Basic Appraisal Principles Final Exam Questions and Answers

Basic Appraisal Principles Final Exam Questions and Answers In a particular market, there is a demand for 500 houses per year, and there are currently 1,500 houses for sale. What does this most likely indicate? -Answer-there is a three-year supply of homes currently for sale "A business arrangement in which two or more persons jointly own a business and share in its profits and losses" is the definition of -Answer-partnertransferable development rightsship Property Owner A has the right to develop his property into 10 lots. He sells this right to nearby Property Owner B who wishes to develop his property into additional lots. This is an example of -Answer-transferable development rights What is the mean of the following set of gross rent multipliers? (95, 93, 120, 94, 93, 129) -Answer-104 Short term money instruments are traded on the -Answer-money market Which entity is responsible for making periodic changes to USPAP? -Answer-Appraisal Standards Board The real property market is generally classified as a(n) __________ market. -Answer- imperfect The appraisal standards and qualification criteria that are published by The Appraisal Foundation achieve legal authority by adoption, citation or implementation by -Answer- government agencies with the power to regulate or administrate 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 -Answer- contribution "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 -Answer-leased fee interest When appraising an income producing property, you have the following GRMs indicated from comparable sales (122, 159, 132, 126, 122, 173, 152, 126). What is the mode of the GRMs? -Answer-122, 126 (bi-modal) The current number of appraisal education hours required for Certified General Appraiser applicants is ______ hours. -Answer-300 The ________ is responsible for establishing criteria for individuals to become real property appraisers. -Answer-Appraiser Qualifications Board The federal financial institutions regulatory agencies directly involved in fair lending include all of the following EXCEPT -Answer-ASB A homeowner fears the construction of a factory nearby will decrease the value of her property. This illustrates the principle of -Answer-externalities Under the current qualification criteria, an applicant for Appraiser Trainee must have completed ___ creditable hours of experience. -Answer-0 What is the mode of the following set of gross rent multipliers? (95, 93, 120, 94, 93, 129) -Answer-93 What is the purpose of a state's statute of frauds? -Answer-requires certain documents to be in writing A property has a first mortgage of $100,000, a second mortgage of $20,000, and a third mortgage of $10,000. It is foreclosed and sold for $125,000. The holder of the third mortgage gets ________ and the holder of the second mortgag