APPRAISAL FINAL EXAM
Which circumstance might cause a transaction NOT to be arm's length? - Answer- a. market conditions are known by seller b. Property has been adequately exposed c. seller was not influenced by hast or duress d. seller was not knowledgeable of value ANSWER: D A document also referred to as a tax or assessors map is a(n) - Answer- a. assemblage plan b. plat map c. plottage map d. none of the above ****ANSWER: B If a property's effective gross income is $14,351.40 and vacancy is calculated at 6.2%, what is the potential gross income - Answer- a. 15,2000 b. 15,241.19 c. 15,267.45 d. 15,300 ***ANSWER: D EGI is PGI minus vacancy loss. Therefore, if you know the EGI, to find PGI, you ned to add back in the vacancy loss. If the vacancy loss is 6.2%, you know that $14,351.40 is 93.8% of the PGI (100%-6.2%. Now you can divide $14,351.40 by .938 to find PGI of $15,300.00 For the appraisal of an older single-family residential dwelling, where should the appraiser put his reliance? - Answer- a. cost conclusions b. market rents c. recent listing d. recent sales ANSWER: D Replacement cost new and reproduction cost new are - Answer- a. always the same b. only different in custom-built homes c. only the same in new construction d. none of the above. ANSWER: C
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