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Barney Fletcher Practice Exam 1
Questions and Answers (100% Pass)
Which would NOT be used in the capitalization approach?
A. gross income
B. operating expenses
C. reproduction cost
D. allowance for vacancy
✓ C. reproduction cost
A property had a land value of $40,000, a 2,000 square feet structure with a
rebuilding cost of $70 per square foot, depreciation of $5,000 due to
functional obsolescence and $1,500 due to physical depreciation. What
would be the estimate of value for this property using the cost approach?
A. $133,500
B. $140,000
C. $173,500
D. $180,000
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✓ C. $173,500
✓
✓ 2,000 sf x $70 = $140,000. $140,000 - $5,000 - $1,500 = $133,500. $133,500
+ $40,000 = $173,500
A well maintained home in an area of run down homes would be an example
of:
A. physical depreciation
B. functional obsolescence
C. external obsolescence
D. reproduction cost
✓ C. external obsolescence
An appraiser who was considering the effective age of a property with the
chronological age would usually accept each of the following statements
EXCEPT:
A. the effective age may be less than the chronological age
B. improvement with new materials could decrease the effective age
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C. modernizing or maintaining the building could decrease the effective age
D. the effective age is usually greater than the chronological age
✓ D. the effective age is usually greater than the chronological age
Which is NOT true about a mechanic's lien?
A. it can be filed for the value of the cost of the improvement
B. it must be filed within a specified time period
C. it would have to be enforced by the court
D. its priority rights are determined by the date of recording
✓ D. its priority rights are determined by the date of recording
A property was assessed at 25% of market value. The rate was $5 per $1,000.
If the homeowner actually paid $150, what was the total value of the
property?
A. $30,000
B. $82,500
C. $120,000
D. $133,000
Master01 | October, 2024/2025 | Latest update
Barney Fletcher Practice Exam 1
Questions and Answers (100% Pass)
Which would NOT be used in the capitalization approach?
A. gross income
B. operating expenses
C. reproduction cost
D. allowance for vacancy
✓ C. reproduction cost
A property had a land value of $40,000, a 2,000 square feet structure with a
rebuilding cost of $70 per square foot, depreciation of $5,000 due to
functional obsolescence and $1,500 due to physical depreciation. What
would be the estimate of value for this property using the cost approach?
A. $133,500
B. $140,000
C. $173,500
D. $180,000
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
✓ C. $173,500
✓
✓ 2,000 sf x $70 = $140,000. $140,000 - $5,000 - $1,500 = $133,500. $133,500
+ $40,000 = $173,500
A well maintained home in an area of run down homes would be an example
of:
A. physical depreciation
B. functional obsolescence
C. external obsolescence
D. reproduction cost
✓ C. external obsolescence
An appraiser who was considering the effective age of a property with the
chronological age would usually accept each of the following statements
EXCEPT:
A. the effective age may be less than the chronological age
B. improvement with new materials could decrease the effective age
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
C. modernizing or maintaining the building could decrease the effective age
D. the effective age is usually greater than the chronological age
✓ D. the effective age is usually greater than the chronological age
Which is NOT true about a mechanic's lien?
A. it can be filed for the value of the cost of the improvement
B. it must be filed within a specified time period
C. it would have to be enforced by the court
D. its priority rights are determined by the date of recording
✓ D. its priority rights are determined by the date of recording
A property was assessed at 25% of market value. The rate was $5 per $1,000.
If the homeowner actually paid $150, what was the total value of the
property?
A. $30,000
B. $82,500
C. $120,000
D. $133,000
Master01 | October, 2024/2025 | Latest update
