Basic Appraisal Principles Mckissock with veirified solutions already graded a+

promote and maintain, public trust The intent of USPAP is to ____________ a high level of __________ in professional appraisal practice. wage levels Which of the following would NOT be considered a governmental influence on value? Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:06 / 0:15 Full screen employment rates Which would NOT be considered factors in supply analysis? escheat Which of these would be considered a public restriction on real property ownership? 3000 The number of required experience hours for Certified General Appraiser applicants is ____ hours. Property Rights Real estate includes all of the following EXCEPT Imperfect The real property market is generally classified as a(n) __________ market. Salvage The price expected for a whole property, e.g., a house, or a part of a property, e.g., a plumbing fixture, that is removed from the premises usually for use elsewhere" is the definition of ____________ value. market area The geographic region from which a majority of demand comes and which the majority of the competition is located" is the definition of leased fee interest The ownership interest held by the lessor, which includes the right to receive the contract rent specified in the lease plus the reversionary right when the lease expires" is the definition of leasehold estate The right held by the lessee to use and occupy real estate for a stated term and under the conditions specified in the lease" is the definition of cooperative What type of property ownership is characterized by the purchase of shares of stock in a corporation, which provides a proprietary lease to occupy an apartment unit? Price USPAP defines _________ as the amount asked, offered, or paid for a property. estimate, opinion Modern definitions of the word "appraisal" have replaced the word _______ with ________. vacant land and improved property The principle of highest and best use applies to FDIC, OCC, FRB The federal financial institutions regulatory agencies directly involved in fair lending include all of the following GIS _________ is a computerized mapping system for encoding, retrieving, analyzing and presenting geographic or spatial data. omit the client's identity from the report but identify the client in the workfile A client asks an appraiser to omit the client's identity from the appraisal report. What can the appraiser do? transferable development A development right that cannot be used by the landowner, or that the owner chooses not to use, but can be sold to landowners in another location" are called _____________ rights FDIC,OCC,FRB The federal financial institutions regulatory agencies directly involved in fair lending include all of the following directly, proportionately The principle of supply and demand states that the price of a commodity, good, or service varies __________, but not necessarily _____________, with demand. The Appraisal Subcommittee Which entity is responsible for monitoring state appraiser licensing and certification agencies? executory A(n) __________ contract is one that is not been fully performed or completed. encroachment Trespassing on the domain of another" is the definition of subsurface "The right to construct and maintain tunnels, subways, subcellars, pipelines, sewers, etc." is the definition of _________ rights. Distric A neighborhood characterized by homogeneous land use, e.g., apartment, commercial, industrial, agricultural" is the definition of a type of property, a specific property A market analysis examines ____________ , where a marketability analysis examines ______________. C The website with the largest amount of demographics information is microeconomics "The study of the economics of individual spheres of activity or patterns and behaviors, e.g., a firm, an industry, a retail market, a consumer segment, pricing, local employment" is the definition of government agencies The appraisal standards and qualification criteria promulgated by the boards of The Appraisal Foundation achieves legal authority by adoption, citation or implementation by capital "The interaction of buyers and sellers who trade long-term or intermediate-term money instruments" is the definition of the _____________ market. REIT What is a corporation or trust that functions like a mutual fund for real estate, by combining the capital of many investors to acquire real estate? Fannie Mae and Freddie Mac In the 1970s, who developed uniform rules for mortgage underwriting? Money market Short term money instruments are traded on the intangible "A value that cannot be imputed to any part of the physical property, e.g., the excess value attributable to a favorable lease or mortgage, the value attributable to goodwill" is the definition of ____________ value. externalities A homeowner fears the construction of a factory nearby will decrease the value of her property. This illustrates the principle of regression "In appraisal, the concept that a higher-priced property will be worth less in a lower-priced neighborhood than it would in a neighborhood of comparable properties" is the definition of the principle of depressed "A market in which a drop in demand is accompanied by a relative oversupply and a decline in prices" is the definition of a(n) __________ market. written or oral, client An appraisal report is defined as "the ____________ communication of an appraisal; the document transmitted to the __________upon completion of an appraisal assignment." contribution When estimating the value of a fireplace in a single-family home, the most important principle is the principle of estate "A right or interest in property" is a(n) nowhere In USPAP, the word "Ethics" is defined contribution Eric pays $35,000 to have an inground swimming pool constructed in his back yard. When he sells the property, he only receives $10,000 more for his property than what similar property sold for without a pool. This is an example of the principle of ASC The ______ maintains a National Registry of appraisers. Appraisal Standards Board Which entity is responsible for making periodic changes to USPAP? requires certain documents to be in writing What is the purpose of a state's statute of frauds? governmental Transportation would be an example of a(n) __________ force affecting property values.