Basic Appraisal Procedures Final Exam with Answers!!

Basic Appraisal Procedures Final Exam with Answers!! The first step in the valuation process is - ️️ -define the problem Appraisers are cautioned to identify the exact _______________ of market value, and its _______________, applicable in each appraisal completed for the purpose of market value. - ️️ -definition, authority "Real property for which the expansion, redevelopment, or reuse of the real estate may be complicated by the presence of environmental contamination that needs to be remediated to appropriate regulatory standards " is the definition of - ️️ -Brownsfield The ground rent capitalization method should only be used when appraising a property that is - ️️ -income-producing or suitable for income production "The total period a building lasts or is expected to last..." is the definition of _________ life. - ️️ -physical Parging is used on which kind of foundation wall? - ️️ -concrete block 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 median of the GRMs? - ️️ -95.6 The most complex method of site valuation is the _______________ method. - ️️ - subdivision development "Expenditures or allowances for items other than labor and materials that are necessary for construction, but are not typically part of the construction contract" is the definition of - ️️ -indirect costs It is common in appraisal reports to include a map that shows the location of the _______________. - ️️ -subject property and comparable sales "The amount an entrepreneur expects to receive for his or her contribution to a project" is the definition of - ️️ -entrepreneurial incentive The intended user of an appraisal is the __________ and any other user, as identified by _________. - ️️ -client, name or type What is another name for "indirect costs"? - ️️ -soft costs What is the most common type of framing currently being used in new homes? - ️️ - platform frame The cost approach formula states that reproduction or replacement cost new _______________, _______________ equals property value. - ️️ -minus depreciation, plus site value "A method used to convert an estimate of a single year's income expectancy into an indication of value in one direct step, either by dividing the net income estimate by an appropriate capitalization rate or by multiplying the income estimate by an appropriate factor " is the definition of - ️️ -direct capitalization When measuring a condominium you should calculate ____ using _______ measurements. - ️️ -GLA, interior Early ductless heating systems were called - ️️ -gravity systems The most common unit of comparison for land in rural areas is price per _______. - ️️ -acre Which entity produces the most commonly-used land appraisal report form? - ️️ -It is a generic form When describing roofing shingles, a "square" contains __________ square feet. - ️️ -100 Architectural and engineering fees are examples of _____________ costs. - ️️ - indirect GLA includes _______________ but not _______________. - ️️ -above grade finished area, garages "An amount paid for the use of land, improvements or a capital good" is the definition of - ️️ -rent In what type of heating system would you find an expansion tank? - ️️ -hot water What type of framing became popular in the 1800s with the advent of the steam- powered sawmill? - ️️ -balloon frame In a market value appraisal, every comparable sal