Barney Fletcher Final Exam 100 Questions with 100% Correct Answers
Verified Latest Update 2025
Which would NOT be used in the capitalization approach?
A. gross income
B. operating expenses
C. reproduction cost
D. allowance for vacancy - (Correct Answer)-C. reproduction cost
A property had a land value of $40,000, a 2,000 square feet structure with a rebuilding cost of
$70 per square foot, depreciation of $5,000 due to functional obsolescence and $1,500 due to
physical depreciation. What would be the estimate of value for this property using the cost
approach?
A. $133,500
B. $140,000
C. $173,500
D. $180,000 - (Correct Answer)-C. $173,500
2,000 sf x $70 = $140,000. $140,000 - $5,000 - $1,500 = $133,500. $133,500 + $40,000 =
$173,500
A well maintained home in an area of run down homes would be an example of:
A. physical depreciation
B. functional obsolescence
C. external obsolescence
D. reproduction cost - (Correct Answer)-C. external obsolescence
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An appraiser who was considering the effective age of a property with the chronological age
would usually accept each of the following statements EXCEPT:
A. the effective age may be less than the chronological age
B. improvement with new materials could decrease the effective age
C. modernizing or maintaining the building could decrease the effective age
D. the effective age is usually greater than the chronological age - (Correct Answer)-D. the
effective age is usually greater than the chronological age
Which is NOT true about a mechanic's lien?
A. it can be filed for the value of the cost of the improvement
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 - (Correct Answer)-D. its priority
rights are determined by the date of recording
A property was assessed at 25% of market value. The rate was $5 per $1,000. If the homeowner
actually paid $150, what was the total value of the property?
A. $30,000
B. $82,500
C. $120,000
D. $133,000 - (Correct Answer)-C. $120,000
$150 divided by .5% = $30,000. $30,000 divided by 25% = a total value of $120,000
A property had several different encumbrances recorded against it. Which of the following
factors would indicate which would be paid off first?
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A. date of acknowledgement
B. amount of the lien
C. whether it was a voluntary or involuntary lien
D. type of lien - (Correct Answer)-D. type of lien
A cooperative would take title to property under which of the following categories?
A. tenants in common
B. joint tenancy
C. severalty
D. tenancy by the entireties - (Correct Answer)-C. severalty
Which of the following items would result in a transfer of real estate through court action?
A. police power
B. constructive notice
C. deed recordation
D. eminent domain - (Correct Answer)-D. eminent domain
A property with a market value of $7,000 was assessed at 96% of value. The tax rate was 63
mills. What were the annual taxes?
A. $43
B. $44
C. $423
D. $441 - (Correct Answer)-C. $423
Verified Latest Update 2025
Which would NOT be used in the capitalization approach?
A. gross income
B. operating expenses
C. reproduction cost
D. allowance for vacancy - (Correct Answer)-C. reproduction cost
A property had a land value of $40,000, a 2,000 square feet structure with a rebuilding cost of
$70 per square foot, depreciation of $5,000 due to functional obsolescence and $1,500 due to
physical depreciation. What would be the estimate of value for this property using the cost
approach?
A. $133,500
B. $140,000
C. $173,500
D. $180,000 - (Correct Answer)-C. $173,500
2,000 sf x $70 = $140,000. $140,000 - $5,000 - $1,500 = $133,500. $133,500 + $40,000 =
$173,500
A well maintained home in an area of run down homes would be an example of:
A. physical depreciation
B. functional obsolescence
C. external obsolescence
D. reproduction cost - (Correct Answer)-C. external obsolescence
,[Type here]
An appraiser who was considering the effective age of a property with the chronological age
would usually accept each of the following statements EXCEPT:
A. the effective age may be less than the chronological age
B. improvement with new materials could decrease the effective age
C. modernizing or maintaining the building could decrease the effective age
D. the effective age is usually greater than the chronological age - (Correct Answer)-D. the
effective age is usually greater than the chronological age
Which is NOT true about a mechanic's lien?
A. it can be filed for the value of the cost of the improvement
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 - (Correct Answer)-D. its priority
rights are determined by the date of recording
A property was assessed at 25% of market value. The rate was $5 per $1,000. If the homeowner
actually paid $150, what was the total value of the property?
A. $30,000
B. $82,500
C. $120,000
D. $133,000 - (Correct Answer)-C. $120,000
$150 divided by .5% = $30,000. $30,000 divided by 25% = a total value of $120,000
A property had several different encumbrances recorded against it. Which of the following
factors would indicate which would be paid off first?
, [Type here]
A. date of acknowledgement
B. amount of the lien
C. whether it was a voluntary or involuntary lien
D. type of lien - (Correct Answer)-D. type of lien
A cooperative would take title to property under which of the following categories?
A. tenants in common
B. joint tenancy
C. severalty
D. tenancy by the entireties - (Correct Answer)-C. severalty
Which of the following items would result in a transfer of real estate through court action?
A. police power
B. constructive notice
C. deed recordation
D. eminent domain - (Correct Answer)-D. eminent domain
A property with a market value of $7,000 was assessed at 96% of value. The tax rate was 63
mills. What were the annual taxes?
A. $43
B. $44
C. $423
D. $441 - (Correct Answer)-C. $423
