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[Mostrar más]Valuation Process CORRECT ANSWERS: Systematic set of procedures an appraiser follows to provide answers to a clients questions about real property value 
 
Appraisal Process CORRECT ANSWERS: 1. Define Problem 
2. Determine scope of work 
3. Gather Record & verify dat 
4. determine highest and best...
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Añadir al carritoValuation Process CORRECT ANSWERS: Systematic set of procedures an appraiser follows to provide answers to a clients questions about real property value 
 
Appraisal Process CORRECT ANSWERS: 1. Define Problem 
2. Determine scope of work 
3. Gather Record & verify dat 
4. determine highest and best...
Appraisal CORRECT ANSWERS: "(noun) The act or process of developing an opinion of value. an opinion of value; (adjective) of or pertaining to appraising and related functions such as appraisal practice or appraisal services."1 
 
Report CORRECT ANSWERS: any communication, written or oral, of an ...
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Añadir al carritoAppraisal CORRECT ANSWERS: "(noun) The act or process of developing an opinion of value. an opinion of value; (adjective) of or pertaining to appraising and related functions such as appraisal practice or appraisal services."1 
 
Report CORRECT ANSWERS: any communication, written or oral, of an ...
grant deed CORRECT ANSWERS: deed containing, or having implied by law, some but not all of the usual covenants of title 
 
Appraiser CORRECT ANSWERS: One who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective. 
 
report CORRECT ANSW...
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Añadir al carritogrant deed CORRECT ANSWERS: deed containing, or having implied by law, some but not all of the usual covenants of title 
 
Appraiser CORRECT ANSWERS: One who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective. 
 
report CORRECT ANSW...
The _____ has oversight authority over state appraisal boards. CORRECT ANSWERS: ASC (Appraisal Subcommittee) 
 
Which of the below is a requirement of a valid real estate contract? CORRECT ANSWERS: consideration, in writing and signed, and lawful objective 
 
"The interaction of buyers and seller...
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Añadir al carritoThe _____ has oversight authority over state appraisal boards. CORRECT ANSWERS: ASC (Appraisal Subcommittee) 
 
Which of the below is a requirement of a valid real estate contract? CORRECT ANSWERS: consideration, in writing and signed, and lawful objective 
 
"The interaction of buyers and seller...
one advantage of networking as a way of marketing yourself is that networking is the ONLY CORRECT ANSWERS: way to market yourself for free 
 
what acronym used in cell phone contact lists should be place in front of the name of the person to be contacted when something goes wrong? CORRECT ANSWERS:...
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Añadir al carritoone advantage of networking as a way of marketing yourself is that networking is the ONLY CORRECT ANSWERS: way to market yourself for free 
 
what acronym used in cell phone contact lists should be place in front of the name of the person to be contacted when something goes wrong? CORRECT ANSWERS:...
"A document or a clause in a document in which the borrower accepts responsibility for the repayment of a debt" is the definition of: A) CC&R B) bond C) mortgage note D) debt CORRECT ANSWERS: mortgage note 
 
"The earth's surface, both land and water, and anything that is attached to it whether...
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Añadir al carrito"A document or a clause in a document in which the borrower accepts responsibility for the repayment of a debt" is the definition of: A) CC&R B) bond C) mortgage note D) debt CORRECT ANSWERS: mortgage note 
 
"The earth's surface, both land and water, and anything that is attached to it whether...
A single unit residence sold for $126,000. It was rented for $1,100 per month but the market rent was $1,200. What is the GRM indicated by this sale? CORRECT ANSWERS: 105.0 
 
A building was constructed in July 2000 for $754,200. The cost index at that time was 133.6. The current cost index is 201....
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Añadir al carritoA single unit residence sold for $126,000. It was rented for $1,100 per month but the market rent was $1,200. What is the GRM indicated by this sale? CORRECT ANSWERS: 105.0 
 
A building was constructed in July 2000 for $754,200. The cost index at that time was 133.6. The current cost index is 201....
Valuation process CORRECT ANSWERS: A systematic procedure used in the valuation of real property. 
 
Client CORRECT ANSWERS: The party or parties who engage, by employment or contract, an appraiser in a specific assignment. 
 
Steps in Defining the problem CORRECT ANSWERS: Identification and loca...
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Añadir al carritoValuation process CORRECT ANSWERS: A systematic procedure used in the valuation of real property. 
 
Client CORRECT ANSWERS: The party or parties who engage, by employment or contract, an appraiser in a specific assignment. 
 
Steps in Defining the problem CORRECT ANSWERS: Identification and loca...
Bob grants a life estate in his property to his mother, Mary. As long as Mary is alive, Bob's estate in the property is referred to as a (an) CORRECT ANSWERS: estate in remainder 
 
Fee Simple CORRECT ANSWERS: Which is the fullest and most complete type of estate? 
 
