Real Estate Appraisal

The appraisal principle that relates to the market approach to value is the principle of:

Proper scientific appraisal can determine:

Excess land is defined as land:

As to the appraisal of a single-family dwelling, which of the following is true?

In appraising a property with two baths, the appraiser used a comparable with 2 1/2 baths. The appraiser should:

The period for which a property can show a return attribute to the improvements is known as the property's:

Which of the following does not influence value?

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?

An appraiser might use the principal of substitution in the:

The oldest method of appraising is:

An accountant and an appraiser are both interested in depreciation.

Obsolescence would not include a:

A building would cost $140,000 to replace, but it is appraised at $90,000. This difference is:

An appraisal method wherein electrical work was appraised at a price per outlet would be the:

Which of the following values is always based on the price paid?

A broker quotes an income figure based on 100 percent occupancy with no rental incentives given. The figure quoted is:

To appraise a lot with a worthless, condemned building on it, an appraiser would:

The most difficult aspect of utilizing the cost approach is in:

Urban blight results from:

Of the following reasons, which explains why replacement cost is better for new buildings than for old structures?

An appraisal is required:

An appraiser would appraise an apartment house by:

In order to determine accrued depreciation of a residential property, each year of the economic age of a structure receives:

In determining net income for use in the capitalization method of appraising, an appraiser would not be concerned with the:

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.

A major problem in using the cost method to appraise an older apartment building is:

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:

Depth tables would be most likely used in appraising which kind of property?

Amenities are:

When the demand for homes remains constant and the supply:

Which of the following cannot be depreciated?

The most important factor in determining the value of a single family home is its:

In using the market-data approach in appraising a single-familly residence, comparisons should be made as to:

In using comparables to determine value, you would add to the sale price of the subject property if:

The narrative form of an appraiser's report would include all except:

A property value would be adversely affected by:

Functional obsolescence would not be caused by:

As to the replacement cost method of appraising, which of the following is true?

A lender would likely offer the lowest loan to value ratio loan on a loan secured by:

Estimating rotal land value and adding the value of the improvemnts would:

In making an appraisal for a bank, an appraiser would be concerned with:

A means of providing for return of your investment is:

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:

Authorities say four agents contribute to gross income. Which of the following is not one of them?

Of greatest importance to the value of a single-family residence would be:

The cost approach is most appropriate for appraising:

Functional obsolescence can be created by:

Value would be best described as:

The elements of value do not include:

The cost that is most frequently over looked in determining net income for capitalization appraising is:

In finding comparables, an appraiser uses the term adjusted sale price. This reffers to:

In capitalization-of-income appraising, an appraiser need not consider management expenses when:

The comparison method of appraising is:

During an inflationary period, interest rates:

Neighborhood is important in real estate because:

An area that would most likely maintain its value would:

Evaluation could be best described as:

The principle of anticipation relates to the:

An appraiser would not obtain accelerrated depreciation by using:

Inappraising an income property, an appraiser is concerned with:

Each unit in a duplex rents for $400 per month. With a price of $96,000, the monthly gross multiplier would be:

The best comparable property for appraising a home would be:

The Home Valuation Code of Conduct must be subscribed to by:

A building is in exceptionally good condition. Its effective age is:

Capitalising the net income and deducting the replacement cost of the improvements gives:

Assenblage is closest to:

Depth tables would be used by:

Allocating a percentage of total value to the land and a percentage to the improvements is known as:

The best method to appraise a leased warehouse would be:

Depreciating an apartment building $10,000 in one year would:

As to the income capitalization method of appraising, which of the following is true?

An example of unearned income would be:

Which value bears the least relationship to the market value?

Such things as well-cared-for shrubbery and a fenced yard refer to:

In determining economic obsolescence, an appraiser would be interested in knowing whether:

The value of a commercial lot would be least influenced by factors relating to:

An appraiser would appraise landscaping and fences:

Demand has no effect on value unless there is also:

An appraiser who is concerned with the present worth of future benefits is likely using the:

In appraisal of commercial property, the most important factor would be:

Which one of these forces is not a force influencing 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:

The definition of highest and best use would contain which of the following phrase?

An appraisal is required for:

To obtain depreciation on real estate, the real estate:

The appraisal method that prices all labor and material in construction is:

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:

The  best appraisal would use:

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:

Progression and regression in appraisal relate to:

The period in which a building produces income attributable to the building itself is known as:

An appraiser would most likely have the designation:

To determine the highest and best use of a location, you should commence with:

A separate value for the land must be computed for the:

As to economic life and physical life, which of the following is true?

An appraiser would be most interested in the:

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:

The most difficult depreciation to correct would be:

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:

The gross multiplier:

An accountant would be primarily interested in:

Which of the following is the best example of functional obsolescence?

The relationship between a property and a prospective purchaser is known as:

Building a $200,000 home in a neighborhood of $70,000 to $100,000 homes is an example of:

A real estate appraisal would customanily be:

A warehouse has vertical support columns every 12 feet making it difficult to rent. This is an example of:

A factor an appraiser would consider when appraising a building would be:

A person engaged solely in the appraisal of real estate is required to:

Which of the following is not a factor in appraising a one-family home?

The replacement cost method of appraising:

Utility value would be most nearly equivalent to:

The statement "more buildings are torn down than wear out" is a definition of:

The least important factor in appraising a home for market value would be:

In appraising a vacant lot, an appraiser would first determine the

Subtracting vacancy and collection factors from gross income gives:

The economic life of a frame dwelling is most nearly:

To offset depreciation, a person may:

Actual rental income is best obtained by:

The principle of substitution applies in:

In appraising property with great amenity value, an appraiser would use:

Which of the following basic real economic characteristics is the best expression of why real estate has value?

Income minus operating expenses minus principal, interest, and tax payments equals:

In appraising a house for insurance coverage, an appraiser would most likely be concerned with:

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?

The most important factor for the average buyer of a home is:

The objective value of a parcel is most nearly:

The principal of substitution is that:

Highest and best use refers to:

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:

The subjective value of a parcel is:

A property owner can protect against economic depreciation by:

The conditions of sale will affect the:

A property value can be influenced by neighboring property. The value of a home would least likely be influenced by a neighborhood containing:

The highest value would most likely be the:

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:

Rising interest rates as the only economic change would affect the value of an apartment house in that the:

It would be unethical for an appraiser to:

As to the Inwood and Hoskold appraisal methods, which of the following is true?

In using the replacement-cost approach, an appraiser would not need:

Market value is best described as:

An appraiser defines the boundaries of a neighborhood by:

Corner influence can most aid the value of:

Putting aside $1000 a year in govermnet bonds for five years to replace the roof is an example of:

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:

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:

The major factor in determining the value of industrial land is:

Estimating a property's value based on its future income for specified number of years would be:

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?

The following are all good definitions of depreciation except:

To find a good comparable, an appraiser would be least interested in a sale:

A capital improvement to real property would:

Loss of value of an expensive home because of a neighborhood of low price homes is known as:

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:

Economic obsolescence would generally be considered:

As to capitalization rates, which of the following is true?