Authorities say four agents contribute to gross income. Which of the following is not one of them?
The highest value would most likely be the:
The definition of highest and best use would contain which of the following phrase?
In appraising a vacant lot, an appraiser would first determine the
A property owner can protect against economic depreciation by:
Loss of value of an expensive home because of a neighborhood of low price homes is known as:
Estimating a property's value based on its future income for specified number of years would be:
To offset depreciation, a person may:
Market value is best described as:
Progression and regression in appraisal relate to:
In appraisal of commercial property, the most important factor would be:
An area that would most likely maintain its value would:
A property value can be influenced by neighboring property. The value of a home would least likely be influenced by a neighborhood containing:
A factor an appraiser would consider when appraising a building would be:
Income minus operating expenses minus principal, interest, and tax payments equals:
In using the market-data approach in appraising a single-familly residence, comparisons should be made as to:
An appraiser would most likely have the designation:
The following are all good definitions of depreciation except:
The principle of substitution applies in:
The elements of value do not include:
During an inflationary period, interest rates:
Of greatest importance to the value of a single-family residence would be:
In order to determine accrued depreciation of a residential property, each year of the economic age of a structure receives:
The period in which a building produces income attributable to the building itself is known as:
A warehouse has vertical support columns every 12 feet making it difficult to rent. This is an example of:
The replacement cost method of appraising:
An appraiser defines the boundaries of a neighborhood by:
A property is valued at $300,000 with a five percent capitalization rate. If the prospective investor wants an eight percent return on her money, the property would be valued at:
The Home Valuation Code of Conduct must be subscribed to by:
The least important factor in appraising a home for market value would be:
In appraising a property with two baths, the appraiser used a comparable with 2 1/2 baths. The appraiser should:
Which of the following basic real economic characteristics is the best expression of why real estate has value?
Urban blight results from:
A capital improvement to real property would:
An example of unearned income would be:
As to the replacement cost method of appraising, which of the following is true?
Capitalising the net income and deducting the replacement cost of the improvements gives:
Putting aside $1000 a year in govermnet bonds for five years to replace the roof is an example of:
Such things as well-cared-for shrubbery and a fenced yard refer to:
To obtain a listing, a broker agrees to make a free appraisal of the property. As to this appraisal agreement, which of the following is true?
An accountant would be primarily interested in:
Cost presents a measure of ___ sacrifice either of materials of labor, and always represents a measure of ___ expenditure. Value, on the other hand, constitutes __ worths of future benefits.
Functional obsolescence would not be caused by:
The statement "more buildings are torn down than wear out" is a definition of:
Assenblage is closest to:
Of the following reasons, which explains why replacement cost is better for new buildings than for old structures?
In making an appraisal for a bank, an appraiser would be concerned with:
The cost approach is most appropriate for appraising:
An appraisal is required for:
The oldest method of appraising is:
Which of the following does not influence value?
The most important factor for the average buyer of a home is:
An appraiser is going to use the cost method in appraising two houses. One is new and one is 50 years old. The cost method:
By putting together four parcels of land, each worth $1,000. a property owner creates one large parcel worth $5,000. This process is known as:
A property value would be adversely affected by:
The most important factor in determining the value of a single family home is its:
Economic obsolescence would generally be considered:
Each unit in a duplex rents for $400 per month. With a price of $96,000, the monthly gross multiplier would be:
As to the appraisal of a single-family dwelling, which of the following is true?
A building would cost $140,000 to replace, but it is appraised at $90,000. This difference is:
An appraiser would appraise an apartment house by:
To obtain depreciation on real estate, the real estate:
The best comparable property for appraising a home would be:
Estimating rotal land value and adding the value of the improvemnts would:
The subjective value of a parcel is:
Highest and best use refers to:
Obsolescence would not include a:
Two properties have an appraised value of $100,000 each. One uses a capitalization rate of 10 percent and one a rate of 11 percent. The property using the 11 percent rate has an income:
Subtracting vacancy and collection factors from gross income gives:
An appraiser would be most interested in the:
As to the income capitalization method of appraising, which of the following is true?
A property is 15 years old, but an appraiser puts an age of 7 years on it since it has been kept up like new. This is an example of:
It would be unethical for an appraiser to:
To find a good comparable, an appraiser would be least interested in a sale:
Which of the following is not a factor in appraising a one-family home?
An appraiser would appraise landscaping and fences:
The most difficult depreciation to correct would be:
A person engaged solely in the appraisal of real estate is required to:
Which of the following values is always based on the price paid?
