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AZ Real Estate Agent License 2020 > Appraisal Income Approaches & Environmental 10 > Flashcards

Appraisal Income Approaches & Environmental 10 Flashcards

1
Q

The “Income Remaining” after Operating Expenses Deducted** **From the Gross Income (Annual Rent Collected)

A

Net Operating Income -

The “Income Remaining” after Operating Expenses deducted from the Gross Income (Annual Rent Collected)

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2
Q

Income Approach Methods are:

  1. Cap_______ - (Income = Value x Rate)
  2. G_____ Rent M______ - Value/GI = CRM
  3. Recon________ Data - 3 Appraisal Methods Together
A

Income Approach Methods are:

  1. Capitalization - (Income = Value x Rate)
  2. Gross Rent Multiplier - Value/GI = GRM
  3. Reconciliation Data - 3 Appraisal Methods Together

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3
Q

Ec_______ L___

Period of Time of which a Property will Produce Income.

A

Economic Life -

Period of Time of which a Property will Produce Income.

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4
Q

Gross Annual Income - Operating Expenses Equals What?

A

Net Income aka Net Operating Income =

Gross Annual Income - Operating Expenses

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5
Q

Rate of Return an Investor Wants to Receive for a Property is called?

A

Capitalization Rate (Cap Rate) -

Rate of Return an Investor Wants to Receive for a Property.

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6
Q

Using the Capitalization Method, How Do You Determine Value?

A

Capitalization Method - To Determine Value

Net Income (yr) / Cap Rate(Rate of Return) = Value

  • Formula: (I=RV)
  • Net Income (Yr)
  • Value x Cap Rate

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7
Q

What is Sometimes Used to Determine “Value” on Smaller Income Properties?

V=GGI

A

(GRM) Gross Rent Multiplier for Smaller Income Properties - Formula V=GGI

Answer: GRM x Gross Income (Mo) = Value

  • Value
  • GRM x Gross Inc Mo (Subj)

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8
Q

What is Formula to Determine Value for Small Income Properties using GRM?

V=GGI

A

Formula to Determine Value for Small Income Properties, using GRM

Answer: GRM X Gross Inc (Mo) = Value-Price

******Value / GI = GRM

  • Sales Price
  • Gross Inc Mo x GRM

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9
Q

(EPA) Env_______ Prot______ Ag____

Regulates Federal Environmental Rules and Laws.

A

(EPA) Environmental Protection Agency - Federal

Regulates Federal Environmental Rules and Laws.

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10
Q

(ADEQ) AZ Dept of Env_________ Q______

Sets State Environmental Standards

A

(ADEQ) Arizona Dept of Environmental Quality -

Sets State Environmental Standards

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11
Q

(ADWR) AZ Dept of W____ R______

Regulates use of Ground Water

A

(ADWR) Arizona Dept of Water Resources

Regulates use of Ground Water

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12
Q

(ADRE) Arizona D___ of Real E_____ -

Must Obey Commissioner’s Rules Requirements to Disclosure

A

(ADRE) Arizona Dept of Real Estate -

Must Obey Commissioner’s Rules Requirements to Disclosure

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13
Q

HUD Title __ (Requirements) -

Lead Base Requirements are Found under HUD Title __ for Pre-1978 Building’s with Lead Paint.

A

HUD Title X (Requirements) -

Lead Base Requirements are Found under HUD Title X for Pre-1978 Building’s with Lead Paint.

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14
Q

Lead Base Paint (HUD Title X)

  1. Built Pre ____- Disclose Presence of Known Lead in Residential Homes
  2. Records - Provide Buyer/Leasee with
  3. “Lead Base P_____ P______” - Provide Buyer
  4. Risk Assessment Inspection - Purchaser has ___ Dys or Agreed Time to Conduct
  5. Dis_____/Ack________ Language -Sales/Lease Contracts Must Include.
A

Lead Base Paint (HUD Title X) -

  1. Built Pre 1978 - Disclose Presence of Known Lead in Residential Homes
  2. Records - Provide Buyer/Leasee with
  3. “Lead Base Paint Pamphlet” - Provide Buyer
  4. Risk Assessment Inspection - Purchaser has 10 days or Agreed Time to Conduct
  5. Disclose/Acknowlegment Language -Sales/Lease Contracts Must Include.

