Real Estate Appraisal

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

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

The cost approach is most appropriate for appraising:

It would be unethical for an appraiser to:

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

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

Actual rental income is best obtained by:

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

An appraisal is required:

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

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

To offset depreciation, a person may:

The objective value of a parcel is most nearly:

The gross multiplier:

The best method to appraise a leased warehouse would be:

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

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

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

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

Inappraising an income property, an appraiser is concerned with:

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

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

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

Highest and best use refers to:

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

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

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

The replacement cost method of appraising:

The elements of value do not include:

The most difficult depreciation to correct would be:

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:

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

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

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

Subtracting vacancy and collection factors from gross income gives:

A means of providing for return of your investment is:

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

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

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  best appraisal would use:

A capital improvement to real property would:

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 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:

An appraiser would be most interested in the:

Excess land is defined as land:

An appraiser would appraise an apartment house by:

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:

Functional obsolescence can be created by:

Neighborhood is important in real estate because:

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

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

The principal of substitution is that:

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

Which value bears the least relationship to the market value?

Depth tables would be used by:

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

Urban blight results from:

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

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:

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

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:

During an inflationary period, interest rates:

An appraiser would appraise landscaping and fences:

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

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

Market value is best described as:

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

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

Amenities are:

An example of unearned income would be:

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:

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

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

The oldest method of appraising is:

Assenblage is closest to:

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?

The principle of anticipation relates to the:

An appraisal is required for:

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

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:

Which of the following does not influence value?

A property owner can protect against economic depreciation by:

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

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

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

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

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

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

Economic obsolescence would generally be considered:

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

The comparison method of appraising is:

An accountant and an appraiser are both interested in depreciation.

An appraiser would not obtain accelerrated depreciation by using:

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

The highest value would most likely be the:

When the demand for homes remains constant and the supply:

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

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

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

Value would be best described as:

Progression and regression in appraisal relate to:

As to capitalization rates, 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:

Functional obsolescence would not be caused by:

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

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

The economic life of a frame dwelling is most nearly:

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

Utility value would be most nearly equivalent to:

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:

Obsolescence would not include a:

An area that would most likely maintain its value would:

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

An appraiser would most likely have the designation:

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

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

Proper scientific appraisal can determine:

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

An appraiser defines the boundaries of a neighborhood by:

The subjective value of a parcel is:

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

Demand has no effect on value unless there is also:

Which of the following cannot be depreciated?

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

The best comparable property for appraising a home would be:

To obtain depreciation on real estate, the real estate:

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

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:

A real estate appraisal would customanily be:

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

The principle of substitution applies in:

Evaluation could be best described as:

Corner influence can most aid the value of:

An appraiser might use the principal of substitution in the:

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

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

An accountant would be primarily interested in:

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

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

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 following are all good definitions of depreciation except:

The conditions of sale will affect the:

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:

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

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

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

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

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

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

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