BASIC APPRAISAL PROCEDURES FINAL EXAM ACTUAL EXAM
250 QUESTIONS AND CORRECT DETAILED ANSWERS
The most common heating systems in residential construction today are
-hot water
-heat pumps
-forced warm air
-electric radiant - ANSWER: hot water
A _______________ home has a permanent steel chassis, wheels and axles.
-panelized
-modular
-pre-cut
-manufactured - ANSWER: manufactured
"The total period a building lasts or is expected to last..." is the definition of
_________ life.
-useful
-expected
-real
-physical - ANSWER: physical
"The actual rental income specified in a lease" is the definition of ___________ rent.
-deficit
-contract
-market
-lease - ANSWER: contract
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 - ANSWER: -$116.12
Comparative - Unit Method - Market Derivation. $440,000 - $90,000 - $15,000 =
$335,000. $335,000 ÷ 2,885 = $116.12.
A one-and-a-half-story house is commonly known as a
,-cape cod
-ranch
-split-level
-split-entry - ANSWER: cape cod
Appraisal fees are examples of _______________ costs.
-direct
-indirect
-unnecessary
-replacement - ANSWER: indirect
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 - ANSWER: any of the above
When measuring a condominium you should calculate ____ using _______
measurements.
-GLA, exterior
-GBA, interior
-GLA, interior
-GBA, exterior - ANSWER: GLA, interior
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 range of the GRMs?
-24.7
-25.6
-27.2
-28.7 - ANSWER: 24.7
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 - ANSWER: -subject property and comparable
sales
"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 - ANSWER: specific data
In the sales comparison approach, sales data on __________ sales should be
collected.
-one or two
-no more than two
-exactly three
-at least three - ANSWER: at least three
"The amount by which contract rent exceeds market rent at the time of the
appraisal...." is the definition of __________ rent.
-excess
-deficit
-effective
-economic - ANSWER: excess
Keyways are employed in which type of foundation walls?
-stone
-wood
-concrete block
-poured concrete - ANSWER: poured concrete
A 5 year old water heater with an expected life of 12 years and a replacement cost of
$825 will have experienced depreciation of $__________.
-318.50
-344.03
-364.00
-396.75 - ANSWER: 344.03
Short-Lived Depreciation. 5 ÷ 12 = .417 or 41.7% depreciation. $825 X .417 = $344.03
A ___________ home has a permanent steel chassis, wheels and axles.
-manufactured
-modular
-pre-cut
-panelized - ANSWER: manufactured
250 QUESTIONS AND CORRECT DETAILED ANSWERS
The most common heating systems in residential construction today are
-hot water
-heat pumps
-forced warm air
-electric radiant - ANSWER: hot water
A _______________ home has a permanent steel chassis, wheels and axles.
-panelized
-modular
-pre-cut
-manufactured - ANSWER: manufactured
"The total period a building lasts or is expected to last..." is the definition of
_________ life.
-useful
-expected
-real
-physical - ANSWER: physical
"The actual rental income specified in a lease" is the definition of ___________ rent.
-deficit
-contract
-market
-lease - ANSWER: contract
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 - ANSWER: -$116.12
Comparative - Unit Method - Market Derivation. $440,000 - $90,000 - $15,000 =
$335,000. $335,000 ÷ 2,885 = $116.12.
A one-and-a-half-story house is commonly known as a
,-cape cod
-ranch
-split-level
-split-entry - ANSWER: cape cod
Appraisal fees are examples of _______________ costs.
-direct
-indirect
-unnecessary
-replacement - ANSWER: indirect
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 - ANSWER: any of the above
When measuring a condominium you should calculate ____ using _______
measurements.
-GLA, exterior
-GBA, interior
-GLA, interior
-GBA, exterior - ANSWER: GLA, interior
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 range of the GRMs?
-24.7
-25.6
-27.2
-28.7 - ANSWER: 24.7
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 - ANSWER: -subject property and comparable
sales
"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 - ANSWER: specific data
In the sales comparison approach, sales data on __________ sales should be
collected.
-one or two
-no more than two
-exactly three
-at least three - ANSWER: at least three
"The amount by which contract rent exceeds market rent at the time of the
appraisal...." is the definition of __________ rent.
-excess
-deficit
-effective
-economic - ANSWER: excess
Keyways are employed in which type of foundation walls?
-stone
-wood
-concrete block
-poured concrete - ANSWER: poured concrete
A 5 year old water heater with an expected life of 12 years and a replacement cost of
$825 will have experienced depreciation of $__________.
-318.50
-344.03
-364.00
-396.75 - ANSWER: 344.03
Short-Lived Depreciation. 5 ÷ 12 = .417 or 41.7% depreciation. $825 X .417 = $344.03
A ___________ home has a permanent steel chassis, wheels and axles.
-manufactured
-modular
-pre-cut
-panelized - ANSWER: manufactured