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15
Q

R_____

  1. Natural Odorless, Tasteless Radioactive Gas -
  2. Causes Lung Cancer
A

Radon -

  1. Natural Odorless, Tasteless Radioactive Gas -
  2. Causes Lung Cancer

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16
Q

Asb_______

  1. Tiny Airborne Fiber
  2. Creates Respiratory Diseases
A

Asbestos -

  1. Tiny Airborne Fiber
  2. Creates Respiratory Diseases

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17
Q

M____

  1. Caused by Excess Moisture
  2. Airtight Windows
A

Mold -

  1. Caused by Excess Moisture
  2. Airtight Windows

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18
Q

Surface and Ground Water Contamination -

Types of Contamination:

  1. Conta______ Well Sites
  2. Underground Pl_____
  3. W____ Disp__ Systems
  4. Leaking Underground Stor___ Ta___ (LUST)
A

Surface and Ground Water Contamination -

Types of Contamination:

  1. Contaminated Well Sites
  2. Underground Plumes
  3. Waste Disposal Systems
  4. Leaking Underground Storage Tank (LUST)

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19
Q

Soil Contamination (4)

  1. Pestic_____
  2. Herbic____
  3. Fert_____ and
  4. Sol______
A

Soil Contaminations as follows -

  1. Pesticides
  2. Herbicides
  3. Fertilizers and
  4. Solvents

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20
Q

E________ Soil -

Soils that May Absorb Water and Expand

A

Expansive Soil -

Soils that May Absorb Water and Expand

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21
Q

What causes Lung Cancer?

A

Radon -

  1. Natural Odorless, Tasteless Radioactive Gas -
  2. Causes Lung Cancer

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22
Q

Fiss___

Cracks that occur on Valley Floors from Extensive Groundwater Withdrawal

A

Fissures -

Cracks that occur on Valley Floors from Extensive Groundwater Withdrawal

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23
Q

B_______

Defunct, Aban______ Commercial or Industrial Site Contaminated with Toxic Waste.

A

Brownfield -

Defunct, Abandoned Commercial or Industrial Site Contaminated with Toxic Waste.

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24
Q

Disco______ aka D__ Dil_______ -

Process of Investigating the Property to Determine if Hazardous Substances or Pollution Exist.

Agent Exercises Reasonable Skill and Care and Must Disclose

A

Discovery aka Due Diligence -

Process of Investigating the Property to Determine if Hazardous Substances or Pollution Exist.

Agent Exercises Reasonable Skill and Care and Must Disclose.

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25
Q

Ph___ __ Assessment -

Process of Inspecting Property, the Review of Public Records and Interview Owners/Tenants to Determine if Contamination Exist.

A

Phase 1 Assessment -

Process of Inspecting Property, the Review of Public Records and Interviewing Owners/Tenants to Determine if Contamination Exist.

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26
Q

Phase 2 Assessment -

Process of Taking S_____ to Analyze if Pollution Exists.

Remember: Phase 1 - Inspecting Property; Review Public Records, Interview Owners/Tenants to Determine if Contamination Exists.

A

Phase 2 Assessment -

Process of Taking Samples taken to Analyze if Pollution Exists.

Remember: Phase 1 - Inspecting Property; Review Public Records, Interview Owners/Tenants to Determine if Contamination Exists.

