Download IAAO Course 101: Real Estate Appraisal Fundamentals and more Exams Nursing in PDF only on Docsity!
IAAO Course 101 with Accurate
Solutions
ad volorem - ANSWER-according to value 3 Responsibilities of an assessor - ANSWER-Discover List Value Important tools in the discover of property - ANSWER-Adequate mapping system Recorded information Periodic on-site inspection Different class identifications - ANSWER-Real Personal Exempt Utility Important elements in the listing of property - ANSWER-Legal description Street address Parcel identifier Property class Property use Property situs Physical attributes Value or valuation key steps - ANSWER-Estimate Assess Review Certify Purpose of USPAP - ANSWER-To promote and maintain a high level of public trust in appraisal practice by establishing requirements for appraisers USPAP ethics rule - ANSWER-Integrity Impartiality Objectivity Independent judgment Ethical conduct
Property - ANSWER-In aggregate of things or right to things or the legal interest of an owner in a parcel or thing What is USPAP comprised of - ANSWER-Definitions preamble ethics rule record keeping rule l competency rule scope of work rule jurisdictional exemption rule 10 standards What is USPAP - ANSWER-Uniform Standards of professional Appraisal Practice Legal definition of property - ANSWER-The right to possess, use, enjoy, dispose of a thing Principle of Surplus Productivity - ANSWER-Net income to the land that remains after the cost of the other agents of production have been paid. (land residual) Principle of Supply and Demand - ANSWER-Value is affected by scarcity of a product and the desire for that item. The appropriate map scale for rural areas is - ANSWER-1' to 400" The appropriate map scale for suburban areas and small towns is - ANSWER-1" = 200' The appropriate map scale for urban areas is - ANSWER-1" = 100' Parcel Identifier - ANSWER-The property account number, linking ownership records, tax maps, and assessment record Metes and bounds system - ANSWER-A land description system in which boundaries are described as distances between two semi permanent points or as lines following compass bearings is known as Offsite improvements - ANSWER-Improvements such as streets, sidewalks, and availability charities are considered what kind of improvements? Three major categories of property - ANSWER-Real Personal intangible Real Property - ANSWER-Interests, benefits, and rights inherent and ownership of land in anything permanently attached to the land
Value Requirements - ANSWER-Utility, scarcity, desirability, effective purchasing power value in use - ANSWER-value of property for specific use value in exchange - ANSWER-Amount informed buyer offers for property under given market conditions cost - ANSWER-Sacrifice made to acquire price - ANSWER-Amount asked, offered, or paid value - ANSWER-Monetary worth to buyers and sellers Market Value - ANSWER-Most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus Appraisal - ANSWER-Estimate of value usually in writing adequately described property as of a given date Valuation - ANSWER-Estimate of value Real or personal property Given date Evaluation - ANSWER-Study of real estate or real property Value estimate not necessarily required Principle of Anticipation - ANSWER-Expected future benefits Principle of Change - ANSWER-Market value is never constant Principle of Balance - ANSWER-For agents of production attain equilibrium Principle of Competition - ANSWER-Increased competition results in decreased profits for current providers Principle of conformity - ANSWER-Appraisal theory that affirms that the maximum value is realized if the use of land conforms to existing neighborhood standards. Principle of Consistent Use - ANSWER-A property must be valued with a single use for the entire property
Principle of Contribution - ANSWER-The value of any component of property is determined by how much value the improvement contributes to the value of the whole property. Principle of increasing/decreasing returns - ANSWER-Invest in property whenever each dollar invested will return a dollar or more of increased value and stop when each dollar invested returns less than a dollar in value- do not over- improve a property Principle of progression and regression - ANSWER-Value of the best property will be adversely affected by the presence of comparatively sub standard. Principle of Substitution - ANSWER-The maximum value of a property tends to be set by the cost of purchasing an equally desirable substitute property. site - ANSWER-Land has been developed to the extent that is ready to be built upon Cadastral maps - ANSWER-Shows boundaries personal size sales information and other relevant features of all parcel and jurisdiction Direct Sales Comparison Method - ANSWER-The preferred method of valuing land if adequate data is available In areas of rapid growth, which types of sales data might be preferable? - ANSWER- Market, or time, adjusted sales data Stratification is the first step in analyzing land sales, and the primary sort is by ___________ - ANSWER-Market area Abstraction Method - ANSWER-The method of valuing land that subtract the depreciated value of improvement from the sale price
