Basic Appraisal Procedures Questions and Answers 2024

"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