Basic Appraisal Procedures-Exam With 100% Correct
Solutions.
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 mean of the
GRMs?
96.3
"The process of valuing a universe of properties as of a given date using
standard methodology, employing common data, and allowing for statistical
testing" is the definition of
mass appraisal
What is the most common type of framing currently being used in new homes?
platform frame
Fannie Mae requires a single-unit residential appraisal report to include
photographs of
the subject property and the comparable sales
When measuring a condominium you should calculate ____ using _______
measurements.
GLA, interior
A parcel is valued at $450,000 as a single unit. Zoning allows it to be subdivided
into 8 lots and it is estimated that each lot could sell for $70,000. Site
development costs (sewer, grading, road, etc.) would cost $65,000. What is the
highest and best use?
subdivide it
An appraiser encounters an underground storage tank and there are no signs of
leakage or failure. An appraisal could be performed under the presumption that
the tank is not leaking and the property is not contaminated. This would be an
example of a(n)
extraordinary assumption
A deed could provide all of the following information about a property EXCEPT
owner of record
easements
deed restrictions
zoning
zoning
You examine a construction contract to build a 2,448 square foot house and the
total cost is $197,450. What was the cost per square foot?
$80.66
, Which would NOT be an appropriate legal description of a subject property?
postal address
metes and bounds description
rectangular survey description
lot and block description
postal address
You calculate the following gross rent multipliers for comparable properties:
121.2, 105.3, 111.2, 150.1, 108.3, 105.3, 109.8, 108.8. What is the median of the
GRMs?
109.3
Which of the following would NOT be a common adjustment when appraising
land?
size
quality
shape
topography
quality
Possible Adjustments. The other three are common adjustments, but quality
adjustments would be made to improvements - not land.
The most common brownfield contaminant is
petroleum
"The actual or anticipated net income that remains after all operating expenses
are deducted from effective gross income but before mortgage debt service and
book depreciation are deducted" is the definition of
net operating income
Which cost estimating method is the most detailed and time-consuming to
develop?
comparative-unit
quantity survey
unit-in-place
index
quantity survey
The most common unit of comparison for land in rural areas is price per _______.
acre
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
Solutions.
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 mean of the
GRMs?
96.3
"The process of valuing a universe of properties as of a given date using
standard methodology, employing common data, and allowing for statistical
testing" is the definition of
mass appraisal
What is the most common type of framing currently being used in new homes?
platform frame
Fannie Mae requires a single-unit residential appraisal report to include
photographs of
the subject property and the comparable sales
When measuring a condominium you should calculate ____ using _______
measurements.
GLA, interior
A parcel is valued at $450,000 as a single unit. Zoning allows it to be subdivided
into 8 lots and it is estimated that each lot could sell for $70,000. Site
development costs (sewer, grading, road, etc.) would cost $65,000. What is the
highest and best use?
subdivide it
An appraiser encounters an underground storage tank and there are no signs of
leakage or failure. An appraisal could be performed under the presumption that
the tank is not leaking and the property is not contaminated. This would be an
example of a(n)
extraordinary assumption
A deed could provide all of the following information about a property EXCEPT
owner of record
easements
deed restrictions
zoning
zoning
You examine a construction contract to build a 2,448 square foot house and the
total cost is $197,450. What was the cost per square foot?
$80.66
, Which would NOT be an appropriate legal description of a subject property?
postal address
metes and bounds description
rectangular survey description
lot and block description
postal address
You calculate the following gross rent multipliers for comparable properties:
121.2, 105.3, 111.2, 150.1, 108.3, 105.3, 109.8, 108.8. What is the median of the
GRMs?
109.3
Which of the following would NOT be a common adjustment when appraising
land?
size
quality
shape
topography
quality
Possible Adjustments. The other three are common adjustments, but quality
adjustments would be made to improvements - not land.
The most common brownfield contaminant is
petroleum
"The actual or anticipated net income that remains after all operating expenses
are deducted from effective gross income but before mortgage debt service and
book depreciation are deducted" is the definition of
net operating income
Which cost estimating method is the most detailed and time-consuming to
develop?
comparative-unit
quantity survey
unit-in-place
index
quantity survey
The most common unit of comparison for land in rural areas is price per _______.
acre
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
