Appraisal Exam questions hondros final
exam 100% Correct Answers.
The opinion of value in an appraisal report is valid - Answeras of the effective date of
the appraisal only
An appraisal report is NOT required to include - AnswerThe contract price of the
property
Which value approach would most likely be emphasized for an apartment building in an
established neighborhood? - AnswerIncome approach
A vacant land parcel described as the NE 1/4 of section 17 is selling for $1,200 per
acre. What is the sale price of the parcel? - Answer$192,000
Market value is - AnswerThe most probable selling price to a typical buyer
Market price is the - Answeramount, in dollars, actually paid for the property
The cost approach does NOT require an estimate of - AnswerNet operating income
When using the income approach, appraisers do NOT assume that - AnswerFuture
income is always more valuable than present income
Using the information in the following table, calculate depreciation using the age-life
method.
Replacement cost-$173,000
Effective age-15 years
Remaining economic life-60 years - Answer$34,600
The single most important value factor is - AnswerLocation
Which characteristics create value in real estate? - AnswerScarcity and utility
The four broad forces which affect value are - AnswerEconomic, governmental,
social, and physical
A neighborhood's life cycle is an example of - AnswerChange
In analyzing a vacant size to estimate its value, the first step is to determine -
AnswerIts highest and best use
, If a developer purchased a lot measuring 348' x 1,000' and the sale price was $5,000
per acre, how much did the developer pay? - Answer$39,945
The data required for a site analysis includes
a. economic characteristics of the neighborhood and community
b. physical characteristics of the site
c. zoning information
d. all of the above - AnswerAll of the above
Prior to inspecting the site, an appraiser should obtain information on the
a. size and shape of the parcel
b. utilities and soil type
c. zoning and easements
d. all of the above - AnswerAll of the above
As the depth of the lot increases, the value per front footage - AnswerIncreases at a
decreasing rate
If a property's effective gross income is $14,351.40 and vacancy is calculated at 6.2%,
what is the potential gross income? - Answer$15,300.00
The utility of property is most affected by - AnswerBuilding codes, restrictions, and
zoning
When reflected to the subject, the comparable property had a fireplace with a
contributory value of $1,500, but lacked a half bath with a contributory value of $2,500.
What was the net adjustment to the comparable? - Answer+$1,000
What type of obsolescence is represented by severe structural damage to a basement
foundation? - AnswerPhysical
The effective age of a house does NOT consider - AnswerThe actual age of the
house
The gross living area of an improved residential property is determined by measuring
the - AnswerExterior dimensions of the dwelling, not including the garage
When building a new home, what is the order of the first four construction steps? -
AnswerSite work, foundation, framing, and rough-ins
Of the following architectural styles, which is typically a one-floor plan design? -
AnswerRanch
exam 100% Correct Answers.
The opinion of value in an appraisal report is valid - Answeras of the effective date of
the appraisal only
An appraisal report is NOT required to include - AnswerThe contract price of the
property
Which value approach would most likely be emphasized for an apartment building in an
established neighborhood? - AnswerIncome approach
A vacant land parcel described as the NE 1/4 of section 17 is selling for $1,200 per
acre. What is the sale price of the parcel? - Answer$192,000
Market value is - AnswerThe most probable selling price to a typical buyer
Market price is the - Answeramount, in dollars, actually paid for the property
The cost approach does NOT require an estimate of - AnswerNet operating income
When using the income approach, appraisers do NOT assume that - AnswerFuture
income is always more valuable than present income
Using the information in the following table, calculate depreciation using the age-life
method.
Replacement cost-$173,000
Effective age-15 years
Remaining economic life-60 years - Answer$34,600
The single most important value factor is - AnswerLocation
Which characteristics create value in real estate? - AnswerScarcity and utility
The four broad forces which affect value are - AnswerEconomic, governmental,
social, and physical
A neighborhood's life cycle is an example of - AnswerChange
In analyzing a vacant size to estimate its value, the first step is to determine -
AnswerIts highest and best use
, If a developer purchased a lot measuring 348' x 1,000' and the sale price was $5,000
per acre, how much did the developer pay? - Answer$39,945
The data required for a site analysis includes
a. economic characteristics of the neighborhood and community
b. physical characteristics of the site
c. zoning information
d. all of the above - AnswerAll of the above
Prior to inspecting the site, an appraiser should obtain information on the
a. size and shape of the parcel
b. utilities and soil type
c. zoning and easements
d. all of the above - AnswerAll of the above
As the depth of the lot increases, the value per front footage - AnswerIncreases at a
decreasing rate
If a property's effective gross income is $14,351.40 and vacancy is calculated at 6.2%,
what is the potential gross income? - Answer$15,300.00
The utility of property is most affected by - AnswerBuilding codes, restrictions, and
zoning
When reflected to the subject, the comparable property had a fireplace with a
contributory value of $1,500, but lacked a half bath with a contributory value of $2,500.
What was the net adjustment to the comparable? - Answer+$1,000
What type of obsolescence is represented by severe structural damage to a basement
foundation? - AnswerPhysical
The effective age of a house does NOT consider - AnswerThe actual age of the
house
The gross living area of an improved residential property is determined by measuring
the - AnswerExterior dimensions of the dwelling, not including the garage
When building a new home, what is the order of the first four construction steps? -
AnswerSite work, foundation, framing, and rough-ins
Of the following architectural styles, which is typically a one-floor plan design? -
AnswerRanch
