Real Estate Appraisal Exam 2 with
Complete Solutions
3 basic types of wood frame construction - ANS-platform
-most common
balloon
-studs go from top to bottom
-post and beam
a comparable has a 2 acre lot, whereas the subject property has a 1/2 acre lot. what
adjustment do you make? - ANS-subtract the adjustment amount from the price of the
comparable
a drawing that shows the front and side views of the exterior of the house is called a -
ANS-elevation drawing
a matched pair is at least 2 comparable sales that are _____________ - ANS-
substantially similar in all respects except one
siding - ANS-final exterior layer of the house
-asphalt, shingles, wood, brick, stone
soffit - ANS-part of roof that extends past exterior and sometimes includes air vents for
attics
soil which replaces that which is removed in excavation for the foundation is called -
ANS-backfill
T/F:
a comparable sale should be adjusted for the terms of sale when the sale involves
unique financing that offers and advantage to the buyer - ANS-true
T/F:
a neighborhood sales study finds selling prices of $150,000, $157,500, $159,000,
$162,000, and $164,000 for homes similar to the subject property. The median price of
this sample is $158,500. - ANS-false
T/F:
a sale between the property owner and a tenant can be assumed to be an open market
transaction - ANS-false
, T/F:
a subordination clause in a land sales agreement often involves seller financing - ANS-
true
T/F:
an adjacent site purchased by the local grocer for business expansion would be a good
market comparable in your appraisal of a parcel one block away with the same size,
shape, and zoning - ANS-false
T/F:
an example of an economic unit of comparison in the appraisal of land is the price per
buildable apartment or dwelling unit - ANS-true
T/F:
an opinion of highest and best use is required for all land appraisals made for the
purpose of estimating market value - ANS-true
T/F:
data resources on the internet provide general data on the economy and regulatory
information of use to the appraiser - ANS-true
T/F:
even though listings and offers may be available, they are of no significant use to an
appraiser - ANS-false
T/F:
if the 1,800 square-foot houses in the subject neighborhood sell typically at $200 per
square foot, you would expect that a 1,400 square-foot house would sell for under $200
per square foot - ANS-false
T/F:
in the analysis of sales transaction data, the actual date that the sale price was agreed
upon is the theoretical date of sale - ANS-true
T/F:
land or site value estimates are important only in the appraisal of vacant properties -
ANS-false
T/F:
land value estimates by the abstraction method routinely are just as accurate as those
arrived at by the market method - ANS-false
T/F:
prior sales of the subject property should be noted, but are always irrelevant to the
value of land - ANS-false
Complete Solutions
3 basic types of wood frame construction - ANS-platform
-most common
balloon
-studs go from top to bottom
-post and beam
a comparable has a 2 acre lot, whereas the subject property has a 1/2 acre lot. what
adjustment do you make? - ANS-subtract the adjustment amount from the price of the
comparable
a drawing that shows the front and side views of the exterior of the house is called a -
ANS-elevation drawing
a matched pair is at least 2 comparable sales that are _____________ - ANS-
substantially similar in all respects except one
siding - ANS-final exterior layer of the house
-asphalt, shingles, wood, brick, stone
soffit - ANS-part of roof that extends past exterior and sometimes includes air vents for
attics
soil which replaces that which is removed in excavation for the foundation is called -
ANS-backfill
T/F:
a comparable sale should be adjusted for the terms of sale when the sale involves
unique financing that offers and advantage to the buyer - ANS-true
T/F:
a neighborhood sales study finds selling prices of $150,000, $157,500, $159,000,
$162,000, and $164,000 for homes similar to the subject property. The median price of
this sample is $158,500. - ANS-false
T/F:
a sale between the property owner and a tenant can be assumed to be an open market
transaction - ANS-false
, T/F:
a subordination clause in a land sales agreement often involves seller financing - ANS-
true
T/F:
an adjacent site purchased by the local grocer for business expansion would be a good
market comparable in your appraisal of a parcel one block away with the same size,
shape, and zoning - ANS-false
T/F:
an example of an economic unit of comparison in the appraisal of land is the price per
buildable apartment or dwelling unit - ANS-true
T/F:
an opinion of highest and best use is required for all land appraisals made for the
purpose of estimating market value - ANS-true
T/F:
data resources on the internet provide general data on the economy and regulatory
information of use to the appraiser - ANS-true
T/F:
even though listings and offers may be available, they are of no significant use to an
appraiser - ANS-false
T/F:
if the 1,800 square-foot houses in the subject neighborhood sell typically at $200 per
square foot, you would expect that a 1,400 square-foot house would sell for under $200
per square foot - ANS-false
T/F:
in the analysis of sales transaction data, the actual date that the sale price was agreed
upon is the theoretical date of sale - ANS-true
T/F:
land or site value estimates are important only in the appraisal of vacant properties -
ANS-false
T/F:
land value estimates by the abstraction method routinely are just as accurate as those
arrived at by the market method - ANS-false
T/F:
prior sales of the subject property should be noted, but are always irrelevant to the
value of land - ANS-false
