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REAL ESTATE VALUATION AND APPRAISAL PRACTICE EXAM
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REAL ESTATE VALUATION AND APPRAISAL PRACTICE EXAM
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REAL ESTATE VALUATION AND APPRAISALPRACTICE EXAM
A property at its highest and best use will: - Answers -Produce the greatest net income
over a period of time
A well done appraisal, including consideration of all available data, and completed by an
appraiser of much experience and good judgment, is best defined as: - Answers -An
opinion
As a concept of value, the highest and best use is the use that: - Answers -Produces
the greatest net return on the investment
Smith owns an older home on a corner lot. A professional appraiser advised him that
considerably more income could be obtained if the house were torn down and a
different improvement placed upon the lot. This illustrates the principle of: - Answers -
Highest and best use
Which best describes the highest and best use of property? - Answers -The use that will
produce the highest net income
The addition to total property value produced by an additional property component is
considered to have resulted from the: - Answers -Principle of contribution
A 'real estate appraisal' is an estimate of value: - Answers -Based upon analysis of facts
as of a specific date
In a real estate analysis one should be more interested in: - Answers -Future economic
life of the improvements
Which of the following tends to lower property values? - Answers -Deferred
maintenance
Which of the following is not a characteristic of value? - Answers -Cost
The value of a piece of land: - Answers -Is an estimate of the present worth of future
benefits
If the rezoning of a property results in the sudden increase of its value, this increase
would be known as: - Answers -Unearned increment
The contractual (lease) rental agreement on a property requires the tenant to pay $400
per month with the rent to be adjusted each April 1st according to the cost of living
, index. The cost of living index when the agreement was made was 122.8. It is time to
adjust the rent, and neither the landlord nor tenant agree on what it should be.
As you are holding forth as an expert in property value matters, the tenant asks you to
compute the proper total rent per month for the coming year based upon the present
cost of living index of 125.8. You respond that the proper rent should be __________ . -
Answers -$409.77
(125..8 = 1.02442, $400 X 1.02442 = $409.768)
What is effective age? - Answers -None of the above
Deferred maintenance is the: - Answers -Part of physical deterioration which can be
restored by repairs and maintenance
When a property has suffered reduction in value due to dry rot and termite damage,
appraisers will refer to such a reduction as: - Answers -Physical deterioration
The period of time through which a property gives benefits to its owners is best
described as: - Answers -Economic life
Physical deterioration most closely means: - Answers -Wear and tear
Economic life is: - Answers -Normally shorter than physical life
A house and a lot were valued at $50,000; $40,000 for the building, $10,000 for the
land. If the economic life of the building was 40 years,what was the value of the property
after 14 years? - Answers -$36,000
Compared to physical life, economic life is usually: - Answers -Shorter
When a lump sum expenditure is required for overdue repairs, it is usually identified as:
- Answers -Deferred maintenance
Loss of value due to deferred maintenance is called: - Answers -Physical depreciation
What type of reduction in value is present when a hydrogen gas storage tank is located
next to a property? - Answers -Economic obsolescence
Which of the following types of depreciation may be curable? - Answers -Physical and
functional obsolescence
Which of the following might be classified as functional obsolescence? - Answers -A
property that has a single car garage
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