Basic Appraisal Procedures FINAL EXAM Qs With 100 Correct Solutions
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Course
NU1426
Institution
NU1426
Basic Appraisal Procedures- FINAL EXAM Q's With 100% Correct Solutions.
The most common heating systems in residential construction today are
-hot water
-heat pumps
-forced warm air
-electric radiant
A _______________ home has a permanent steel chassis, wheels and axles.
-panelized
-mod...
Basic Appraisal Procedures- FINAL EXAM Q's
With 100% Correct Solutions.
1). The most common heating systems in residential construction today are
-hot water
-heat pumps
-forced warm air
-electric radiant
Ans: hot water
2). A _______________ home has a permanent steel chassis, wheels and axles.
-panelized
-modular
-pre-cut
-manufactured
Ans: manufactured
3). "the total period a building lasts or is expected to last..." is the definition of _________ life.
-useful
-expected
-real
-physical
Ans: physical
4). "the actual rental income specified in a lease" is the definition of ___________ rent.
-deficit
-contract
-market
-lease
Ans: contract
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, 5). 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?
10). 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
Ans: 24.7
11). 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
Ans: -subject property and comparable sales
12). "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
Ans: specific data
13). In the sales comparison approach, sales data on __________ sales should be collected.
-one or two
-no more than two
-exactly three
-at least three
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, Ans: at least three
14). "the amount by which contract rent exceeds market rent at the time of the appraisal...." is
the definition of __________ rent.
-excess
-deficit
-effective
-economic
Ans: excess
15). Keyways are employed in which type of foundation walls?
-stone
-wood
-concrete block
-poured concrete
Ans: poured concrete
16). A 5 year old water heater with an expected life of 12 years and a replacement cost of $825
will have experienced depreciation of $__________.
-318.50
-344.03
-364.00
-396.75
Ans: 344.03
Short-Lived Depreciation. 5 ÷ 12 = .417 or 41.7% depreciation. $825 X .417 = $344.03
17). A ___________ home has a permanent steel chassis, wheels and axles.
-manufactured
-modular
-pre-cut
-panelized
Ans: manufactured
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