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27
Q

Phase 3 Assessment -

Core Samples taken and Actual C____-Up of Contamination

A

Phase 3 Assessment -

Core Samples taken and Actual Clean-up of Contamination

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28
Q

Superfund/Mini-Superfund - Property Location -

Realtor must Dis_____ Knowledge of Property Located in Boundaries of Super or Mini-Superfund as per Real Estate Comissioner

A

Superfund/Mini-Superfund - Property Location -

Realtor Must Disclose Knowledge of Property Located in Boundaries of Super or Mini-Superfund as per Real Estate Comissioner

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29
Q

S_________ -

Fund Set Up by Federal (CERCLA) Comprehensive Environmental Response Compensation and Liability Act to Bear Cost of Clean Up

A

Superfund -

Fund Set Up by Federal (CERCLA) Comprehensive Environmental Response Compensation and Liability Act to Bear Cost of Clean Up

Chap 10

30
Q

Mini-S_________ -

Fund is Set Up by State (WQARF) Water Quality Assurance Revolving Fund

  1. Bears cost of Clean-Up that CERCLA Does Not Cover.
A

Mini-Superfund -

Fund Set Up by State (WQARF) Water Quality Assurance Revolving Fund

  1. Bears cost of Clean-Up that CERCLA Does Not Cover.

Chap 10

31
Q

(CERCLA) Compre_______ Env_______ Resp____ Comp_________ and Liab______ Act -

  1. Superfund Set Up by the Federal CERCLA to Bear Cost of Clean Up of Polluted Property.
A

(CERCLA) Comprehensive Environmental Response Compensation and Liability Act -

  1. Superfund Set Up by the Federal CERCLA to Bear Cost of Clean Up of Polluted Property..

Chap 10

32
Q

(WQARF) W___ Q_____ Ass_____ Rev_____ F___ -

  1. Mini Superfund Set Up by State (AZ) known as WQARF to Bear Cost of Clean-Up Not Covered by CERCLA.
A

(WQARF) Water Quality Assurance Revolving Fund -

  1. Mini Superfund Set Up by by State (AZ) known as WQARF to Bear Cost of Clean-Up Not Covered by CERCLA.

Chap 10

33
Q

AZ On-Site Wastewater Facilities -

  1. Seller - Has __ Months Prior to Transfer of Property, to have System Inspected and Pumped and/or Cleaned.
  2. Seller - Give the Buyer “Inspection Report“
  3. Buyer - Notice of Transfer Completed Within __ Days of Purchase
  4. Percolation - Ability for Gr_____ to Ab___ and Dr____ Water before Installation of Sep___ Tank
  5. Perc Test - Suitablity for Installation of S____ Tank
  6. Compaction - Compressed Soil added to Site to F___ in Low Area to Make Level
A

AZ On-Site Wastewater Facilities -

(Septic Tanks and Alternative Systems)

  1. Seller - Has 6 Months prior to Transfer of Property, to have System Inspected and Pumped and/or Cleaned.
  2. Seller - Give the Buyer “Inspection Report“
  3. Buyer - Notice of Transfer Completed Within 15 Days of Purchase
  4. Percolation - Ability for Ground to Absorb and Drain Water before Installation of Septic Tank
  5. Perc Test - Suitablity for Installation of Septic Tank
  6. Compaction - Compressed Soil added to Site to Fill in Low Areas to Make Level

Chap 10

34
Q

On-Site Wastewater Facilities - Notice of Transfer

Buyer has __ days from Purchase to Complete “Notice of Transfer“

A

On-Site Wastewater Facilities - Notice of Transfer

Buyer has 15 days from Purchase to Complete
“Notice of Transfer“

Chap 10

35
Q

W________ -

Land Areas where Groundwater is “At or Near” The Surface, so as to Produce a Wetland Plant Community. These Areas Subject to Environmental Controls for Preservation and Conservation.

A

Wetlands -

Land Areas where Groundwater is “At or Near” the Surface so as to Produce a Wetland Plant Community. These Areas Subject to many Federal, State and Local Environmental Controls for “Preservation” and “Conservation.”.

Chap 10

36
Q

P___ Test -

Test Done to Determine Suitability of Site for Installation of Septic Tank.

A

Perc Test -

Test Done to Determine Suitability of Site for Installation of Septic Tank

Chap 10

37
Q

Seller’s Responsibility - On-Site Wastewater Facilities

  1. Within __ Mos Prior to Transfer, Seller to Have System Inspected, Pumped or Cleaned; then Certified
  2. Buyer do Transfer Form in 15 Days
  3. Provide Buyer with Inspection Report
A

Seller’s Responsibility - On-Site Wastewater Facilities

  1. Within 6 Mos Prior to Transfer, Seller to Have System Inspected, Pumped or Cleaned; then Certified
  2. Buyer do Transfer Form in 15 Days
  3. Provide Buyer with Inspection Report

Chap 10

38
Q

Perc_______ -

Ability of Ground to Absorb and Drain Water.