Easement Appurtenant CORRECT...
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Añadir al carritoBob grants a life estate in his property to his mother, Mary. As long as Mary is alive, Bob's estate in the property is referred to as a (an) CORRECT ANSWERS: estate in remainder 
 
Fee Simple CORRECT ANSWERS: Which is the fullest and most complete type of estate? 
 
Easement Appurtenant CORRECT...
A process for examining the demand for and supply of a property type and the geographic market area for that property type is called CORRECT ANSWERS: Market analysis 
 
is a set of arrangements in which many buyers and sellers are brought together through the price mechanism CORRECT ANSWERS: Marke...
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Añadir al carritoA process for examining the demand for and supply of a property type and the geographic market area for that property type is called CORRECT ANSWERS: Market analysis 
 
is a set of arrangements in which many buyers and sellers are brought together through the price mechanism CORRECT ANSWERS: Marke...
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A property owner constructs a six-car garage at a cost of $80,000. It only adds $40,000 in value to the property. What economic principle does this best demonstrate? CORRECT ANSWERS: Contribution 
 
What are the four agents of production? CORRECT ANSWERS: land, labor, capital, coordination 
 
The ...
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Añadir al carritoA property owner constructs a six-car garage at a cost of $80,000. It only adds $40,000 in value to the property. What economic principle does this best demonstrate? CORRECT ANSWERS: Contribution 
 
What are the four agents of production? CORRECT ANSWERS: land, labor, capital, coordination 
 
The ...
The primary purpose of USPAP is to protect CORRECT ANSWERS: public trust 
 
Normally the first step in highest and best use analysis is to research the uses that are CORRECT ANSWERS: legally permissible 
 
An appraiser is appraising a property with two structures on one tract of land. The client a...
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Añadir al carritoThe primary purpose of USPAP is to protect CORRECT ANSWERS: public trust 
 
Normally the first step in highest and best use analysis is to research the uses that are CORRECT ANSWERS: legally permissible 
 
An appraiser is appraising a property with two structures on one tract of land. The client a...
4 factors of value CORRECT ANSWERS: - Utility 
- Scarcity 
- Desire 
- Effective Purchasing Power 
 
4 Factors of Production CORRECT ANSWERS: - Capital 
- Entrepreneurial Coordination 
- Land 
- Labor 
 
Forces that influence real property markets CORRECT ANSWERS: - Social Forces 
- Economic cir...
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Añadir al carrito4 factors of value CORRECT ANSWERS: - Utility 
- Scarcity 
- Desire 
- Effective Purchasing Power 
 
4 Factors of Production CORRECT ANSWERS: - Capital 
- Entrepreneurial Coordination 
- Land 
- Labor 
 
Forces that influence real property markets CORRECT ANSWERS: - Social Forces 
- Economic cir...
The requirements for state licensed and certified appraisers had their genesis in CORRECT ANSWERS: FIRREA 
 
A certified residential appraiser needs ____ hours of continuing education per year to renew his or her certification CORRECT ANSWERS: 14 
 
True or False: An applicant for Certified Genera...
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Añadir al carritoThe requirements for state licensed and certified appraisers had their genesis in CORRECT ANSWERS: FIRREA 
 
A certified residential appraiser needs ____ hours of continuing education per year to renew his or her certification CORRECT ANSWERS: 14 
 
True or False: An applicant for Certified Genera...
Rights granted by a nation to its people are CORRECT ANSWERS: Civil rights 
 
What properties were NOT covered when Governor George Voinovich signed House Bill 321, which enacted changes in the classes of persons protected by the Ohio Fair Housing law? CORRECT ANSWERS: Fraternal organizations 
 
A...
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Añadir al carritoRights granted by a nation to its people are CORRECT ANSWERS: Civil rights 
 
What properties were NOT covered when Governor George Voinovich signed House Bill 321, which enacted changes in the classes of persons protected by the Ohio Fair Housing law? CORRECT ANSWERS: Fraternal organizations 
 
A...
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What is USPAP? CORRECT ANSWERS: Uniform Standards of Professional Appraisal Practice 
 
Why was USPAP developed? CORRECT ANSWERS: To promote and maintain a high level of public trust as well as confidence in professional appraisal practice 
 
What are the benefits of USPAP? CORRECT ANSWERS: 1) Pr...
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Añadir al carritoWhat is USPAP? CORRECT ANSWERS: Uniform Standards of Professional Appraisal Practice 
 
Why was USPAP developed? CORRECT ANSWERS: To promote and maintain a high level of public trust as well as confidence in professional appraisal practice 
 
What are the benefits of USPAP? CORRECT ANSWERS: 1) Pr...
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What does the ethics rule establish? CORRECT ANSWERS: Establishes fundamental obligations of an appraiser as part of the profession 
 
