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Residential Appraiser Site Valuation and Cost Approach questions with verified answers
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Residential Appraiser Site Valuation and Cost Approach questions with verified answers
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Residential Appraiser Site Valuation andCost Approach questions with verified
answers
If |the |exterior |walls |of |a |house |that |is |24 |X |44 |cost |$118.72 |per |lineal |foot, |what |would |be |the |
cost |of |the |exterior |walls |on |a |unit-in-place |basis?
$14,346
$16,146
$18,312
$22,890 |- |ANSWERS✔✔ |$16,146
24+24+44+44=136
136 |*118.72
A |comparable |new |property |recently |sold |for |$445,000 |and |contained |2,630 |SF. |You |estimate |
the |site |value |to |be |$90,000 |and |the |value |of |the |site |improvements |to |be |$25,000. |What |
portion |of |the |selling |price |would |be |attributed |to |the |building |improvements?
$330,000
$355,000
$365,000
$385,000 |- |ANSWERS✔✔ |$330,000
445,000-90,000-25,000
The |cost |to |construct |a |building |"embodying |all |the |deficiencies, |____________ |, |and |
____________ |of |the |subject |building" |is |the |reproduction |cost.
Superadequacies, |physical |weaknesses
Deferred |maintenance, |inadequacies
Locational |problems, |functional |obsolescence
,Superadequacies, |obsolescence |- |ANSWERS✔✔ |Superadequacies, |obsolescence
The |cost |to |construct |a |building |that |is |"a |substitute |for |the |building |being |appraised, |using |
__________ |materials |and |_______ |standards, |design, |and |layout" |is |the |replacement |cost.
Current, |average
Modern, |current
Code, |modern
Typical, |normal |- |ANSWERS✔✔ |Modern, |current
A |parcel |is |valued |at |$200,000. |Zoning |allows |it |to |be |subdivided |into |6 |lots |and |it |is |estimated |
that |each |lot |could |sell |for |$45,000. |Site |development |costs |(sewer, |grading, |road, |etc.) |would |
amount |to |$90,000. |What |is |the |highest |and |best |use?
Develop |it
Leave |it |alone
Unable |to |determine
Subdivide |into |fewer |lots |- |ANSWERS✔✔ |Leave |it |alone
When |we |adjust |for |Market |Conditions, |we |usually |make |_______________ |adjustments.
Qualitative
Positive
Percentage |based
Ordinal |- |ANSWERS✔✔ |Percentage |based
Depreciation |is |the |difference |between |the |____________ |and |the |________________ |of |a |
property |on |the |same |date.
Reproduction |cost, |replacement |cost
Cost |new, |current |value
Current |value, |effective |value
,Book |value, |current |value |- |ANSWERS✔✔ |Cost |new, |current |value
legal |fees |would |be |included |in |the |_________ |costs.
Indirect
Direct
Customary |and |reasonable
Entrepreneurial |- |ANSWERS✔✔ |Indirect
Which |of |the |following |would |be |considered |a |site |improvement?
mineral |deposits
water |rights
air |rights
municipal |water |- |ANSWERS✔✔ |municipal |water
You |find |a |comparable |sale |that |recently |sold |for |$300,000. |The |typical |land |value |to |property |
value |ratio |in |that |area |is |30:70. |By |allocation, |what |is |the |value |of |the |land |in |that |comparable
|sale?
$90,000
100,000
$120,000
$210,000 |- |ANSWERS✔✔ |$90,000
300,000*.30=
The |subject |property |has |a |total |value |of |$280,000 |by |the |sales |comparison |approach. |A |
competitive |neighborhood |nearby |has |home |sales |with |a |median |value |of |$250,000, |and |
recent |lot |sales |at |$75,000. |By |allocation, |what |would |be |the |value |of |the |subject |land?
$68,000
$76,000
, $84,000
$92,500 |- |ANSWERS✔✔ |$84,000
250,000-75,000=175,000
175,000/250,000=.70
.70*280,000=196,000
280,000-196,000=84,000
Which |would |be |an |example |of |indirect |costs?
Labor
Materials
Insurance |during |construction
All |of |the |above |- |ANSWERS✔✔ |Insurance |during |construction
Land |that |is______________ |so |that |it |is |ready |to |be |used |for |_______________ |is |called |a |
site.
zoned, |residential |purposes
physically |appropriate, |any |purpose
improved, |a |specific |purpose
topographically |possible, |a |specific |purpose |- |ANSWERS✔✔ |improved, |a |specific |purpose
In |the |most |commonly |used |land |appraisal |form, |which |is |one |of |the |line |items |pre-printed |
on |the |form |for |adjustment?
Topography
Location
Access
Frontage |- |ANSWERS✔✔ |Location
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