Appraisal

Question 1

Utility, scarcity, transferability are used to determine

Answer 1

Value

Question 2

When conducting a neighborhood analysis the appraiser is interested in

Answer 2

Economic depreciation

Question 3

What is an example of economic obsolescence

Answer 3

Air pollution and noise etc.

Question 4

The Rate and capitalized value are based on

Answer 4

Net income

Question 5

One smoke and dust in an area are harming the nearby properties this is called

Answer 5

Economic obsolescence

Question 6

When appraising a special usage property like a church the appraiser would use the

Answer 6

Cost approach

Question 7

Appraisers are paid based

Answer 7

Time travel and work

Question 8

When an appraiser is starting an area for growth and decline this is called

Answer 8

Integration in disintegration

Question 9

The period of time a building is profitable to operate is called

Answer 9

Economic life

Question 10

When appraising an apartment building the best approach is

Answer 10

Income

Question 11

A house with four bedrooms and one bathroom is an example of

Answer 11

Functional obsolescence

Question 12

It’s a building has poor floorplan it is

Answer 12

Functional obsolescence

Question 13

Does the market approach take into consideration the original purchase price

Answer 13

No

Question 14

If a cap rate goes up the value goes

Answer 14

Down

Question 15

When appraising land the appraiser uses the

Answer 15

Market approach

Question 16

The appraisers job is to

Answer 16

Estimate value

Question 17

When appraising a 35-year-old high school building the appraiser uses the

Answer 17

Cost approach

Question 18

When appraising and all the residential home the appraiser uses the

Answer 18

Market approach

Question 19

Operating expense it would not include

Answer 19

Vacancies and the loss of credit

Question 20

When using the market approach appraisers do not use

Answer 20

Building permits

Question 21

The difference between replacement value and present value is

Answer 21

Depreciation

Question 22

When using the market approach all would be used but

Answer 22

Original cost

Question 23

When the appraiser uses all three approaches the final step

Answer 23

Re-conciliation

Question 24

When using the market approach the least important factor is

Answer 24

Property in foreclosure

Question 25

The income approach, the most important income is

Answer 25

Net operating income

Question 26

The appraisers first objective is to

Answer 26

Define the problem

Question 27

At the end of the economic life you

Answer 27

Salvage value

Question 28

The highest price a property will demand is

Answer 28

Market value

Question 29

Economic depreciation is always

Answer 29

Incurable

Question 30

The comps in the area have less features on the subject property the appraiser would add a dollar value to the subject property or comp property

Answer 30

Comp property

Question 31

Replacement cost and reproduction cost are the same as

Answer 31

Using today’s materials and designs versus new replica

Question 32

When a property is in need of repair due to neglect the maintenance is called

Answer 32

Deferred maintenance

Question 33

A successful new homebuilder would be subject to conformity or

Answer 33

Competition

Question 34

A 100-year-old building with modern fixtures is an example of

Answer 34

Replacement not reproduction

Question 35

If a 100 acres subdivision is broken into 5 acre lots the property owners would have an easement

Answer 35

Appurtenant

Question 36

Square footage of residential property is based on

Answer 36

Exterior measurements

Question 37

The benefits of one property when compared to another is called

Answer 37

Substitution

Question 38

Is the asking price a factor used in a market analysis of an income producing property

Answer 38

No