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Basic Appraisal Procedures Final Exam, Exams of Nursing

Bellevue CollegeNursing

A study guide or practice exam for a course on basic appraisal procedures. It covers a wide range of topics related to real estate valuation, including the valuation process, definitions of key terms, methods of site valuation, cost approach formulas, sales comparison analysis, and more. A comprehensive overview of the fundamental concepts and techniques used in real estate appraisal, making it a potentially valuable resource for students or professionals preparing for an exam or seeking to deepen their understanding of the subject matter. The level of detail and the range of topics covered suggest that this document could be useful for university-level courses in real estate, finance, or related fields, as well as for professional development and certification programs in the appraisal industry.

Typology: Exams

2023/2024

Available from 08/23/2024

BESTOFLUCK
BESTOFLUCK 🇺🇸

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Basic Appraisal Procedures Final Exam |
2024 Questions & Answers | 100%
Correct | Verified
The first step in the valuation process is - ✔✔define the problem
Appraisers are cautioned to identify the exact _______________ of market value, and its
_______________, applicable in each appraisal completed for the purpose of market value. -
✔✔definition, authority
"Real property for which the expansion, redevelopment, or reuse of the real estate may be complicated
by the presence of environmental contamination that needs to be remediated to appropriate regulatory
standards " is the definition of - ✔✔Brownsfield
The ground rent capitalization method should only be used when appraising a property that is -
✔✔income-producing or suitable for income production
"The total period a building lasts or is expected to last..." is the definition of _________ life. - ✔✔physical
Parging is used on which kind of foundation wall? - ✔✔concrete block
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 median of the GRMs? - ✔✔95.6
The most complex method of site valuation is the _______________ method. - ✔✔subdivision
development
"Expenditures or allowances for items other than labor and materials that are necessary for
construction, but are not typically part of the construction contract" is the definition of - ✔✔indirect
costs
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Basic Appraisal Procedures Final Exam |

2024 Questions & Answers | 100%

Correct | Verified

The first step in the valuation process is - ✔✔define the problem Appraisers are cautioned to identify the exact _______________ of market value, and its _______________, applicable in each appraisal completed for the purpose of market value. - ✔✔definition, authority "Real property for which the expansion, redevelopment, or reuse of the real estate may be complicated by the presence of environmental contamination that needs to be remediated to appropriate regulatory standards " is the definition of - ✔✔Brownsfield The ground rent capitalization method should only be used when appraising a property that is - ✔✔income-producing or suitable for income production "The total period a building lasts or is expected to last..." is the definition of _________ life. - ✔✔physical Parging is used on which kind of foundation wall? - ✔✔concrete block 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 median of the GRMs? - ✔✔95. The most complex method of site valuation is the _______________ method. - ✔✔subdivision development "Expenditures or allowances for items other than labor and materials that are necessary for construction, but are not typically part of the construction contract" is the definition of - ✔✔indirect costs

It is common in appraisal reports to include a map that shows the location of the _______________. - ✔✔subject property and comparable sales "The amount an entrepreneur expects to receive for his or her contribution to a project" is the definition of - ✔✔entrepreneurial incentive The intended user of an appraisal is the __________ and any other user, as identified by _________. - ✔✔client, name or type What is another name for "indirect costs"? - ✔✔soft costs What is the most common type of framing currently being used in new homes? - ✔✔platform frame The cost approach formula states that reproduction or replacement cost new _______________, _______________ equals property value. - ✔✔minus depreciation, plus site value "A method used to convert an estimate of a single year's income expectancy into an indication of value in one direct step, either by dividing the net income estimate by an appropriate capitalization rate or by multiplying the income estimate by an appropriate factor " is the definition of - ✔✔direct capitalization When measuring a condominium you should calculate ____ using _______ measurements. - ✔✔GLA, interior Early ductless heating systems were called - ✔✔gravity systems The most common unit of comparison for land in rural areas is price per _______. - ✔✔acre Which entity produces the most commonly-used land appraisal report form? - ✔✔It is a generic form When describing roofing shingles, a "square" contains __________ square feet. - ✔✔ 100

Modular homes are constructed to meet __________ code requirements. - ✔✔State and Local A house is rented for $1,050 per month, but lacks air conditioning. Comparable houses with air conditioning, rent for $1,100 per month. The appropriate gross rent multiplier is 75. By the capitalized value method, how much is the depreciation attributable to the lack of air conditioning? - ✔✔$3, The ________ approach is particularly applicable in the appraisal of special purpose properties. - ✔✔cost Fannie Mae says the cost approach ____________________. - ✔✔is optional The URAR sales comparison grid requires you to enter in the _________ age of the subject property and comparables. - ✔✔actual When the property being appraised is a one-family property that will be used as an investment property, Fannie Mae requires that the appraiser must prepare a ______________. - ✔✔Form 1004 and Form 1007 In the sales comparison approach, sales data on __________ sales should be collected. - ✔✔at least three A deed could provide all of the following information about a property EXCEPT - ✔✔zoning Today the _______________ technique of site valuation is used primarily in highest and best use analysis. - ✔✔land residual "Data that relates to the four forces that affect real property values—social, economic, governmental, and environmental forces" is the definition of - ✔✔general data "The anticipated income from all operations of the real estate after an allowance is made for vacancy and collection losses and an addition is made for any other income" is the definition of ____________ income. - ✔✔effective gross

A municipality assesses property at 100% of value. If a property is assessed at $155,000 and the rate per thousand is $12.80, how much are total property taxes? - ✔✔$1, "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. - ✔✔reproduction The credibility of assignment results is always measured in the context of the _______________. - ✔✔intended use All of the following could be sources of general data EXCEPT - ✔✔zoning ordinances A _______________ home has a permanent steel chassis, wheels and axles. - ✔✔manufactured