Real Estate Appraisal

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:

Which of the following cannot be depreciated?

A property owner can protect against economic depreciation by:

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:

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

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

The most difficult depreciation to correct would be:

Obsolescence would not include a:

The principle of substitution applies in:

An accountant and an appraiser are both interested in depreciation.

The gross multiplier:

Utility value would be most nearly equivalent to:

To offset depreciation, a person may:

Assenblage is closest to:

Value would be best described as:

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?

To obtain depreciation on real estate, the real estate:

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:

Corner influence can most aid the value of:

An appraiser defines the boundaries of a neighborhood by:

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

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:

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

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

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

An area that would most likely maintain its value would:

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

A property value would be adversely affected by:

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

Functional obsolescence would not be caused by:

An appraisal is required for:

A means of providing for return of your investment is:

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

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

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

The replacement cost method of appraising:

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

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

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:

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

The best method to appraise a leased warehouse would be:

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

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

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

An appraisal is required:

The best comparable property for appraising a home would be:

The oldest method of appraising is:

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

Depth tables would be used by:

An appraiser would be most interested in the:

Evaluation could be best described as:

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

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

Functional obsolescence can be created by:

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

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

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

Excess land is defined as land:

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.

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

The following are all good definitions of depreciation except:

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

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

The comparison method of appraising is:

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

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 Home Valuation Code of Conduct must be subscribed to by:

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

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

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 conditions of sale will affect the:

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:

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

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:

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

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

Highest and best use refers to:

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

Actual rental income is best obtained by:

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

A capital improvement to real property would:

Proper scientific appraisal can determine:

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

An example of unearned income would be:

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

The objective value of a parcel is most nearly:

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

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

Urban blight results from:

Inappraising an income property, an appraiser is concerned with:

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

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

The principle of anticipation relates to the:

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

Which value bears the least relationship to the market value?

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

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

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

An appraiser would appraise landscaping and fences:

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

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

An appraiser would most likely have the designation:

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

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

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

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

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

The highest value would most likely be the:

The principal of substitution is that:

The economic life of a frame dwelling is most nearly:

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

A real estate appraisal would customanily be:

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

Subtracting vacancy and collection factors from gross income gives:

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

Market value is best described as:

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:

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

Neighborhood is important in real estate because:

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

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:

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

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

Demand has no effect on value unless there is also:

An appraiser might use the principal of substitution in the:

Progression and regression in appraisal relate to:

The elements of value do not include:

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

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?

Which of the following does not influence value?

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

The  best appraisal would use:

When the demand for homes remains constant and the supply:

Amenities are:

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:

It would be unethical for an appraiser to:

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

An appraiser would appraise an apartment house by:

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

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

An appraiser would not obtain accelerrated depreciation by using:

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

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

The cost approach is most appropriate for appraising:

Economic obsolescence would generally be considered:

An accountant would be primarily interested in:

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

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

The subjective value of a parcel is:

During an inflationary period, interest rates:

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

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