Ch 2 Quiz

Question 1

Which of the following sources of data would not be considered “specific” data?

Answer 1

US Census data for the MSA

Question 2

Which appraisal term is defined as: “Details about the property being appraised, comparable sale and rental properties, and relevant local market characteristics”?

Answer 2

Specific data

Question 3

Local and regional multiple listing services typically concentrate on ____________ properties.

Answer 3

Single unit residential

Question 4

You can obtain topographic maps from

Answer 4

Topozone

Question 5

During her research, an appraiser discovers that the annual taxes for the subject property are $5,500. What type of data is this?

Answer 5

specific data. Specific data is more direct and applies specifically to the subject of your appraisal assignment.

Question 6

Which of the following pieces of information would MOST likely be found in the deed?

Answer 6

Current owner of record

Question 7

It is important for an appraiser to research and understand what when doing an appraisal?

Answer 7

both the zoning map and the ordinance

Question 8

Which of these organizations is responsible for preparing flood maps for U.S. communities?

Answer 8

FEMA

Question 9

True or False: Government data sources for general data are found on a national level only.

Answer 9

FALSE

Question 10

BEA stands for

Answer 10

Bureau of Economic Analysis. USA.gov. That acronym stands for the Bureau of Economic Analysis. They provide statistics and analysis on an international, national and regional basis.

Question 11

The zoning of a property is _____________ data.

Answer 11

specific

Question 12

Which influences typically exert the greatest pressure on property values?

Answer 12

local influences

Question 13

Professional or trade associations offering general data include all of the following EXCEPT

Answer 13

Federal National Mortgage Association

Question 14

You check the FEMA flood map, and the subject property is located in Zone C. Is this a Special Flood Hazard Area (SFHA)?

Answer 14

No

Question 15

Comparable sale and rental properties would be considered ________ data.

Answer 15

specific

Question 16

Which of the following items would NOT be typically found by reading the deed for the subject property?

Answer 16

census tract number

Question 17

Which of the following would NOT be considered general data?

Answer 17

subject property tax assessment

Question 18

FEMA stands for

Answer 18

Federal Emergency Management Agency

Question 19

In residential mortgage lending appraisals, it is more common for lenders and AMCs to ask for _________ maps to be included in appraisal reports.

Answer 19

aerial

Question 20

The largest source for demographic information is

Answer 20

U.S. Bureau of the Census

Question 21

True or False: The usefulness of MLS information can be dramatically increased through verification with a selling or listing agent.

Answer 21

TRUE

Question 22

Who is the primary intended user for MLS information?

Answer 22

agents and brokers

Question 23

The external forces that exert the most pressure are generally at the __________level.

Answer 23

neighborhood

Question 24

“Data that relates to the four forces that affect real property values—social, economic, governmental, and environmental forces. This type of data is usually not specific to any particular property but is applicable in many assignments of similar types of properties. Also known as macro-level data” is the definition of

Answer 24

general data

Question 25

Which of these is the best source for traffic count information?

Answer 25

Department of Transportation

Question 26

MLS systems store and maintain their data primarily for the use of:

Answer 26

Real estate agents and brokers

Question 27

Multiple Listing Services can be utilized for gathering ____________ .

Answer 27

both general and specific data

Question 28

Multiple Listing Services can be utilized for gathering ____________ .

Answer 28

both general and specific data

Question 29

Which of these items would NOT be typically found in the deed for the subject property?

Answer 29

zoning classification

Question 30

A deed will typically provide information on all of the following EXCEPT

Answer 30

assessed value

Question 31

Which would NOT be a possible source of general data?

Answer 31

deed

Question 32

Which zones are identified by FEMA as Special Flood Hazard Areas?

Answer 32

zones A and V

Question 33

The Google web site can give you _________ maps.

Answer 33

both street maps and aerial maps

Question 34

When completing an appraisal assignment, comparable sales information that the appraiser gathers would be considered _________ data.

Answer 34

specific. We also need to gather specific data concerning sales and/or rentals that would be comparable in the local market area to the subject property. Comparable sales data would be considered specific data, even though some of this information could be applied to appraisals of other properties in the area. These sales were selected on the basis of their comparability to the subject; therefore they are specific data.

Question 35

True or False: General data tends to influence all properties in an area equally.

Answer 35

TRUE

Question 36

Information on tax rates in an area would be considered

Answer 36

general data

Question 37

Information on employment and unemployment trends in an area would be considered

Answer 37

general data