Basic Appraisal Principles Final Exam Prep with Approved Solutions |Latest 2024/2025

Basic Appraisal Principles Final Exam Prep with Approved Solutions |Latest 2024/2025 In a particular market, there is a demand for 500 houses per year, and there are currently 1,500 houses for sale. What does this most likely indicate? ️ there is a three-year supply of homes currently for sale "A business arrangement in which two or more persons jointly own a business and share in its profits and losses" is the definition of ️ partner transferable development rights ship Property Owner A has the right to develop his property into 10 lots. He sells this right to nearby Property Owner B who wishes to develop his property into additional lots. This is an example of ️ transferable development rights What is the mean of the following set of gross rent multipliers? (95, 93, 120, 94, 93, 129) ️ 104 Short term money instruments are traded on the ️ money market Which entity is responsible for making periodic changes to USPAP? ️ Appraisal Standards Board The real property market is generally classified as a(n) __________ market. ️ imperfect The appraisal standards and qualification criteria that are published by The Appraisal Foundation achieve legal authority by adoption, citation or implementation by ️ government agencies with the power to regulate or administrate Eric pays $35,000 to have an inground swimming pool constructed in his back yard. When he sells the property, he only receives $10,000 more for his property than what similar property sold for without a pool. This is an example of the principle of ️ contribution "The ownership interest held by the lessor, which includes the right to receive the contract rent specified in the lease plus the reversionary right when the lease expires" is the definition of ️ leased fee interest When appraising an income producing property, you have the following GRMs indicated from comparable sales (122, 159, 132, 126, 122, 173, 152, 126). What is the mode of the GRMs? ️ 122, 126 (bi-modal)