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Ree 4103 Unit 2 concept Questions with 100% correct answers | verified | latest update 2024
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Ree 4103 Unit 2 concept___________ value appraisals often involve limited-market properties, such as large
manufacturing plants, railroad sidings, and market research and development
properties. - ANS-Use Value
A lease - ANS-Conveys the right of occupancy to another
A project with units that are limited both vertically and horizontally and have a
percentage ownership in the common elements is a - ANS-Condominium
A real property interest held by a lessee and conveying the right of use and occupancy
for a stated term under certain conditions is called the - ANS-Leasehold
An appraisal of a property located in an old industrial area in which the appraiser
assumes that the property does not suffer from soil or groundwater contamination. In
other words, the appraiser analyzes the land as though the soild was not contaminated
for the purposes of the appraisal, even though the appraiser does not know for certain if
the soil is affected by a detrimental condition, is an example of: - ANS-Extraordinary
assumption
An appraiser found that the subject has a septic system in the front yard. The appraiser
could not tell if the system was working, so she assumed it was operational. the
appraiser has made a(n) - ANS-Extraordinary or special assumption
An appraiser states the following in an appraisal report: "This appraisal assumes that
there are no negative subsurface conditions that will impact the market's reaction to this
property, such as subsidence or the existence of toxic waste or soft substrata that is
incapable of supporting a building foundation." This is an example of a(n) -
ANS-General assumption
An appraiser was asked to appraise the fee simple interest in a 0.24 acre site improved
with a 24 year old residence. The appraiser stated in the report that "It is clear that the
roof covering is not in marketable condition. It is a condition of this appraisal and the
value opinion that the roof shingles be replaced." This would be an example of a(n) -
ANS-Hypothetical condition
, An appraiser's opinions and conlcusions for an appraisal assignment relate to: -
ANS-NOT A specific point in time that must be concurrent with the signing of the letter
of transmittal.
Cost New of the Improvements- Depreciation of the Improvements= Depreciated value
of the improvements+ Land Value= Indication of Value using the ________? - ANS-Cost
approach
Data requirements for an appraisal assignment are determined by the - ANS-Nature of
the problem
Dennis hired an appraiser for an assignment involving a commercial property. Dennis
asked the appraiser to provide an opinion of value for him using his investment criteria,
which included an overall capitalization rate 12%. The market capitalization rate for this
type of investment would normally by 10%. The opinion of value that the appraiser
provides would be the - ANS-NOT Exchange value
Easements are another division of property rights. They usually give a party the right -
ANS-To access the property to perform a specific service
Estimating market value for federal financial institutions requires identification of the
desires and priorities of - ANS-Well-informed buyers and sellers
Extraordinary assumptions are: - ANS-Something that is believed to be true for the sake
of the appraisal, but may or may not in fact be true as of the effective date of the
appraisal.
Highest and best use - ANS-Includes two parts when the property is improved: the
gighest and best use as though vacant and the highest and best use as improved
If an appraiser presumes uncertain information to be factual, they are making: -
ANS-NOT a violation of USPAP.
In an appraisal assignment, a jurisdictional exception is applicable when - ANS-The
state or local laws or regulations are contrary to a part or parts of USPAP
In the parts of the valuation process, defining the value to be estimated is part of the -
ANS-Identification of the appraisal problem
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