Ch 2 Quiz Flashcards
Which of the following sources of data would not be considered “specific” data?
US Census data for the MSA
Which appraisal term is defined as: “Details about the property being appraised, comparable sale and rental properties, and relevant local market characteristics”?
Specific data
Local and regional multiple listing services typically concentrate on ____________ properties.
Single unit residential
You can obtain topographic maps from
Topozone
During her research, an appraiser discovers that the annual taxes for the subject property are $5,500. What type of data is this?
specific data. Specific data is more direct and applies specifically to the subject of your appraisal assignment.
Which of the following pieces of information would MOST likely be found in the deed?
Current owner of record
It is important for an appraiser to research and understand what when doing an appraisal?
both the zoning map and the ordinance
Which of these organizations is responsible for preparing flood maps for U.S. communities?
FEMA
True or False: Government data sources for general data are found on a national level only.
FALSE
BEA stands for
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.
The zoning of a property is _____________ data.
specific
Which influences typically exert the greatest pressure on property values?
local influences
Professional or trade associations offering general data include all of the following EXCEPT
Federal National Mortgage Association
You check the FEMA flood map, and the subject property is located in Zone C. Is this a Special Flood Hazard Area (SFHA)?
No
Comparable sale and rental properties would be considered ________ data.
specific
Which of the following items would NOT be typically found by reading the deed for the subject property?
census tract number
Which of the following would NOT be considered general data?
subject property tax assessment
FEMA stands for
Federal Emergency Management Agency
In residential mortgage lending appraisals, it is more common for lenders and AMCs to ask for _________ maps to be included in appraisal reports.
aerial
The largest source for demographic information is
U.S. Bureau of the Census
True or False: The usefulness of MLS information can be dramatically increased through verification with a selling or listing agent.
TRUE
Who is the primary intended user for MLS information?
agents and brokers
The external forces that exert the most pressure are generally at the __________level.
neighborhood
“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
general data
Which of these is the best source for traffic count information?
Department of Transportation
MLS systems store and maintain their data primarily for the use of:
Real estate agents and brokers
Multiple Listing Services can be utilized for gathering ____________ .
both general and specific data
Multiple Listing Services can be utilized for gathering ____________ .
both general and specific data
Which of these items would NOT be typically found in the deed for the subject property?
zoning classification
A deed will typically provide information on all of the following EXCEPT
assessed value
Which would NOT be a possible source of general data?
deed
Which zones are identified by FEMA as Special Flood Hazard Areas?
zones A and V
The Google web site can give you _________ maps.
both street maps and aerial maps
When completing an appraisal assignment, comparable sales information that the appraiser gathers would be considered _________ data.
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.
True or False: General data tends to influence all properties in an area equally.
TRUE
Information on tax rates in an area would be considered
general data
Information on employment and unemployment trends in an area would be considered
general data