A

Percolation -

Ability of Ground to Absorb and Drain Water.

Chap 10

39
Q

National Fl____ Ins_____ -

Operated by FEMA, Provides Insurance to Owners, Tenants, and Businesses

A

National Flood Insurance -

Operated by FEMA, Provides Insurance to Owners, Tenants**, and **Businesses.

Chap 10

40
Q

Compa______ -

Compressed Soil Added to Site to Fill Low Areas to Make Level

A

Compaction -

Compressed Soil Added to Site to Fill Low Areas to Make Level

Chap 10

41
Q

S____ L______

All Owners Current and Previous are Responsible for Polluted Properties

A

Strict Liability -

All Owners Current and Previous are responsible for Polluted Properties

Chap 10

42
Q

(EPA) Env_______ Pro_______ Ag_____

  1. Regulates Federal Environment Rules and Laws
A

(EPA) Environmental Protection Agency

  1. Regulates Federal Environment Rules and Laws

Chap 10

43
Q

(ADEQ) AZ D___ of Env_____ Q_____

  1. Sets State Environmental Standards
A

ADEQ (stands for) - AZ Dept of Environmental Quality

  1. Sets State Environmental Standards

Chap 10

44
Q

G____ R___ M_______ -

What is Used to Determine “Values” on Small Income Properties.

A

Gross Rent Multiplier -

What is Used to Determine “Values” on Small Income Properties.

Chap 10

45
Q

Recon_______ of D___ -

Process of Bringing Data Together From the Three Apraisal Methods to Arrive at a Final Estimated Value.

A

Reconciliation of Data -

Process of Bringing Data Together From the Three Apraisal Methods to Arrive at a Final Estimated Value.

Chap 10

46
Q

Lic______ Ap______ -

May Appraise Non-Complex 1-4 Residential Family Units Valued at Less than $1,000,000.

A

Licensed Appraiser -

May Appraise Non-Complex 1-4 Family Residential Units Valued at Less than $1,000,000.

Chap 10

47
Q

Na_____ Fl____ In______ -

Operated by FEMA, Provides Insurance to Owners, Tenants, and Businesses

A

National Flood Insurance -

Operated by FEMA, Provides Insurance to Owners, Tenants**, and **Businesses.

Chap 10

48
Q

Cert____ Res______ Ap______ - 1-4 Fam

May Appraise “All Types of 1-4 Family Units” (1 Million Plus)

A

Certified Residential Appraiser - 1-4 Fam

May Appraise “All Types of 1-4 Family Units” (1 Million Plus)

Chap 10

49
Q

Cert_____ Gen____ Appraiser - ALL

May Appraise All Types of Properties

A

Certified General Appraiser - ALL

May Appraise All Types of Properties

Chap 10

50
Q

Ap_____ M_______ C_____ -

Company that acts as “Firewall” between Lender and Appraiser to Prevents Lender from Choosing Appraiser Directly.

A

Appraisal Mgmt Company -

Company that acts as “Firewall” between Lender and Appraiser to Prevents Lender from Choosing Appraiser Directly.

Chap 10

51
Q

Com______ M______ A______

Analysis of Current Market Conditions used to Help Consumer Determine List Price, Sales Price/Purchase Price.

A

Competitive Market Analysis -

Analysis of Current Market Conditions used to Help Consumer Determine List Price, Sales Price/Purchase Price.

Chap 10

52
Q

B_____ P____ O______ -

Property Evaluation Prepared by a Broker/Sales Person for Lender for a Short Sale, Foreclosure, or Home Equity Line of Credit.

A

Broker Price Opinion -

Property Evaluation Prepared by a Broker/Sales Person for Lender for a Short Sale, Foreclosure, or Home Equity Line of Credit.

