Basic Appraisal Procedures, Test Review Questions with Verified Answers

Basic Appraisal Procedures, Test Review Questions with Verified Answers "The age of property that is based on the amount of observed deterioration and obsolescence it has sustained" is the definition of ____________ age. effective In what type of heating system would you find an expansion tank? hot water Which of the following would be general data? mortgage rates, unemployment rates, property tax rates A comparable new house just sold for $440,000. You estimate the value of the site at $90,000 and the cost of the site improvements at $15,000. It has 2,885 square feet of GLA. What is its unit cost? $116.12 "A method of estimating land value in which the depreciated cost of the improvements on an improved property is calculated and deducted from the total sale price to arrive at an estimated sale price for the land" is the definition of the ___________ method of site valuation. extraction A factory-built house constructed in compliance with the HUD code is _________ home. manufactured Appraisal fees are examples of _______________ costs. indirect The most common unit of comparison for land in rural areas is price per _______. acre Which entity produces the most commonly-used land appraisal report form? it is a generic form Condemnation occurs when a municipality exercises eminent domain "A condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of analysis" is the definition of hypothetical condition USPAP says a cost approach must be developed when it is necessary for credible results Construction materials and workers' wages are examples of __________costs. direct You examine a construction contract to build a 2,448 square foot house and the total cost is $197,450. What was the cost per square foot? $80.66 Most residences today require a minimum of _____ amps. 100 Footings need to be _______________ below average frost penetration levels. at least 12 inches In the sales comparison approach, sales data on __________ sales should be collected. at least three "Real property for which the expansion, redevelopment, or reuse of the real estate may be complicated by the presence of environmental contamination that needs to be remediated to appropriate regulatory standards " is the definition of brownfield What unit of measurement is typically used for single-family homes? gross living area Keyways are employed in which type of foundation walls? poured concrete The "summation approach" is another name for the _______________