Basic Appraisal Procedures- FINAL EXAM Q's & A’s 2024

Basic Appraisal Procedures- FINAL EXAM Q's & A’s 2024 The most common heating systems in residential construction today are -hot water -heat pumps -forced warm air -electric radiant -Answer-hot water A _______________ home has a permanent steel chassis, wheels and axles. -panelized -modular -pre-cut -manufactured -Answer-manufactured "The total period a building lasts or is expected to last..." is the definition of _________ life. -useful -expected -real -physical -Answer-physical "The actual rental income specified in a lease" is the definition of ___________ rent. -deficit -contract -market -lease -Answer-contract 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? -$108.44 -$116.12 -$120.46 -$124.90 -Answer--$116.12 Comparative - Unit Method - Market Derivation. $440,000 - $90,000 - $15,000 = $335,000. $335,000 ÷ 2,885 = $116.12. A one-and-a-half-story house is commonly known as a -cape cod -ranch -split-level -split-entry -Answer-cape cod Appraisal fees are examples of _______________ costs. -direct -indirect -unnecessary -replacement -Answer-indirect Separate site valuations would likely be required in which of the following situations: -cost approach -condemnation appraisals -highest and best use analysis -any of the above -Answer-any of the above When measuring a condominium you should calculate ____ using _______ measurements. -GLA, exterior -GBA, interior -GLA, interior -GBA, exterior -Answer-GLA, interior When 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 range of the GRMs? -24.7 -25.6 -27.2 -28.7 -Answer-24.7 It is common in appraisal reports to include a map that shows the location of the _______________. -subject property only -subject property and support facilities -subject property and comparable sales -subject property and local schools -Answer--subject property and comparable sales "Details about the property being appraised, comparable sale and rental properties, and relevant local market characteristics" is the definition of -specialized data -specific data -general data -neighborhood data -Answer-specific data In the sales comparison approach, sales data on __________ sales should