BASIC APPRAISAL PROCEDURES FINAL EXAM ACTUAL EXAM
250 QUESTIONS AND CORRECT DETAILED ANSWERS
The first step in the valuation process is - ANSWER: 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. - ANSWER: 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 - ANSWER:
Brownsfield
The ground rent capitalization method should only be used when appraising a
property that is - ANSWER: income-producing or suitable for income production
"The total period a building lasts or is expected to last..." is the definition of
_________ life. - ANSWER: physical
Parging is used on which kind of foundation wall? - ANSWER: 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? - ANSWER: 95.6
The most complex method of site valuation is the _______________ method. -
ANSWER: 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 - ANSWER: indirect costs
It is common in appraisal reports to include a map that shows the location of the
_______________. - ANSWER: subject property and comparable sales
"The amount an entrepreneur expects to receive for his or her contribution to a
project" is the definition of - ANSWER: entrepreneurial incentive
The intended user of an appraisal is the __________ and any other user, as identified
by _________. - ANSWER: client, name or type
What is another name for "indirect costs"? - ANSWER: soft costs
250 QUESTIONS AND CORRECT DETAILED ANSWERS
The first step in the valuation process is - ANSWER: 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. - ANSWER: 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 - ANSWER:
Brownsfield
The ground rent capitalization method should only be used when appraising a
property that is - ANSWER: income-producing or suitable for income production
"The total period a building lasts or is expected to last..." is the definition of
_________ life. - ANSWER: physical
Parging is used on which kind of foundation wall? - ANSWER: 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? - ANSWER: 95.6
The most complex method of site valuation is the _______________ method. -
ANSWER: 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 - ANSWER: indirect costs
It is common in appraisal reports to include a map that shows the location of the
_______________. - ANSWER: subject property and comparable sales
"The amount an entrepreneur expects to receive for his or her contribution to a
project" is the definition of - ANSWER: entrepreneurial incentive
The intended user of an appraisal is the __________ and any other user, as identified
by _________. - ANSWER: client, name or type
What is another name for "indirect costs"? - ANSWER: soft costs
