BASIC APPRAISAL PROCEDURES FINAL EXAM QUESTIONS
WITH COMPLETE SOLUTION
"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
report the final opinion of value
In most residential appraisals, the appraiser values
site
The basic principle underlying the cost approach is the principle of
____________.
substitution
Traffic counts can be obtained from the local
Department of Transportation
Multiple listing services can be utilized for gathering _______________.
both general and specific data
"A method used to convert future benefits into present value by discounting each
future benefit at an appropriate yield rate or by developing an overall rate that
explicitly reflects the investment's income pattern, value change and yield rate" is
the definition of
yield capitalization
Curbs, gutters and grading are examples of
site improvements
Fannie Mae says the appraiser must base his or her analysis and any
adjustments to comparable sales on
market data
"An element of comparison in the sales comparison approach; comparable
properties can be adjusted for differences in the motivations of either the buyer
or a seller in a transaction" is the definition of
conditions of sale
Early ductless heating systems were called
gravity systems
An appraisal with an effective date at some point in the future is called a(n)
___________ appraisal.
prospective
WITH COMPLETE SOLUTION
"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
report the final opinion of value
In most residential appraisals, the appraiser values
site
The basic principle underlying the cost approach is the principle of
____________.
substitution
Traffic counts can be obtained from the local
Department of Transportation
Multiple listing services can be utilized for gathering _______________.
both general and specific data
"A method used to convert future benefits into present value by discounting each
future benefit at an appropriate yield rate or by developing an overall rate that
explicitly reflects the investment's income pattern, value change and yield rate" is
the definition of
yield capitalization
Curbs, gutters and grading are examples of
site improvements
Fannie Mae says the appraiser must base his or her analysis and any
adjustments to comparable sales on
market data
"An element of comparison in the sales comparison approach; comparable
properties can be adjusted for differences in the motivations of either the buyer
or a seller in a transaction" is the definition of
conditions of sale
Early ductless heating systems were called
gravity systems
An appraisal with an effective date at some point in the future is called a(n)
___________ appraisal.
prospective
