Real Estate Appraisal Final Practice Exam
Questions With Correct Answers
When |Scheduled |rent |is |less |than |market |rent, |a |tenant |may |benefit |by |creation |of |a |- |
CORRECT |ANSWER✔✔-sandwich |lease
A |rectangular |shaped |building |that |is |35 |feet |wide |and |55 |feet |long |has |a |perimeter |of |- |
CORRECT |ANSWER✔✔-180 |feet
In |the |U.S. |Government |survey |system, |a |one |square |mile |area, |or |640 |acres, |is |called |a |- |
CORRECT |ANSWER✔✔-section
A |time |share |is |always |- |CORRECT |ANSWER✔✔-a |right |to |use |property
Deterioration |of |a |building |walls |and |ceilings |is |considered |- |CORRECT |ANSWER✔✔-long |lived |
incurable
Deterioration |of |a |building |foundation |is |considered |- |CORRECT |ANSWER✔✔-long |lived |
incurable
Which |of |the |following |terms |refers |to |the |rights |of |a |person |who |owns |a |piece |of |property |
but |lease |it |to |someone |else |- |CORRECT |ANSWER✔✔-Leased |fee |estate
the |cost |to |pave |a |driveway |that |is |330 |feet |by |18 |feet |, |at |$8.25 |per |square |yard, |is |- |
CORRECT |ANSWER✔✔-5,445
The |value |of |100 |acres |of |land |best |suited |for |high |density |residential |use |may |be |found |using |
the |- |CORRECT |ANSWER✔✔-subdivision |development |method
,Matched |pairs |analysis |is |used |to |determine |which |of |these |- |CORRECT |ANSWER✔✔-Value |of |
adjustments
A |property |use |(as |opposed |to |a |building |specification) |contrary |to |local |zoning |regulations |
would |require |which |of |the |following |- |CORRECT |ANSWER✔✔-Conditional |use |permit
Under |the |condominium |form |of |ownership, |an |owner's |interest |in |an |individual |unit |would |
normally |be |a |- |CORRECT |ANSWER✔✔-fee |simple |interest
Varying |financing |terms |may |be |compensated |for |when |considering |comparable |properties |by |
using |the |- |CORRECT |ANSWER✔✔-Cash |equivalency |technique
Generally, |gross |rent |multiplier |are |used |in |appraising |which |of |the |following |- |CORRECT |
ANSWER✔✔-Single |family |homes
A |house |oriented |for |maximum |sunlight |in |winter |will |face |- |CORRECT |ANSWER✔✔-south
Between |the |ground |and |a |foundation |slab |that |rests |on |piers |is |(are) |the |- |CORRECT |
ANSWER✔✔-crawl |space
Which |statement |is |not |true |with |respect |to |property |held |in |tenancy |by |the |entirety |- |
CORRECT |ANSWER✔✔-There |is |no |right |of |survivorship
An |air |conditioning |unit |of |one |ton |capacity |can |be |rated |as |- |CORRECT |ANSWER✔✔-12,000 |
BTUs
Small |outlets |evenly |spaced |around |the |base |of |the |perimeter |of |a |brick |home |are |called |- |
CORRECT |ANSWER✔✔-weep |holes
, studs |extend |continuously |to |the |second |floor |ceiling |in |the |type |of |construction |called |- |
CORRECT |ANSWER✔✔-ballon |frame
A |typical |neighborhood |goes |through, |in |order |- |CORRECT |ANSWER✔✔-growth, |equilibrium, |
decline, |and |revitalization
The |uniform |standards |of |professional |appraisal |practice |define |market |value |as |including |the |-
|CORRECT |ANSWER✔✔-most |probable |price |a |property |is |likely |to |bring
To |find |the |required |net |operation |income |a |property |must |produce |to |provide |a |specific |rate |
of |return |on |investment, |you |could |use |the |which |of |the |following |formulas |- |CORRECT |
ANSWER✔✔-property |value |times |rate |of |return |equals |net |operating |income
The |formula |for |the |income |capitalization |approach |is |- |CORRECT |ANSWER✔✔-net |operation |
income |divide |by |capitalization |rate |equals |property |value
In |real |estate, |the |term |improvement |refers |to |all |of |the |following |except |- |CORRECT |
ANSWER✔✔-land |in |urban |areas
Cash |flow |is |- |CORRECT |ANSWER✔✔-the |amount |of |income |left |over |after |all |expenses |of |
ownership |have |been |paid
The |ratio |of |building |value |to |land |value |is |approximately |4 |to |1. |what |is |the |land |value |of |a |
property |valued |at |$200,000, |using |the |allocation |method |- |CORRECT |ANSWER✔✔-$40,000
What |a |property |actually |sells |for |is |its |- |CORRECT |ANSWER✔✔-sales |price
The |underlying |principle |behind |appraising |is |- |CORRECT |ANSWER✔✔-substitution