Value would be best described as:
A property is 40 years old. The present owner purchased it new and has depreciated it at 2 1/2 percent per year since the, leaving no allowance for salvage or land value. The building currently is appraised at $87,000, and the land under it is worth $200,000. The book value is:
In capitalization-of-income appraising, an appraiser need not consider management expenses when:
An appraiser is to appraise a store zoned for retail business only. As a retail store, expected income is $1,500 per month, but the property is leased on a long term least at $2,000 per month to a tenant who is using the store as a dry cleaning plant in violation of the zoning. The appraiser should:
To appraise a lot with a worthless, condemned building on it, an appraiser would:
In using comparables to determine value, you would add to the sale price of the subject property if:
The appraisal principle that relates to the market approach to value is the principle of:
The major factor in determining the value of industrial land is:
The period for which a property can show a return attribute to the improvements is known as the property's:
Corner influence can most aid the value of:
A major problem in using the cost method to appraise an older apartment building is:
In appraising property with great amenity value, an appraiser would use:
An appraisal is required:
Rents in an office building became $800 less per month after street parking was made illegal. Assuming a capitalization rate of eight percent, the building suffered a loss of value of:
The comparison method of appraising is:
Evaluation could be best described as:
Functional obsolescence can be created by:
Proper scientific appraisal can determine:
The principle of anticipation relates to the:
The relationship between a property and a prospective purchaser is known as:
A broker quotes an income figure based on 100 percent occupancy with no rental incentives given. The figure quoted is:
An appraiser might use the principal of substitution in the:
An appraiser who is concerned with the present worth of future benefits is likely using the:
Depth tables would be most likely used in appraising which kind of property?
The conditions of sale will affect the:
The value of a commercial lot would be least influenced by factors relating to:
The gross multiplier:
When the demand for homes remains constant and the supply:
In determining economic obsolescence, an appraiser would be interested in knowing whether:
A means of providing for return of your investment is:
Which value bears the least relationship to the market value?
An eight year old apartment building would cost $220,000 to build today. The land is worth $50,000. With a 40 year expected economic life, its net income is $27,000. The gross multiplier is 10. The desired return on this type of property is 8 1/2 percent. Using the most appicable single method to appraise the building, an appraiser would say it is worth:
In appraising a house for insurance coverage, an appraiser would most likely be concerned with:
Excess land is defined as land:
A building is in exceptionally good condition. Its effective age is:
Inappraising an income property, an appraiser is concerned with:
The economic life of a frame dwelling is most nearly:
Depreciating an apartment building $10,000 in one year would:
The narrative form of an appraiser's report would include all except:
Depth tables would be used by:
Two identical buildings were each leased for 20 years at the same rent. One was leased as a hardware store and one as a post office. At a sale, which building would bring more money?
A lot 400 feet deep lost 20 percent of its depth. What is the effect of the loss in depth on the value of the lot?
Allocating a percentage of total value to the land and a percentage to the improvements is known as:
The objective value of a parcel is most nearly:
An appraiser would not obtain accelerrated depreciation by using:
Rising interest rates as the only economic change would affect the value of an apartment house in that the:
An accountant and an appraiser are both interested in depreciation.
A lender would likely offer the lowest loan to value ratio loan on a loan secured by:
As to capitalization rates, which of the following is true?
As to economic life and physical life, which of the following is true?
Building a $200,000 home in a neighborhood of $70,000 to $100,000 homes is an example of:
In using the replacement-cost approach, an appraiser would not need:
A $200,000 new apartment house is to be depreciated over 40 years. The straight mortgage on it is due in 50 years for $100,000. The land is worth $10,000. When fully depreciated, the adjusted cost basis will be:
Neighborhood is important in real estate because:
Amenities are:
Which one of these forces is not a force influencing value?
The appraisal method that prices all labor and material in construction is:
Demand has no effect on value unless there is also:
To determine the highest and best use of a location, you should commence with:
The best method to appraise a leased warehouse would be:
Which of the following cannot be depreciated?
The cost that is most frequently over looked in determining net income for capitalization appraising is:
An apartment building produces a monthly rent of $1,600. A similar property with monthly rents of $2,100 recently sold for $294,000. Using this as the only data, the appraiser would say that the first apartment building is worth:
In finding comparables, an appraiser uses the term adjusted sale price. This reffers to:
The most difficult aspect of utilizing the cost approach is in:
Actual rental income is best obtained by:
As to the Inwood and Hoskold appraisal methods, which of the following is true?
Which of the following is the best example of functional obsolescence?
A separate value for the land must be computed for the:
Utility value would be most nearly equivalent to:
In determining net income for use in the capitalization method of appraising, an appraiser would not be concerned with the:
A lot has three possible uses. Building a kennel would yield a net return of $87,000 on an investment of $65,000. Building an apartment house would yield a $211,000 return on a $2,552,000 investment, and building a supermarket would yeild $157,000 on an $520,000 investment. If the capitalization rate for all three investments is nine percent, then the investment that would yeild the highest income attributable to the land alone would be the:
An appraisal method wherein electrical work was appraised at a price per outlet would be the:
The best appraisal would use:
The principal of substitution is that:
A real estate appraisal would customanily be:
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