Basic Appraisal Procedures Exam Questions And Answers 100% Solved

Basic Appraisal Procedures Exam Questions And Answers 100% Solved - answerAn entrepreneur is taking on a development project, and by his calculations, he expects to receive a 25% return on his investment in the project. This 25% figure represents $252,000 - answerThe subject is a 15 year old duplex that would cost $240,000 to build new today. It is in good condition and you estimate the effective age to be 10 years. Your estimate of total economic life is 50 years. Its land value is $60,000. What is its value by the cost approach? leave it as one parcel - answerA single parcel is valued at $450,000. Zoning allows it to be subdivided into 8 lots and it is estimated that each lot could sell for $50,000. Site development costs (sewer, grading, road, etc.) would cost $50,000. What is the highest and best use? 2-4 unit residential properties - answerPrice per room is a common unit of comparison when appraising 96.3 - answerWhen developing an appraisal, you calculate the following GRMs for comparable properties: 94.3, 90.1, 95.6, 109.2, 84.5, 100.7, 99.9. What is the mean of the GRMs? gross income multiplier - answer"The relationship or ratio between the sale price or value of a property and its gross annual rental income" is the definition of direct - answerBuilding permits and worker's compensation are examples of __________costs. guaranteed - answerA mortgage in which a party other than the borrower assumes payment in the event of default is a(n) _____________ mortgage. conductors, insulators - answerMaterials that transfer energy quickly are called __________ and those that transfer energy slowly are called __________. +$10,000 - answerIn your sales grid, you made adjustments of +$5,000, +$3,500, -$2,500, + $8,000, and -$4,000. What is your net adjustment? $1,984 - answerA municipality assesses property at 100% of value. If a property is assessed at $155,000 and the rate per thousand is $12.80, how much are total property taxes? both general and specific data - answerMultiple listing services can be utilized for gathering _______________. deferred maintenance - answerFunctional obsolescence could be caused by all of the following EXCEPT NAHB - answerExtensive research on current construction trends and figures is conducted by comparative-unit - answerThe cost estimating method most commonly used by residential appraisers is the ____________ method. GLA, interior - answerWhen measuring a condominium you should calculate ____ using _______ measurements. availability of utilities - answerA deed could provide all of the following information about a property EXCEPT casing, bedrock - answerDrilled wells need to use __________ until the drilling enters ___________. Site - answer"Land that is improved so that it is ready to be used for a specific purpose" is the definition of 109.3 - answerYou calculate the following gross rent multipliers for comparable properties: 121.2, 105.3, 111.2, 150.1, 108.3, 105.3, 109.8, 108.8. What is the median of the GRMs? actual - answerThe URAR sales comparison grid requires you to enter in the _________ age of the subject property and comparables. identify, credible - answerThe SCOPE OF WORK RULE says that in each real property appraisal assignment, the appraiser must _______ the problem to be solved, and determine and perform the scope of work necessary to develop ________ assignment results. is optional - answerFannie Mae says the cost approach ____________________. client's, real property - answerThe valuation process is a systematic procedure employed to provide the answer to a(n) _______ question about the value of _________. school building - answerAn example of a special purpose property would be a(n) FEMA - answerFlood maps are prepared by hypothetical condition - answer"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 revitalization - answerWhich of the stages in the life cycle of a market area does not always occur?