Basic Appraisal Procedures Final Exam :Basic Appraisal
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Guide:Basic Appraisal Principles:Basic Appraisal
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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?
- ANSWER96.3
"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 - ANSWERmass appraisal
What is the most common type of framing currently being used in new homes? -
ANSWERplatform frame
Fannie Mae requires a single-unit residential appraisal report to include photographs
of - ANSWERthe subject property and the comparable sales
When measuring a condominium you should calculate ____ using _______
measurements. - ANSWERGLA, 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? -
ANSWERsubdivide 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) - ANSWERextraordinary assumption
A deed could provide all of the following information about a property EXCEPT
owner of record
easements
deed restrictions
zoning - ANSWERzoning
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? - ANSWER$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 - ANSWERpostal 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? -
ANSWER109.3
Which of the following would NOT be a common adjustment when appraising land?
size
quality
shape
topography - ANSWERquality
Possible Adjustments. The other three are common adjustments, but quality
adjustments would be made to improvements - not land.
The most common brownfield contaminant is - ANSWERpetroleum
"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 - ANSWERnet operating income
Which cost estimating method is the most detailed and time-consuming to develop?
comparative-unit
quantity survey
unit-in-place
index - ANSWERquantity survey
The most common unit of comparison for land in rural areas is price per _______. -
ANSWERacre
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 rent
multiplier is 75. By the capitalized value method, how much is the depreciation
attributable to the lack of air conditioning? - ANSWER$3,750
Capitalization of Income Loss. $1,100 - $1,050 = $50 rent loss. $50 X 75 = $3,750.
A factory-built house constructed in compliance with the HUD code is _________
home. - ANSWERmanufactured
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 rent
Package Deal:Basic Appraisal Procedures Study
Guide:Basic Appraisal Principles:Basic Appraisal
Procedures Test Review: Updated A Plus 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?
- ANSWER96.3
"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 - ANSWERmass appraisal
What is the most common type of framing currently being used in new homes? -
ANSWERplatform frame
Fannie Mae requires a single-unit residential appraisal report to include photographs
of - ANSWERthe subject property and the comparable sales
When measuring a condominium you should calculate ____ using _______
measurements. - ANSWERGLA, 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? -
ANSWERsubdivide 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) - ANSWERextraordinary assumption
A deed could provide all of the following information about a property EXCEPT
owner of record
easements
deed restrictions
zoning - ANSWERzoning
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? - ANSWER$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 - ANSWERpostal 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? -
ANSWER109.3
Which of the following would NOT be a common adjustment when appraising land?
size
quality
shape
topography - ANSWERquality
Possible Adjustments. The other three are common adjustments, but quality
adjustments would be made to improvements - not land.
The most common brownfield contaminant is - ANSWERpetroleum
"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 - ANSWERnet operating income
Which cost estimating method is the most detailed and time-consuming to develop?
comparative-unit
quantity survey
unit-in-place
index - ANSWERquantity survey
The most common unit of comparison for land in rural areas is price per _______. -
ANSWERacre
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 rent
multiplier is 75. By the capitalized value method, how much is the depreciation
attributable to the lack of air conditioning? - ANSWER$3,750
Capitalization of Income Loss. $1,100 - $1,050 = $50 rent loss. $50 X 75 = $3,750.
A factory-built house constructed in compliance with the HUD code is _________
home. - ANSWERmanufactured
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 rent
