Which would NOT be a typical source of building costs for an appraiser
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the property owner
,The geographic region from which a majority of demand comes and in which the
majority of competition is located is the definition of
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market area
Which type of home is built to meet the HUD codes?
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manufactured home
True or False: An appraiser would typically not value a 50-unit apartment complex with a
gross rent multiplier (GRM).
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True
Another name for soft costs is ________________.
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, indirect cost
A method of estimating land value in which sales of improved properties are analyzed to
establish a typical ratio of land value to total property value is the definition of the
_______________ method.
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allocation
A _____________ is a lump-sum payment to the lender that reduces the interest rate of the
borrower's mortgage.
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buydown
Assume that a house needed a new roof and siding. A buyer has a contractor's estimate
of $10000 to install the roof and siding. An offer of $110000 for the property was
accepted. The work was done immediately after the closing and it would end up costing
$12500. How much should you adjust the sale if you use it as a comparable?
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, $10000
A property sold for $200000, there was a $20000 down payment and the rest was in the
form of a 30 year mortgage at %6 interest. The seller paid 3 points at the closing. How
much was that?
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$5400
A comparable sale sold for $940000. It had a verified NOI of $122500. The capitalization
rate (Ro) from the comparable sale is calculated as:
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.13
Market conditions adjustments are referred to by some appraisers as ___________
adjustments.
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time
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the property owner
,The geographic region from which a majority of demand comes and in which the
majority of competition is located is the definition of
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market area
Which type of home is built to meet the HUD codes?
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manufactured home
True or False: An appraiser would typically not value a 50-unit apartment complex with a
gross rent multiplier (GRM).
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True
Another name for soft costs is ________________.
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, indirect cost
A method of estimating land value in which sales of improved properties are analyzed to
establish a typical ratio of land value to total property value is the definition of the
_______________ method.
Give this one a try later!
allocation
A _____________ is a lump-sum payment to the lender that reduces the interest rate of the
borrower's mortgage.
Give this one a try later!
buydown
Assume that a house needed a new roof and siding. A buyer has a contractor's estimate
of $10000 to install the roof and siding. An offer of $110000 for the property was
accepted. The work was done immediately after the closing and it would end up costing
$12500. How much should you adjust the sale if you use it as a comparable?
Give this one a try later!
, $10000
A property sold for $200000, there was a $20000 down payment and the rest was in the
form of a 30 year mortgage at %6 interest. The seller paid 3 points at the closing. How
much was that?
Give this one a try later!
$5400
A comparable sale sold for $940000. It had a verified NOI of $122500. The capitalization
rate (Ro) from the comparable sale is calculated as:
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.13
Market conditions adjustments are referred to by some appraisers as ___________
adjustments.
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time