Chap 10

53
Q

Fl___p___ -

Flat Portion of Land Located Along Rivers or Streams which are Subject to Flooding.

A

Floodplain -

Flat Portion of Land Located Along Rivers or Streams which are Subject to Flooding.

Chap 10

54
Q

FEMA - F____ Emer______ Mgmt Agency -

Develop Floodplain Maps. If Home in Floodplain Area, Lender will Require Flood Insurance Purchased by Buyer.

A

FEMA - Federal Emergency Mgmt Agency -

Develop Floodplain Maps. if Home in Floodplain Area, Lender will Require Flood Insurance to be Purchased by Buyer.

Chap 10

55
Q

Na_____ F______ I________ -

Operated by FEMA, Provides Insurance to Owners, Tenants**, and **Businesses.

A

National Flood Insurance -

Operated by FEMA, Provides Insurance to Owners, Tenants**, and **Businesses.

Chap 10

56
Q

Fl____ Elev_____ Certificates -

Used by FEMA and Private Insurance Companies:

  1. “TO RATE” Fl____ Ins______ Policies.
A

Flood Elevation Certificates - Rate Insurance

Used by FEMA and Private Insurance Companies:

“TO RATE” Flood Insurance Policies.

Chap 10

57
Q

W______ -

Land Areas Where Groundwater is “At or Near” the Surface so As To Produce a Wetland Plant Community. These Areas Subject to Many Federal, State and Local Environmental Controls for “Preservation” and “Conservation.”.

A

Wetlands -

Land areas where Groundwater is “At or Near” the Surface so As To Produce a Wetland Plant Community. These Areas Subject to Many Federal, State and Local Environmental Controls for “Preservation” and “Conservation.”.

Chap 10

58
Q

Fl____ Elev_____ Certificates -

Used by FEMA** and **Private Insurance Companies

  1. “TO RATE” Fl____ Ins______ Policies.
A

Flood Elevation Certificates - Rate Insurance

Used by FEMA** and **Private Insurance Companies:

“TO RATE” Flood Insurance Policies.

Chap 10

59
Q

Capitalization -

Process of Converting N__ I____ into V______

Net Income = Value x Rate

*****Net Income / Rate = Value

A

Capitalization -

Process of Converting Net Income into Value.

Gross Income - Operating Income = NOI

Cap Method: Net Income = Value x Rate

*****Net Income / Rate = Value

Chap 10

60
Q

S________ Property

Has a Negative Psychological Impact on Prospective Buyers. This Affects Home Value, Making the House Harder to Sell at Full Price Regardless of its Location or Physical Condition.

Examples Site of an Infamous Murder or Suicide or a House with a Reputation for Paranormal Activity.

A

Stigmatized Property -

Has a Negative Psychological Impact on Prospective Buyers. This Affects Home Value, Making the House Harder to Sell at Full Price Regardless of its Location or Physical Condition.

Examples Site of an Infamous Murder or Suicide or a House with a Reputation for Paranormal Activity.

Chap 10

61
Q

Income = Value x Rate

A Property Produces a Net Income of $24,000 Annually. The Market Indicates that Investors can Expect a 12% Rate of Return. What is the Value of Property.

A

Income = Value x Rate

A Property Produces a Net Income of $24,000 Annually. The Market Indicates that Investors can Expect a 12% Rate of Return. What is the Value of Property.

IRV FORMULA Net Annual Income = Value x Rate

24,000 (Income) \ .12 (Rate) = 200,000 (Value)

Chap 10

62
Q

A Property Valued at $1,500,000 has a Gross Income of $250,000 and Operating Expenses of 40% of Gross Income.If the Cap Rate Increases by 1%; What will the New Value be?

  • Income NOI
  • Value x Rate
A

A Property Valued at $1,500,000 has a Gross Income of $250,000 and Operating Expenses of 40% of Gross Income.If the Cap Rate Increases by 1%; What will the New Value be? I=RV

Find Income: $250,000 x 60% = $150,000 NOI

Find Cap Rate: $150,000 (I) / $1,500,000 (V) = 10% (R)

Find New Value: $150,000 (Inc) X 11% = $1,363,636.36

63
Q

A Property Produces a Net Income $24,000 Annually. The Market Indicates the Investor can Expect a 12% Rate of Return. What is the Value of Property?

