Basic Appraisal Procedures- FINAL EXAM Questions and answers
1. The most common heating systems in residential construction today are
-hot water
-heat pumps
-forced warm air
-electric radiant: hot water
2. A home has a permanent steel chassis, wheels and axles.
-panelized
-modular
-pre-cut
-manufactured: manufactured
3. "The total period a building lasts or is expected to last..." is the definition
of life.
-useful
-expected
-real
-physical: physical
4. "The actual rental income specified in a lease" is the definition of
rent.
-deficit
-contract
-market
-lease: contract
5. A comparable new house just sold for $440,000. You estimate the value of
the site at $90,000 and the cost of the site improvements at $15,000. It has
2,885 square feet of GLA. What is its unit cost?
-$108.44
-$116.12
-$120.46
-$124.90: -$116.12
Comparative - Unit Method - Market Derivation. $440,000 - $90,000 - $15,000 =
$335,000. $335,000 ÷ 2,885 = $116.12.
6. A one-and-a-half-story house is commonly known as a
,Basic Appraisal Procedures- FINAL EXAM Questions and answers
-cape cod
-ranch
-split-level
-split-entry: cape cod
7. Appraisal fees are examples of costs.
-direct
-indirect
-unnecessary
-replacement: indirect
8. Separate site valuations would likely be required in which of the following
situations:
-cost approach
-condemnation appraisals
-highest and best use analysis
-any of the above: any of the above
9. When measuring a condominium you should calculate using
measurements.
-GLA, exterior
-GBA, interior
-GLA, interior
-GBA, exterior: GLA, interior
10. When developing an appraisal, you calculate the following GRMs for com-
parable properties: 94.3, 90.1, 95.6, 109.2, 84.5, 100.7, 99.9. What is the range
of the GRMs?
-24.7
-25.6
-27.2
-28.7: 24.7
11. It is common in appraisal reports to include a map that shows the location
of the .
-subject property only
-subject property and support facilities
-subject property and comparable sales
-subject property and local schools: -subject property and comparable sales
, Basic Appraisal Procedures- FINAL EXAM Questions and answers
12. "Details about the property being appraised, comparable sale and rental
properties, and relevant local market characteristics" is the definition of
-specialized data
-specific data
-general data
-neighborhood data: specific data
13. In the sales comparison approach, sales data on sales should
be collected.
-one or two
-no more than two
-exactly three
-at least three: at least three
14. "The amount by which contract rent exceeds market rent at the time of the
appraisal...." is the definition of rent.
-excess
-deficit
-effective
-economic: excess
15. Keyways are employed in which type of foundation walls?
-stone
-wood
-concrete block
-poured concrete: poured concrete
16. A 5 year old water heater with an expected life of 12 years and a replace-
ment cost of $825 will have experienced depreciation of $ .
-318.50
-344.03
-364.00
-396.75: 344.03
Short-Lived Depreciation. 5 ÷ 12 = .417 or 41.7% depreciation. $825 X .417 =
$344.03
17. A home has a permanent steel chassis, wheels and axles.
1. The most common heating systems in residential construction today are
-hot water
-heat pumps
-forced warm air
-electric radiant: hot water
2. A home has a permanent steel chassis, wheels and axles.
-panelized
-modular
-pre-cut
-manufactured: manufactured
3. "The total period a building lasts or is expected to last..." is the definition
of life.
-useful
-expected
-real
-physical: physical
4. "The actual rental income specified in a lease" is the definition of
rent.
-deficit
-contract
-market
-lease: contract
5. A comparable new house just sold for $440,000. You estimate the value of
the site at $90,000 and the cost of the site improvements at $15,000. It has
2,885 square feet of GLA. What is its unit cost?
-$108.44
-$116.12
-$120.46
-$124.90: -$116.12
Comparative - Unit Method - Market Derivation. $440,000 - $90,000 - $15,000 =
$335,000. $335,000 ÷ 2,885 = $116.12.
6. A one-and-a-half-story house is commonly known as a
,Basic Appraisal Procedures- FINAL EXAM Questions and answers
-cape cod
-ranch
-split-level
-split-entry: cape cod
7. Appraisal fees are examples of costs.
-direct
-indirect
-unnecessary
-replacement: indirect
8. Separate site valuations would likely be required in which of the following
situations:
-cost approach
-condemnation appraisals
-highest and best use analysis
-any of the above: any of the above
9. When measuring a condominium you should calculate using
measurements.
-GLA, exterior
-GBA, interior
-GLA, interior
-GBA, exterior: GLA, interior
10. When developing an appraisal, you calculate the following GRMs for com-
parable properties: 94.3, 90.1, 95.6, 109.2, 84.5, 100.7, 99.9. What is the range
of the GRMs?
-24.7
-25.6
-27.2
-28.7: 24.7
11. It is common in appraisal reports to include a map that shows the location
of the .
-subject property only
-subject property and support facilities
-subject property and comparable sales
-subject property and local schools: -subject property and comparable sales
, Basic Appraisal Procedures- FINAL EXAM Questions and answers
12. "Details about the property being appraised, comparable sale and rental
properties, and relevant local market characteristics" is the definition of
-specialized data
-specific data
-general data
-neighborhood data: specific data
13. In the sales comparison approach, sales data on sales should
be collected.
-one or two
-no more than two
-exactly three
-at least three: at least three
14. "The amount by which contract rent exceeds market rent at the time of the
appraisal...." is the definition of rent.
-excess
-deficit
-effective
-economic: excess
15. Keyways are employed in which type of foundation walls?
-stone
-wood
-concrete block
-poured concrete: poured concrete
16. A 5 year old water heater with an expected life of 12 years and a replace-
ment cost of $825 will have experienced depreciation of $ .
-318.50
-344.03
-364.00
-396.75: 344.03
Short-Lived Depreciation. 5 ÷ 12 = .417 or 41.7% depreciation. $825 X .417 =
$344.03
17. A home has a permanent steel chassis, wheels and axles.
