Basic Appraisal Procedures Exam Questions and Answers

Basic Appraisal Procedures Exam Questions and Answers If a cost manual is used, the result is _____________ cost. -Answer-replacement What type of framing became popular in the 1800s with the advent of the steam- powered sawmill? platform frame balloon frame log frame post and beam -Answer-balloon frame Details about the property being appraised, comparable sale and rental properties, and relevant local market characteristics" is the definition of -Answer-specific data Keyways are employed in which type of foundation walls? stone wood concrete block poured concrete -Answer-poured concrete A cement mixture that is applied to the exterior of a foundation wall is called grout asbestos paste spackling parging -Answer-parging Ranking analysis is a form of __________ analysis. quantitative cost/benefit qualitative statistical -Answer-qualitative An entrepreneur is taking on a development project, and by his calculations, he expects to receive a 25% return on his investment in the project. This 25% figure represents risk factor net operating income entrepreneurial incentive entrepreneurial risk -Answer-entrepreneurial incentive An 8-unit apartment building has 5 units rented at $850 per month and 3 units rented at $925 per month. What is its gross income? -Answer-84,300 "The tenant's possessory interest created by a lease" is the definition of _______________. leased fee interest leasehold interest fee simple partial interest -Answer-leasehold interest The most common type of framing in residential construction today is balloon frame post and beam platform frame modular -Answer-platform frame All of the following could be sources of specific data EXCEPT U.S. Census Bureau Tax maps Deeds Assessor's records -Answer-U.S. Census Bureau When appraising a duplex, an appraiser should use __________ area. buildable gross building gross living net leasable -Answer-gross building A municipality assesses property at 100% of value. If a property is assessed at $186,000 and the rate per thousand is $6.45, how much are total property taxes? - Answer-1,199.70 Early ductless heating systems were called geothermal systems heat pumps gravity systems active solar system -Answer-gravity system Price per room is a common unit of comparison when appraising 2-4 unit residential properties offices one unit residences retail stores -Answer-2-4 unit residential properties An estimate of remaining economic life is required by -Answer-VA The "summation approach" is another name for the _______________ approach. - Answer-cost The cost estimating method most commonly used by residential appraisers is the ____________ method. -Answer-comparative-unit When measuring a condominium you should calculate ____ using _______ measurements. -Answer-GLA, interior A single unit residence sold for $126,000. It was rented for $1,100 per month but the market rent was $1,200. What is the GRM indicated by this sale? -Answer-Gross Rent Multiplier Analysis. $126,000 ÷ $1,200 = 105. An expansion tank is part of a ___________ heating system. hot water heat pump electric radiant forced warm air -Answer-hot water Another name for girder is concrete block beam heat pump window frame -Answer-beam Which of the following would NOT be general data? mortgage rates unemployment rates subject property assessment property tax rates -Answer-subject property assessment The amount and type of information researched and the analysis applied in an assignment" is the definition of required data scope of work valuation process workflow diagram -Answer-scope of work