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...
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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