Basic Appraisal Procedures EXAM Q's With 100%
Correct Solutions.
"The estimated cost to construct, at current prices as of the effective appraisal
date, an exact duplicate or replica of the building being appraised, using the
same materials..." is the definition of _______________ cost.
reproduction
Footings need to be _______________ below average frost penetration levels.
at least 12 inches
GRMs are derived by dividing the __________ by the property's ___________ at
the time of sale.
sale price, gross monthly unfurnished market rent
The Fannie Mae Single Family Comparable Rent Schedule is designated as Form
1007
"A condition, directly related to a specific assignment, which is contrary to what
is known by the appraiser to exist on the effective date of the assignment results,
but is used for the purpose of analysis" is the definition of
hypothetical condition
What type of framing became popular in the 1800s with the advent of the steam-
powered sawmill?
balloon frame
When estimating the amount of adjustments for differences among properties,
the most important principle is the principle of _______________.
contribution
A _______________ home has a permanent steel chassis, wheels and axles.
manufactured
An expansion tank is part of a ___________ heating system.
hot water
When describing roofing shingles, a "square" contains __________ square feet.
100
, The most commonly used approach for valuing sites is the ____________
approach.
sales comparison
J-bolts are used to anchor the _________ to the __________.
sill plate, foundation
"The amount and type of information researched and the analysis applied in an
assignment" is the definition of
scope of work
GLA includes _______________ but not _______________.
above grade finished area, garages
The most common heating systems in residential construction today are
forced warm air
EIFS is also known as
synthetic stucco
Which cost estimating method is the most detailed and time-consuming to
develop?
quantity survey
Segregated cost method is another name for the _________ method.
unit-in-place
The cost estimating method most commonly used by residential appraisers is the
____________ method.
comparative-unit
When measuring a condominium you should calculate ____ using _______
measurements.
GLA, interior
The SCOPE OF WORK RULE says that in each real property appraisal
assignment, the appraiser must _______ the problem to be solved, and determine
and perform the scope of work necessary to develop ________ assignment
results.
identify, credible
The last step in the valuation process is
Correct Solutions.
"The estimated cost to construct, at current prices as of the effective appraisal
date, an exact duplicate or replica of the building being appraised, using the
same materials..." is the definition of _______________ cost.
reproduction
Footings need to be _______________ below average frost penetration levels.
at least 12 inches
GRMs are derived by dividing the __________ by the property's ___________ at
the time of sale.
sale price, gross monthly unfurnished market rent
The Fannie Mae Single Family Comparable Rent Schedule is designated as Form
1007
"A condition, directly related to a specific assignment, which is contrary to what
is known by the appraiser to exist on the effective date of the assignment results,
but is used for the purpose of analysis" is the definition of
hypothetical condition
What type of framing became popular in the 1800s with the advent of the steam-
powered sawmill?
balloon frame
When estimating the amount of adjustments for differences among properties,
the most important principle is the principle of _______________.
contribution
A _______________ home has a permanent steel chassis, wheels and axles.
manufactured
An expansion tank is part of a ___________ heating system.
hot water
When describing roofing shingles, a "square" contains __________ square feet.
100
, The most commonly used approach for valuing sites is the ____________
approach.
sales comparison
J-bolts are used to anchor the _________ to the __________.
sill plate, foundation
"The amount and type of information researched and the analysis applied in an
assignment" is the definition of
scope of work
GLA includes _______________ but not _______________.
above grade finished area, garages
The most common heating systems in residential construction today are
forced warm air
EIFS is also known as
synthetic stucco
Which cost estimating method is the most detailed and time-consuming to
develop?
quantity survey
Segregated cost method is another name for the _________ method.
unit-in-place
The cost estimating method most commonly used by residential appraisers is the
____________ method.
comparative-unit
When measuring a condominium you should calculate ____ using _______
measurements.
GLA, interior
The SCOPE OF WORK RULE says that in each real property appraisal
assignment, the appraiser must _______ the problem to be solved, and determine
and perform the scope of work necessary to develop ________ assignment
results.
identify, credible
The last step in the valuation process is