Ethics Rule CORRECT ANSWERS: An appraiser must promote and preserve the public trust inherent in professional appraisal practice by observing the highest standards...
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Añadir al carritoWhat does the ethics rule establish? CORRECT ANSWERS: Establishes fundamental obligations of an appraiser as part of the profession 
 
Ethics Rule CORRECT ANSWERS: An appraiser must promote and preserve the public trust inherent in professional appraisal practice by observing the highest standards...
What is created in the mind of an individual or market participant? CORRECT ANSWERS: Value 
 
What is the motivation of an individual, group of persons, or business entity involving the purchase of an item? CORRECT ANSWERS: Desire 
 
As the term applies to appraisal, transferability refers to the ...
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Añadir al carritoWhat is created in the mind of an individual or market participant? CORRECT ANSWERS: Value 
 
What is the motivation of an individual, group of persons, or business entity involving the purchase of an item? CORRECT ANSWERS: Desire 
 
As the term applies to appraisal, transferability refers to the ...
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USPAP contains what 4 sections? CORRECT ANSWERS: 1) The Preamble 
2) Definitions 
3) Rules 
4) Standards 
 
USPAP Provides... CORRECT ANSWERS: 1. A common basis for comparison 
2. A reference source for all users of the document 
3. A basis for uniform enforcement for state regulatory agencies 
4....
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Añadir al carritoUSPAP contains what 4 sections? CORRECT ANSWERS: 1) The Preamble 
2) Definitions 
3) Rules 
4) Standards 
 
USPAP Provides... CORRECT ANSWERS: 1. A common basis for comparison 
2. A reference source for all users of the document 
3. A basis for uniform enforcement for state regulatory agencies 
4....
In law, the solid surface on the earth, as distinguished from water, is a definition of _____________. 
Land 
Site 
Situs 
Land rights CORRECT ANSWERS: Land 
 
Site is ___________, but land is ___________. 
Raw, improved 
Eternal, temporary 
Economic, physical 
Improved, raw CORRECT ANSWERS: Impr...
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Añadir al carritoIn law, the solid surface on the earth, as distinguished from water, is a definition of _____________. 
Land 
Site 
Situs 
Land rights CORRECT ANSWERS: Land 
 
Site is ___________, but land is ___________. 
Raw, improved 
Eternal, temporary 
Economic, physical 
Improved, raw CORRECT ANSWERS: Impr...
You calculate the following gross rent multipliers for comparable properties: 121.2, 105.3, 111.2, 150.1, 108.3, 105.3, 109.8, 108.8. What is the median of the GRMs? 
 
105.3 
109.3 
115 
There is no median CORRECT ANSWERS: 109.3 
 
The most common unit of comparison for land in urban areas is pric...
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Añadir al carritoYou calculate the following gross rent multipliers for comparable properties: 121.2, 105.3, 111.2, 150.1, 108.3, 105.3, 109.8, 108.8. What is the median of the GRMs? 
 
105.3 
109.3 
115 
There is no median CORRECT ANSWERS: 109.3 
 
The most common unit of comparison for land in urban areas is pric...
A dwelling has a reproduction cost of $625,000. It is 10 years old and has an effective age of 12. Its remaining economic life is estimated to be 48 years. What is the depreciated value of the improvements by the age-life method, before including the site value? CORRECT ANSWERS: 12/(12+48)=0.2; $62...
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Añadir al carritoA dwelling has a reproduction cost of $625,000. It is 10 years old and has an effective age of 12. Its remaining economic life is estimated to be 48 years. What is the depreciated value of the improvements by the age-life method, before including the site value? CORRECT ANSWERS: 12/(12+48)=0.2; $62...
Currently, what is the annual national registry fee per appraiser? CORRECT ANSWERS: $40 
 
The Dodd-Frank Act of 2010 requires the ASC to create and maintain a national registry of: CORRECT ANSWERS: Appraisal management companies 
 
Which statement BEST describes The Appraisal Foundation? CORRECT...
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Añadir al carritoCurrently, what is the annual national registry fee per appraiser? CORRECT ANSWERS: $40 
 
The Dodd-Frank Act of 2010 requires the ASC to create and maintain a national registry of: CORRECT ANSWERS: Appraisal management companies 
 
Which statement BEST describes The Appraisal Foundation? CORRECT...
An entrepreneur is taking on a development project, and by his calculations, he expects to receive a 25% return on his investment in the project. This 25% figure represents CORRECT ANSWERS: entrepreneurial incentive- expected profit. 
 
A _______________ home is built in accordance with the HUD Cod...
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Añadir al carritoAn entrepreneur is taking on a development project, and by his calculations, he expects to receive a 25% return on his investment in the project. This 25% figure represents CORRECT ANSWERS: entrepreneurial incentive- expected profit. 
 
A _______________ home is built in accordance with the HUD Cod...
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