A

A Property Produces a Net Income $24,000 Annually. The Market Indicates the Investor can Expect a 12% Rate of Return. What is the Value of Property?

  • Income (Annual)
  • Value x Rate

$24,000 (Inc) / 12% = $200,000 Value

64
Q

A Property Valued at $1,500,000 has a Gross Income of $250,000 and Operating Expenses of 40% of Gross Income. If Cap Rate increase by 1% what will New Value be?

A

A Property Valued at $1,500,000 has a Gross Income of $250,000 and Operating Expenses of 40% of Gross Income. If Cap Rate increase by 1% what will New Value be?

Formula: (IRV) Net Income = Value x Rate

Find Net Inc $250,000 (Inc) x 60% = $150,000 NOI

Find Cap $150,000 (NOI) / $1,500,000 = 10% Rate

Rate Change $1,500,000 x 11% = 1,363,636.36

65
Q

A Comparable Duplex Sold for $96,000 and Rented for $800 per Month. If the Subject Property Rents for $775, what is its Value using GRM

A

A Comparable Duplex Sold for $96,000 and Rented for $800 per Month. If the Subject Property Rents for $775, what is its Value using GRM

Formula: Value = Gross Inc x GRM

Find GRM for Comp: $96,000 (V) / $800(mo) = 120

Apply to Subj: 120 (GRM) x $775 = 93,000 Value

66
Q

Three Type of Appraisers:

  1. License Appraiser - Non-Complex 1-4 Res Units - under 1 M____
  2. Cert Res Appraiser -All Types 1-4 Res M____ Plus
  3. Cert Gen Appraiser - All Types of Property
A

Three Type of Appraisers:

  1. License Appraiser - Non-Complex 1-4 Res Units - Under 1 Million
  2. Cert Res Appraiser -All Types 1-4 Res Units Million Plus
  3. Cert Gen Appraiser - All Types of Property

Chap 10

67
Q

N_____ F_____ Insurance -

Operated by FEMA, Provides Flood Insurance to Owners, Tenants, and Businesses.

A

National Flood Insurance -

Operated by FEMA, Provides Flood Insurance to Owners, Tenants, and Businesses..

Chap 10

68
Q

Compared to the Physical Life of a Building, the Economic Life is:

  1. Longer
  2. Shorter
  3. The Same
  4. Based on the Type of Improvements
A

Compared to the Physical Life of a Building, the Economic Life is:

  1. Longer
  2. Shorter
  3. The Same
  4. Based on the Type of Improvements

Chap 10

69
Q

The Income Approach Would Most Rely Heavily on Estimating the Value of:

  1. An Office Building
  2. A Cooperative Apartment
  3. A Municipal Building
  4. Vacant Land
A

The Income Approach Would Most Rely Heavily on Estimating the Value of:

  1. An Office Building (Income Approach)
  2. A Cooperative Apartment
  3. A Municipal Building (Cost Approach - One of a Kind)
  4. Vacant Land (Compare Approach)

Chap 10

70
Q

Which of the Following Situations Would be Considered to be a Stigma on a House?

  1. Pink Walls
  2. A Murder that Occured in the Basement
  3. A Deteriorating Neighborhood
  4. One Bathroom
A

Which of the Following Situations Would be Considered to be a Stigma on a House?

  1. Pink Walls
  2. A Murder that Occured in the Basement
  3. A Deteriorating Neighborhood
  4. One Bathroom

Chap 10

71
Q

A Brownfield in an Area Causes Loss in Value to Neighboring Properties. This is An Example:

  1. Economic Obslescense
  2. Economic Quality
  3. Economic Life
  4. Functional Obsolescence
A

A Brownfield in an Area Causes Loss in Value to Neighboring Properties. This is An Example:

  1. Economic Obslescense
  2. Economic Quality
  3. Economic Life
  4. Functional Obsolescence

Chap 10

AZ Real Estate Agent License 2020 (23 decks)

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