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Appraisal questions with actual answers.
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Appraisal questions with actual answers.
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Appraisal questions with actualanswers.
Opinion of value in an appraisal report is valid ANS - As of the effective date of the appraisal only
An appraisal report must always include ANS - The address of the subject property a final estimate of
value the signature of the appraiser
Which value approach would most likely be emphasize for an apartment building in an established
neighborhood ANS - Income approach
A vacant land parcel district described as the NE and 1/4 of section 17 is selling for $1200 per acre what
is the sale price of the parcel ANS - $192,000
Market value is ANS - The most probable selling price to a typical buyer
Market price is the ANS - Amount in dollars actually paid for the property
The cost approach requires an estimate of ANS - Depreciation site improvements and building cost site
value
When using the income approach appraisers assume that ANS - Buyers estimate the duration of
income on buying income property. Future income is always less valuable than present income. Value is
directly related to income
The single most important value factor is ANS - Location
Which characteristics creates value in real estate ANS - Scarcity and utility
, The four broad forces which affect value are ANS - Economic governmental social and physical
Neighborhoods life cycle is an example of ANS - Change
And analyzing a vacancy it to us to meet its value the first step is to determine ANS - It's highest and
best use
If a developer purchased a lot measuring 348×1000 and the sale price was $5000 per acre how much did
the developer pay ANS - $39,945
The data required for a site analysis includes ANS - Economic characteristics of the neighborhood and
community. Physical characteristics of the site. Zoning information
Prior to inspecting the state and appraiser should obtain information on the ANS - Size and shape of the
parcel. Utilities and soil type. Zoning and easements.
As the depth of the lot increases the value per front footage ANS - Increases at a decreasing rate
If a property is affective gross income is $14,351.40 and vacancy is calculated at 6.2% what is the
potential gross income ANS - $15,300
The utility of property is most affected by ANS - Building codes restrictions and zoning
When reflected to the subject the comparable property had a fireplace with a contributory value of
$1500 but lacked a half bath with a contributory value of $2500 what was the net adjustment to the
comparable ANS - Plus $1000
What type of obsolescence is represented by severe structural damage to the basement foundation
ANS - Physical
Affective age refers to the age of a house based upon it ANS - External market area factors floor plan
and design physical condition and market ability
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