Basic Appraisal Procedures- FINAL EXAM
Q's With 100% Correct Solutions.
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
,Basic Appraisal Procedures- FINAL EXAM
Q's With 100% Correct Solutions.
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
, Basic Appraisal Procedures- FINAL EXAM
Q's With 100% Correct Solutions.
In the sales comparison approach, sales data on __________ sales should be
collected.
-one or two
-no more than two
-exactly three
-at least three - Answer at least three
"The amount by which contract rent exceeds market rent at the time of the
appraisal...." is the definition of __________ rent.
-excess
-deficit
-effective
-economic - Answer excess
Keyways are employed in which type of foundation walls?
-stone
-wood
-concrete block
-poured concrete - Answer poured concrete
A 5 year old water heater with an expected life of 12 years and a replacement cost of
$825 will have experienced depreciation of $__________.
-318.50
-344.03
-364.00
-396.75 - Answer 344.03
Short-Lived Depreciation. 5 ÷ 12 = .417 or 41.7% depreciation. $825 X .417 =
$344.03
A ___________ home has a permanent steel chassis, wheels and axles.
-manufactured
-modular
-pre-cut
-panelized - Answer manufactured
"The estimated cost to construct, at current prices as of the effective appraisal date,
an exact duplicate or replica of the building being appraised, using the same
materials..." is the definition of _______________ cost.
-depreciated
-new
-replacement
Q's With 100% Correct Solutions.
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
,Basic Appraisal Procedures- FINAL EXAM
Q's With 100% Correct Solutions.
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
, Basic Appraisal Procedures- FINAL EXAM
Q's With 100% Correct Solutions.
In the sales comparison approach, sales data on __________ sales should be
collected.
-one or two
-no more than two
-exactly three
-at least three - Answer at least three
"The amount by which contract rent exceeds market rent at the time of the
appraisal...." is the definition of __________ rent.
-excess
-deficit
-effective
-economic - Answer excess
Keyways are employed in which type of foundation walls?
-stone
-wood
-concrete block
-poured concrete - Answer poured concrete
A 5 year old water heater with an expected life of 12 years and a replacement cost of
$825 will have experienced depreciation of $__________.
-318.50
-344.03
-364.00
-396.75 - Answer 344.03
Short-Lived Depreciation. 5 ÷ 12 = .417 or 41.7% depreciation. $825 X .417 =
$344.03
A ___________ home has a permanent steel chassis, wheels and axles.
-manufactured
-modular
-pre-cut
-panelized - Answer manufactured
"The estimated cost to construct, at current prices as of the effective appraisal date,
an exact duplicate or replica of the building being appraised, using the same
materials..." is the definition of _______________ cost.
-depreciated
-new
-replacement
