Basic Appraisal Principles - Review Quiz with 100% correct answers

"The act of transferring an interest in property or some right (such as contract benefits) to another" is the definition of assignment novation codicil acceptance assignment What is the mean of the following set of gross rent multipliers? (95, 93, 120, 94, 93, 129) 93 94.5 101.5 104 104 Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:00 Full screen Forty percent of the houses in a neighborhood are Colonials and 18% are Cape Cods. There are a total of 200 houses. How many are Cape Cods? 36 40 48 80 36 All of the following would typically be considered to be personal property EXCEPT portable dishwasher wall to wall carpeting countertop microwave clothes dryer wall to wall carpeting The current number of appraisal education hours required for Certified General Appraiser applicants is ______ hours. 180 200 300 360 300 Modern definitions of the word "appraisal" have replaced the word _______ with ________. pounds, dollars time, market conditions value, cost estimate, opinion estimate, opinion A problem with the real property market is that the amount of ________ is slow to change. demand new customers supply supply and demand supply The Equal Credit Opportunity Act (ECOA) is enforced by: Consumer Financial Protection Bureau State fair lending enforcement agencies Federal Reserve Board (FRB) Department of Housing and Urban Development (HUD) Consumer Financial Protection Bureau "A mortgage in which the interest rate may move up or down, following a specified schedule or in accordance with the movements of a standard or index to which it is tied" is the definition of a(n) ______________ mortgage. adjustable rate interest only index fluctuating adjustable rate In an effort to securely protect sensitive data, become more efficient at closing mortgage loans, and develop more consistent standardized appraisal data, Fannie Mae and Freddie Mac created which initiative? Uniform Mortgage Data Program (UMDP) Data Accurate Database Uniform Data Delivery Electronic Appraisal Dataset Uniform Mortgage Data Program (UMDP) What is the median of the following set of gross rent multipliers? (95, 93, 120, 94, 93, 129) 93 94.5 96.5 104 94.5 All of the following would be social influences on value EXCEPT ages of residents educational facilities family formations population trends educational facilities What is the mean of these numbers: 124.5, 146.8, 152, 187.9, 153, 217.98, 12, 542.66, 45.7, 71.44, 158.04? 135.55 164.73 183.22 202.56 164.73 Which of these phrases is acceptable for use in an appraisal report, assuming it is accurate? Desirable neighborhood High-crime area Declining property values Significant minority population Declining property values Which is NOT an economic force affecting property values? wage rates transportation expense levels Consumer Price Index transportation Electronic Data Interchange for transmitting appraisal reports became popular in the late 1980s early 1970s late 1990s late 2000s late 1990s The Appraisal Foundation is a federal agency private shareholder-owned corporation state agency not-for-profit organization not-for-profit organization "A right or interest in property" is a(n) easement estate fee simple estate partial interest estate USPAP defines _________ as the amount asked, offered, or paid for a property. value price cost market value price One of the provisions of the Equal Credit Opportunity Act (ECOA) is that: A borrower must be provided with a copy of the valuation of their property promptly after it has been completed A borrower must provide five years of prior tax returns in order to prove employment A borrower must have a valid US Social Security Number A borrower is not required to pay any fees in order to obtain a mortgage loan A borrower must be provided with a copy of the valuation of their property promptly after it has been completed Which is the fullest and most complete type of estate? leased fee life estate leasehold fee simple fee simple A(n) __________ contract is one that is not been fully performed or completed. executed void executory invalid executory The primary purpose of USPAP is to protect appraisers lenders homebuyers public trust public trust The strongest form of deed is the __________ deed. warranty grant tax bargain and sale warranty 3.15% is the same as 3.150 .3150 .0315 .00315 .0315 A lot measures 569.32 feet by 414.90 feet. How many acres is that? 3.78 4.59 5.42 8.81 5.42 Which of the following is NOT a characteristic of land? mobility unique location durability finite supply mobility 8.8% is the same as 8.80 .88 .088 .0088 .088 Your property, which consists of a house and lot, is valued at $244,000. You want to insure it for 80% of value and the annual insurance premium will cost $5.75 per thousand. How much will your insurance cost per month? $78.90 $86.60 $93.53 $101.16 $93.53 A property is owned as tenancy in severalty. How many owners are there? 1 2 3 not enough information to determine 1 "The right to construct and maintain tunnels, subways, subcellars, pipelines, sewers, etc." is the definition of _________ rights. vertical subsurface surface mineral subsurface "In appraisal, the concept that a higher-priced property will be worth less in a lower-priced neighborhood than it would in a neighborhood of comparable properties" is the definition of the principle of regression progression balance conformity regression An appraisal report is defined as "the ____________ communication of an appraisal; the document transmitted to the __________upon completion of an appraisal assignment." written, intended user written or oral, client oral, client written, homeowner written or oral, client When comparing printers, make sure to compare the cost per letter saved page printed page line printed page "The price expected for a whole property, e.g., a house, or a part of a property, e.g., a plumbing fixture, that is removed from the premises usually for use elsewhere" is the definition of ____________ value. contributory business salvage going concern salvage The government uses the process of condemnation to carry out its power of escheat taxation police power eminent domain eminent domain The oldest system of legal descriptions for real estate is: metes and bounds block and lot rectangular survey GIS metes and bounds The intent of USPAP is to ____________ a high level of __________ in professional appraisal practice. promote, quality promote and maintain, public trust foster, professionalism accommodate, professional ethics promote and maintain, public trust Real estate includes all of the following EXCEPT land buildings property rights trees property rights