Barney Fletcher Practice Exam 1
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1. Which would NOT be used in the capitalization ap- C. reproduction cost
proach?
A. gross income
B. operating expenses
C. reproduction cost
D. allowance for vacancy
2. A property had a land value of $40,000, a 2,000 square C. $173,500
feet structure with a rebuilding cost of $70 per square
foot, depreciation of $5,000 due to functional obsoles- 2,000 sf x $70 =
cence and $1,500 due to physical depreciation. What $140,000. $140,000 -
would be the estimate of value for this property using $5,000 - $1,500 =
the cost approach? $133,500. $133,500 +
$40,000 = $173,500
A. $133,500
B. $140,000
C. $173,500
D. $180,000
3. A well maintained home in an area of run down homes C. external obsolescence
would be an example of:
A. physical depreciation
B. functional obsolescence
C. external obsolescence
D. reproduction cost
4. An appraiser who was considering the effective age of D. the effective age is
a property with the chronological age would usually usually greater than the
accept each of the following statements EXCEPT: chronological age
A. the effective age may be less than the chronological
, Barney Fletcher Practice Exam 1
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age
B. improvement with new materials could decrease the
effective age
C. modernizing or maintaining the building could de-
crease the effective age
D. the effective age is usually greater than the chrono-
logical age
5. Which is NOT true about a mechanic's lien? D. its priority rights are de-
termined by the date of
A. it can be filed for the value of the cost of the improve- recording
ment
B. it must be filed within a specified time period
C. it would have to be enforced by the court
D. its priority rights are determined by the date of
recording
6. A property was assessed at 25% of market value. The C. $120,000
rate was $5 per $1,000. If the homeowner actually paid
$150, what was the total value of the property? $150 divided by .5% =
$30,000. $30,000 divided
A. $30,000 by 25% = a total value of
B. $82,500 $120,000
C. $120,000
D. $133,000
7. A property had several different encumbrances D. type of lien
recorded against it. Which of the following factors
would indicate which would be paid off first?
A. date of acknowledgement
B. amount of the lien
, Barney Fletcher Practice Exam 1
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C. whether it was a voluntary or involuntary lien
D. type of lien
8. A cooperative would take title to property under which C. severalty
of the following categories?
A. tenants in common
B. joint tenancy
C. severalty
D. tenancy by the entireties
9. Which of the following items would result in a transfer D. eminent domain
of real estate through court action?
A. police power
B. constructive notice
C. deed recordation
D. eminent domain
10. A property with a market value of $7,000 was assessed C. $423
at 96% of value. The tax rate was 63 mills. What were
the annual taxes? $7,000 x 96% = $6,720.
$6,720 x 6.3% = $423.36
A. $43
B. $44
C. $423
D. $441
11. Which of the following is NOT an appurtenance that D. reversion
belongs to and passes with the land?
A. right
B. privilege
Study online at https://quizlet.com/_99n82o
1. Which would NOT be used in the capitalization ap- C. reproduction cost
proach?
A. gross income
B. operating expenses
C. reproduction cost
D. allowance for vacancy
2. A property had a land value of $40,000, a 2,000 square C. $173,500
feet structure with a rebuilding cost of $70 per square
foot, depreciation of $5,000 due to functional obsoles- 2,000 sf x $70 =
cence and $1,500 due to physical depreciation. What $140,000. $140,000 -
would be the estimate of value for this property using $5,000 - $1,500 =
the cost approach? $133,500. $133,500 +
$40,000 = $173,500
A. $133,500
B. $140,000
C. $173,500
D. $180,000
3. A well maintained home in an area of run down homes C. external obsolescence
would be an example of:
A. physical depreciation
B. functional obsolescence
C. external obsolescence
D. reproduction cost
4. An appraiser who was considering the effective age of D. the effective age is
a property with the chronological age would usually usually greater than the
accept each of the following statements EXCEPT: chronological age
A. the effective age may be less than the chronological
, Barney Fletcher Practice Exam 1
Study online at https://quizlet.com/_99n82o
age
B. improvement with new materials could decrease the
effective age
C. modernizing or maintaining the building could de-
crease the effective age
D. the effective age is usually greater than the chrono-
logical age
5. Which is NOT true about a mechanic's lien? D. its priority rights are de-
termined by the date of
A. it can be filed for the value of the cost of the improve- recording
ment
B. it must be filed within a specified time period
C. it would have to be enforced by the court
D. its priority rights are determined by the date of
recording
6. A property was assessed at 25% of market value. The C. $120,000
rate was $5 per $1,000. If the homeowner actually paid
$150, what was the total value of the property? $150 divided by .5% =
$30,000. $30,000 divided
A. $30,000 by 25% = a total value of
B. $82,500 $120,000
C. $120,000
D. $133,000
7. A property had several different encumbrances D. type of lien
recorded against it. Which of the following factors
would indicate which would be paid off first?
A. date of acknowledgement
B. amount of the lien
, Barney Fletcher Practice Exam 1
Study online at https://quizlet.com/_99n82o
C. whether it was a voluntary or involuntary lien
D. type of lien
8. A cooperative would take title to property under which C. severalty
of the following categories?
A. tenants in common
B. joint tenancy
C. severalty
D. tenancy by the entireties
9. Which of the following items would result in a transfer D. eminent domain
of real estate through court action?
A. police power
B. constructive notice
C. deed recordation
D. eminent domain
10. A property with a market value of $7,000 was assessed C. $423
at 96% of value. The tax rate was 63 mills. What were
the annual taxes? $7,000 x 96% = $6,720.
$6,720 x 6.3% = $423.36
A. $43
B. $44
C. $423
D. $441
11. Which of the following is NOT an appurtenance that D. reversion
belongs to and passes with the land?
A. right
B. privilege
