Basic Appraisal Procedures |UPDATE |ACTUAL EXAM
QUESTIONS AND VERIFIED ANSWER S/ACCURATE
SOLUTIONS |GET IT 100% CORRECT!! ALREADY
GRADED A+
"The process of valuing a universe of properties as of a given date using standard
methodology, employing common data, and allowing for statistical testing" is the
definition of - ANSWER -mass appraisal
What is the most common type of framing currently being used in new homes? -
ANSWER -platform frame
Fannie Mae requires a single-unit residential appraisal report to include
photographs of - ANSWER -the subject property and the comparable sales
When measuring a condominium you should calculate ____ using _______
measurements. - ANSWER -GLA, interior
A parcel is valued at $450,000 as a single unit. Zoning allows it to be subdivided
into 8 lots and it is estimated that each lot could sell for $70,000. Site development
costs (sewer, grading, road, etc.) would cost $65,000. What is the highest and best
use? - ANSWER -subdivide it
An appraiser encounters an underground storage tank and there are no signs of
leakage or failure. An appraisal could be performed under the presumption that the
tank is not leaking and the property is not contaminated. This would be an example
of a (n) - ANSWER -extraordinary assumption
A deed could provide all of the following information about a property EXCEPT
, Owner of record
easements
Deed restrictions
Zoning - ANSWER -zoning
You examine a construction contract to build a 2,448 square foot house and the
total cost is $197,450. What was the cost per square foot? - ANSWER -$80.66
Which would NOT be an appropriate legal description of a subject property?
Postal address metes and
bounds description rectangular
survey description
Lot and block description - ANSWER -postal address
You 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? - ANSWER -109.3
Which of the following would NOT be a common adjustment when appraising
land?
Size
quality
shape
Topography - ANSWER -quality
Possible Adjustments. The other three are common adjustments, but quality
adjustments would be made to improvements - not land.
The most common brownfield contaminant is - ANSWER -petroleum
QUESTIONS AND VERIFIED ANSWER S/ACCURATE
SOLUTIONS |GET IT 100% CORRECT!! ALREADY
GRADED A+
"The process of valuing a universe of properties as of a given date using standard
methodology, employing common data, and allowing for statistical testing" is the
definition of - ANSWER -mass appraisal
What is the most common type of framing currently being used in new homes? -
ANSWER -platform frame
Fannie Mae requires a single-unit residential appraisal report to include
photographs of - ANSWER -the subject property and the comparable sales
When measuring a condominium you should calculate ____ using _______
measurements. - ANSWER -GLA, interior
A parcel is valued at $450,000 as a single unit. Zoning allows it to be subdivided
into 8 lots and it is estimated that each lot could sell for $70,000. Site development
costs (sewer, grading, road, etc.) would cost $65,000. What is the highest and best
use? - ANSWER -subdivide it
An appraiser encounters an underground storage tank and there are no signs of
leakage or failure. An appraisal could be performed under the presumption that the
tank is not leaking and the property is not contaminated. This would be an example
of a (n) - ANSWER -extraordinary assumption
A deed could provide all of the following information about a property EXCEPT
, Owner of record
easements
Deed restrictions
Zoning - ANSWER -zoning
You examine a construction contract to build a 2,448 square foot house and the
total cost is $197,450. What was the cost per square foot? - ANSWER -$80.66
Which would NOT be an appropriate legal description of a subject property?
Postal address metes and
bounds description rectangular
survey description
Lot and block description - ANSWER -postal address
You 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? - ANSWER -109.3
Which of the following would NOT be a common adjustment when appraising
land?
Size
quality
shape
Topography - ANSWER -quality
Possible Adjustments. The other three are common adjustments, but quality
adjustments would be made to improvements - not land.
The most common brownfield contaminant is - ANSWER -petroleum
