Appraisal Quiz #2 Flashcards
1) A 1,200 sq. ft. dwelling has been valued at $60.00 per square foot. What would we pay the owner for the dwelling?
a. $68,000
b. $72,000
c. $7,200
d. $1,260
b. $72,000
Answer: square foot X dollar per foot = unit price
1,200 sq ft x $60.00 = $72,000
2) The three approaches to market value are the “Market Approach”, “Cost Approach” and “Income Approach”.
a. True
b. False
b. False Answer The three approaches to market value are the Value Approaches 7.05.01.00 Cost Approach 7.05.04.00 Income Approach 7.05.05.00
3) “Highest and Best Use” must be permitted by zoning or private restrictions.
a. True
b. False
a. True
Answer
4) Prerequisites needed to meet statutory requirements and to ensure federal participation in a project before regular R/W activities begin include:
a. The preferred alternate has been made public
b. The Phase 2 EA is approved
c. The Project is Funded
d. Budgeted spending has occurred
e. All of the above
e. All of the above Answer 7.01.06.00 a. The preferred alternate has been made public b. The Phase 2 EA is approved c. The Project is Funded d. Budgeted spending has occurred
5) The lead function for determining whether the above (Question #4) criteria are met is:
a. Right of Way
b. Project Management
c. Planning and Management
d. Design
4) Prerequisites needed to meet statutory requirements and to ensure federal participation in a project before regular R/W activities begin include:
c. Planning and Management
Answer 7.01.06.00
Right of Way Planning and Management is the lead right of way function concerning prerequisites for
commencement of all “preliminary engineering” activities, “preliminary right of way” activities, and “regular right of way” activities. See Chapter 3.
6) Receivables from engineering needed to begin work on an appraisal include:
a. R/W maps
b. Title Reports
c. Index maps
d. All of the above
d. All of the above Answer a. R/W maps b. Title Reports c. Index maps
7) A dual appraisal is needed if the value is $500,000 or more including damages, construction contract work and machinery and equipment.
a. True
b. False
b. False
Answer 7.01.07.00 Dual Report Requirements
The District may determine that dual reports are needed to ensure the owner receives a fair market value offer.
8) Information that is typically found on the appraisal map includes:
a. Delineation of subject parcel and topography
b. Size and ownership of subject parcel
c. Improvements
d. Topography
e. All of the above
e. All of the above Answer a. Delineation of subject parcel and topography b. Size and ownership of subject parcel c. Improvements d. Topography
9) A title report contains information regarding:
a. Ownership, How title is held, How long it has been in current ownership, and any liens against it
b. Ownership only
c. Liens only
d. None of the above
a. Ownership, How title is held, How long it has been in current ownership, and any liens against it
Answer
10) The parcel diary must include confirmation that the Title VI info and project booklets were sent to the owner and nothing more.
a. True
b. False
b. False
Answer 7.01.11.00
11) The form used to contact the owner is the:
a. Notice of decision to appraise
b. Permit to enter
c. Resolution of Necessity
d. None of the above
a. Notice of decision to appraise
Answer 7.01.10.00
12) The URAR format may be used for all appraisals.
a. True
b. False
a. False
Answer 7.07.02.00 The Uniform Residential Appraisal Report form (URAR) may be used for appraising total acquisitions of either improved single family residential or 2 to 4 unit multi-residential properties.
The URAR form appraisal may be used only if the land’s highest and best use is single family residence and the
property is improved with one single family residence or, the land’s highest and best use is a 2 to 4 unit
multi-residence and the property is improved with one 2 to 4 unit multi-residence.
13) What is the importance of the Sales Data Page?
a. To advertise the sale price of a new house
b. It contains all changes of vesting and verification of each sale of the subject property w/in the previous 5 yrs.
c. It represents a sale of the subject property and if fairly recent can be a very good comp.
d. B and C
b. It contains all changes of vesting and verification of each sale of the subject property w/in the previous 5 yrs.
Answer RW 7-10 Instructions.
14) The Parcel Occupancy Data form can be completed at anytime.
a. True
b. False
b. False
Answer 10.01.12.04
Complete the Parcel Occupancy Data Sheet (RW 7-2) at the first meeting or contact with the owner when a
primary or alternate appraisal indicates a displacement of people, business, or personal property. Provide the form to the RAP Senior within 24 hours of the initial inspection of the property.
15) The Cost Approach is generally not used when preparing residential appraisals.
a. True
b. False
a. True
Answer 7.05.04.00
