Real Estate Appraisal

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

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

The comparison method of appraising is:

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

Functional obsolescence can be created by:

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

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:

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

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

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.

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

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

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

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

Inappraising an income property, an appraiser is concerned with:

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:

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

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

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

The elements of value do not include:

Utility value would be most nearly equivalent to:

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

Value would be best described as:

Subtracting vacancy and collection factors from gross income gives:

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

The objective value of a parcel is most nearly:

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

The oldest method of appraising is:

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

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

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

It would be unethical for an appraiser to:

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:

An appraisal is required:

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 cost approach is most appropriate for appraising:

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

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

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 appraiser defines the boundaries of a neighborhood by:

Which value bears the least relationship to the market value?

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

An appraisal is required for:

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

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

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

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:

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

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?

A means of providing for return of your investment is:

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

An appraiser would be most interested in the:

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

The following are all good definitions of depreciation except:

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

An appraiser might use the principal of substitution in the:

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

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

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

Amenities are:

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

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:

Assenblage is closest to:

The subjective value of a parcel is:

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

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

A real estate appraisal would customanily be:

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

Excess land is defined as land:

Which of the following cannot be depreciated?

Obsolescence would not include a:

Which one of these forces is not a force influencing value?

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

An appraiser would appraise an apartment house by:

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

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

Market value is best described as:

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

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

An appraiser would most likely have the designation:

The principle of substitution applies in:

An accountant would be primarily interested in:

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

The highest value would most likely be the:

An example of unearned income would be:

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

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

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

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

Depth tables would be used by:

The  best appraisal would use:

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

To offset depreciation, a person may:

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

The most difficult depreciation to correct would be:

A property owner can protect against economic depreciation by:

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

Economic obsolescence would generally be considered:

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

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?

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

During an inflationary period, interest rates:

Progression and regression in appraisal relate to:

An accountant and an appraiser are both interested in depreciation.

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

When the demand for homes remains constant and the supply:

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

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

Urban blight results from:

Corner influence can most aid the value of:

The best comparable property for appraising a home would be:

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:

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

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

Proper scientific appraisal can determine:

The replacement cost method of appraising:

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

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

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

A capital improvement to real property would:

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

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

A property value would be adversely affected by:

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 best method to appraise a leased warehouse would be:

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

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

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

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

To obtain depreciation on real estate, the real estate:

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

An appraiser would not obtain accelerrated depreciation by using:

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 principal of substitution is that:

An area that would most likely maintain its value would:

Neighborhood is important in real estate because:

An appraiser would appraise landscaping and fences:

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 conditions of sale will affect the:

The principle of anticipation relates to the:

Functional obsolescence would not be caused by:

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:

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?

The gross multiplier:

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

Evaluation could be best described as:

Actual rental income is best obtained 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:

Demand has no effect on value unless there is also:

Highest and best use refers to:

Which of the following does not influence value?

The economic life of a frame dwelling is most nearly: