Basic Appraisal Procedures Exam :Study Questions & Answers: Updated Solution

"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. (Ans- reproduction Footings need to be _______________ below average frost penetration levels. (Ans- at least 12 inches GRMs are derived by dividing the __________ by the property's ___________ at the time of sale. (Ans- sale price, gross monthly unfurnished market rent The Fannie Mae Single Family Comparable Rent Schedule is designated as Form (Ans- 1007 "A condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of analysis" is the definition of (Ans- hypothetical condition What type of framing became popular in the 1800s with the advent of the steam-powered sawmill? (Ans- balloon frame When estimating the amount of adjustments for differences among properties, the most important principle is the principle of _______________. (Ans- contribution A _______________ home has a permanent steel chassis, wheels and axles. (Ans- manufactured An expansion tank is part of a ___________ heating system. (Ans- hot water When describing roofing shingles, a "square" contains __________ square feet. (Ans- 100