Barney Fletcher Practice Exam 1 – Accurate
Solutions For Every Question
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Terms in this set (56)
Which would NOT be used in the C. reproduction cost
capitalization approach?
A. gross income
B. operating expenses
C. reproduction cost
D. allowance for vacancy
A property had a land value of C. $173,500
$40,000, a 2,000 square feet structure
with a rebuilding cost of $70 per 2,000 sf x $70 = $140,000. $140,000 - $5,000 - $1,500
square foot, depreciation of $5,000 = $133,500. $133,500 + $40,000 = $173,500
due to functional obsolescence and
$1,500 due to physical depreciation.
What would be the estimate of value
for this property using the cost
approach?
A. $133,500
B. $140,000
C. $173,500
D. $180,000
A well maintained home in an area of C. external obsolescence
run down homes would be an
example of:
A. physical depreciation
B. functional obsolescence
C. external obsolescence
D. reproduction cost
,An appraiser who was considering the D. the effective age is usually greater than the
effective age of a property with the chronological age
chronological age would usually
accept each of the following
statements EXCEPT:
A. the effective age may be less than
the chronological age
B. improvement with new materials
could decrease the effective age
C. modernizing or maintaining the
building could decrease the effective
age
D. the effective age is usually greater
than the chronological age
Which is NOT true about a mechanic's D. its priority rights are determined by the date of
lien? recording
A. it can be filed for the value of the
cost of the improvement
B. it must be filed within a specified
time period
C. it would have to be enforced by the
court
D. its priority rights are determined by
the date of recording
A property was assessed at 25% of C. $120,000
market value. The rate was $5 per
$1,000. If the homeowner actually paid $150 divided by .5% = $30,000. $30,000 divided by
$150, what was the total value of the 25% = a total value of $120,000
property?
A. $30,000
B. $82,500
C. $120,000
D. $133,000
, A property had several different D. type of lien
encumbrances recorded against it.
Which of the following factors would
indicate which would be paid off first?
A. date of acknowledgement
B. amount of the lien
C. whether it was a voluntary or
involuntary lien
D. type of lien
A cooperative would take title to C. severalty
property under which of the following
categories?
A. tenants in common
B. joint tenancy
C. severalty
D. tenancy by the entireties
Which of the following items would D. eminent domain
result in a transfer of real estate
through court action?
A. police power
B. constructive notice
C. deed recordation
D. eminent domain
A property with a market value of C. $423
$7,000 was assessed at 96% of value.
The tax rate was 63 mills. What were $7,000 x 96% = $6,720. $6,720 x 6.3% = $423.36
the annual taxes?
A. $43
B. $44
C. $423
D. $441
Solutions For Every Question
Save Groups
Terms in this set (56)
Which would NOT be used in the C. reproduction cost
capitalization approach?
A. gross income
B. operating expenses
C. reproduction cost
D. allowance for vacancy
A property had a land value of C. $173,500
$40,000, a 2,000 square feet structure
with a rebuilding cost of $70 per 2,000 sf x $70 = $140,000. $140,000 - $5,000 - $1,500
square foot, depreciation of $5,000 = $133,500. $133,500 + $40,000 = $173,500
due to functional obsolescence and
$1,500 due to physical depreciation.
What would be the estimate of value
for this property using the cost
approach?
A. $133,500
B. $140,000
C. $173,500
D. $180,000
A well maintained home in an area of C. external obsolescence
run down homes would be an
example of:
A. physical depreciation
B. functional obsolescence
C. external obsolescence
D. reproduction cost
,An appraiser who was considering the D. the effective age is usually greater than the
effective age of a property with the chronological age
chronological age would usually
accept each of the following
statements EXCEPT:
A. the effective age may be less than
the chronological age
B. improvement with new materials
could decrease the effective age
C. modernizing or maintaining the
building could decrease the effective
age
D. the effective age is usually greater
than the chronological age
Which is NOT true about a mechanic's D. its priority rights are determined by the date of
lien? recording
A. it can be filed for the value of the
cost of the improvement
B. it must be filed within a specified
time period
C. it would have to be enforced by the
court
D. its priority rights are determined by
the date of recording
A property was assessed at 25% of C. $120,000
market value. The rate was $5 per
$1,000. If the homeowner actually paid $150 divided by .5% = $30,000. $30,000 divided by
$150, what was the total value of the 25% = a total value of $120,000
property?
A. $30,000
B. $82,500
C. $120,000
D. $133,000
, A property had several different D. type of lien
encumbrances recorded against it.
Which of the following factors would
indicate which would be paid off first?
A. date of acknowledgement
B. amount of the lien
C. whether it was a voluntary or
involuntary lien
D. type of lien
A cooperative would take title to C. severalty
property under which of the following
categories?
A. tenants in common
B. joint tenancy
C. severalty
D. tenancy by the entireties
Which of the following items would D. eminent domain
result in a transfer of real estate
through court action?
A. police power
B. constructive notice
C. deed recordation
D. eminent domain
A property with a market value of C. $423
$7,000 was assessed at 96% of value.
The tax rate was 63 mills. What were $7,000 x 96% = $6,720. $6,720 x 6.3% = $423.36
the annual taxes?
A. $43
B. $44
C. $423
D. $441