Questions With Correct Answers
When |Scheduled |rent |is |less |than |market |rent, |a |tenant |may |benefit |by |creation |of |a |- |
CORRECT |ANSWER✔✔-sandwich |lease
A |rectangular |shaped |building |that |is |35 |feet |wide |and |55 |feet |long |has |a |perimeter |of |- |
CORRECT |ANSWER✔✔-180 |feet
In |the |U.S. |Government |survey |system, |a |one |square |mile |area, |or |640 |acres, |is |called |a |- |
CORRECT |ANSWER✔✔-section
A |time |share |is |always |- |CORRECT |ANSWER✔✔-a |right |to |use |property
Deterioration |of |a |building |walls |and |ceilings |is |considered |- |CORRECT |ANSWER✔✔-long |lived |
incurable
Deterioration |of |a |building |foundation |is |considered |- |CORRECT |ANSWER✔✔-long |lived |
incurable
Which |of |the |following |terms |refers |to |the |rights |of |a |person |who |owns |a |piece |of |property |
but |lease |it |to |someone |else |- |CORRECT |ANSWER✔✔-Leased |fee |estate
the |cost |to |pave |a |driveway |that |is |330 |feet |by |18 |feet |, |at |$8.25 |per |square |yard, |is |- |
CORRECT |ANSWER✔✔-5,445
The |value |of |100 |acres |of |land |best |suited |for |high |density |residential |use |may |be |found |using |
the |- |CORRECT |ANSWER✔✔-subdivision |development |method
,Matched |pairs |analysis |is |used |to |determine |which |of |these |- |CORRECT |ANSWER✔✔-Value |of |
adjustments
A |property |use |(as |opposed |to |a |building |specification) |contrary |to |local |zoning |regulations |
would |require |which |of |the |following |- |CORRECT |ANSWER✔✔-Conditional |use |permit
Under |the |condominium |form |of |ownership, |an |owner's |interest |in |an |individual |unit |would |
normally |be |a |- |CORRECT |ANSWER✔✔-fee |simple |interest
Varying |financing |terms |may |be |compensated |for |when |considering |comparable |properties |by |
using |the |- |CORRECT |ANSWER✔✔-Cash |equivalency |technique
Generally, |gross |rent |multiplier |are |used |in |appraising |which |of |the |following |- |CORRECT |
ANSWER✔✔-Single |family |homes
A |house |oriented |for |maximum |sunlight |in |winter |will |face |- |CORRECT |ANSWER✔✔-south
Between |the |ground |and |a |foundation |slab |that |rests |on |piers |is |(are) |the |- |CORRECT |
ANSWER✔✔-crawl |space
Which |statement |is |not |true |with |respect |to |property |held |in |tenancy |by |the |entirety |- |
CORRECT |ANSWER✔✔-There |is |no |right |of |survivorship
An |air |conditioning |unit |of |one |ton |capacity |can |be |rated |as |- |CORRECT |ANSWER✔✔-12,000 |
BTUs
Small |outlets |evenly |spaced |around |the |base |of |the |perimeter |of |a |brick |home |are |called |- |
CORRECT |ANSWER✔✔-weep |holes
, studs |extend |continuously |to |the |second |floor |ceiling |in |the |type |of |construction |called |- |
CORRECT |ANSWER✔✔-ballon |frame
A |typical |neighborhood |goes |through, |in |order |- |CORRECT |ANSWER✔✔-growth, |equilibrium, |
decline, |and |revitalization
The |uniform |standards |of |professional |appraisal |practice |define |market |value |as |including |the |-
|CORRECT |ANSWER✔✔-most |probable |price |a |property |is |likely |to |bring
To |find |the |required |net |operation |income |a |property |must |produce |to |provide |a |specific |rate |
of |return |on |investment, |you |could |use |the |which |of |the |following |formulas |- |CORRECT |
ANSWER✔✔-property |value |times |rate |of |return |equals |net |operating |income
The |formula |for |the |income |capitalization |approach |is |- |CORRECT |ANSWER✔✔-net |operation |
income |divide |by |capitalization |rate |equals |property |value
In |real |estate, |the |term |improvement |refers |to |all |of |the |following |except |- |CORRECT |
ANSWER✔✔-land |in |urban |areas
Cash |flow |is |- |CORRECT |ANSWER✔✔-the |amount |of |income |left |over |after |all |expenses |of |
ownership |have |been |paid
The |ratio |of |building |value |to |land |value |is |approximately |4 |to |1. |what |is |the |land |value |of |a |
property |valued |at |$200,000, |using |the |allocation |method |- |CORRECT |ANSWER✔✔-$40,000
What |a |property |actually |sells |for |is |its |- |CORRECT |ANSWER✔✔-sales |price
The |underlying |principle |behind |appraising |is |- |CORRECT |ANSWER✔✔-substitution
