answers Mortgage rates, unemployment rates, property tax rates

Land adjustments - Answers Size shape topography

Comparable sales - Answers In the sales comparison approach we always adjust the

Scope of work - Answers The amount and type of information researched and the analysis applied in an
assignment

Cost per square foot - Answers Divide sale price by square foot size

Conditions of sale - Answers In the sales comp approach, comparable properties can be adjusted for
differences in motivations of either the buyer or a seller in a transaction

Report the final opinion of value - Answers The last step in the valuation process

At least 12" - Answers Footings need to be below average frost penetration levels

Manufactured home - Answers A factory house built in accordance with the HUD code

Conductors - Answers Materials that transfer energy quickly

Licensed residential appraiser - Answers Non complex 1-4 unit residential properties less than $1 million
and complex 1-4 unit residential properties less than $250,000

Short lived depreciation - Answers Years old (age) divided by life expectancy equals depreciation.
Replacement cost new times depreciation rate equals dollar amount of depreciation

Extraction method of site valuation - Answers A method of estimating land value in which the
depreciated cost of the improvements on the improved property is calculated and deducted from the
total sale price to arrive at an estimated sale price for the land

Credible results - Answers USPAP says a cost approach must be developed when it is necessary for

, Property tax assessment - Answers Assessed price (134 (thousands)) times (x) rate per thousand ($9.55)
equals (=) total property taxes ($1,279.70)

School building - Answers An example of special purpose property

FEMA - Answers prepares flood maps

Sales comparison approach - Answers The most commonly used approach for valuing sites

GRMs - Answers Derived by dividing sale price by the property's gross monthly unfurnished market rent

Parging - Answers A cement mixture that is applied to the exterior of a concrete block foundation wall

Extraction method to Find land value - Answers Sale price-reproduction cost=difference reproduction
cost x depreciation + or - difference (when reproduction cost is less than sale price add difference when
reproduction cost is more than sale price subtract difference

Cost approach to property value - Answers Reproduction or replacement cost new minus depreciation,
plus site value equals

Replacement cost - Answers If a cost manual is used the result is

actual age - Answers The URAR sales comparison grid requires you to enter for subject property and
comparables

Dept of Transportation - Answers Obtain traffic counts from

Determine highest and best use - Answers Physically possible, economically feasible, and legally
permitted

Front foot - Answers Waterfront property is usually valued on a basis of price per

Substitution - Answers The basic principle underlying the cost approach is the principle of

Prospective appraisal - Answers An appraisal with an effective date at some point in the future is called

Specific data sources - Answers Tax maps, deeds, assessor's records

Cash equivalency - Answers A comparable property sells with atypical financing adjustments need to be
made for

Unit cost - Answers Sale price-site value-site improvements / GLA

Principle of contribution - Answers The most important principle when estimating the amount of
adjustments for differences among properties

Reproduction cost by cost index - Answers Cost index at time of sale divided by current cost index. 100-
difference= percent increase. Percent increase x sale date price. Price + increase $ amount =

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