Chapter 11 Flashcards
The expanded portion of the concrete foundation is the:
footing
The market (sales comparison) approach to value is most important for determining the value of:
existing residential homes
A woman purchases an adjacent lot to the one she already owns, combining the two lots. This is known as:
plottage
Which of the following is NOT one of the basic appraisal principles?
accession
The appraisal principle that states that the value of a property tends to be influenced by the price of acquiring an equally desirable property:
principle of substitution
A lot facing a turnaround portion of a dead-end street is called a(n):
cul-de-sac
Sloping members of a roof used to support the roof boards and shingles are:
rafters
A table that illustrates how the highest value is located in the front part of a lot is called a:
depth table
Which of the following is a consideration in determining the “highest and best use” of a property? All answers are correct Is the use physically possible Is the use financially feasible Is the use legally permissible
All answers are correct
“Front footage” is the:
property width in the front along the street.
The principle that states that the value of the best property in a neighborhood will be adversely affected downward by the value of many lesser properties is known as:
regression
A buyer will not pay more for a particular property if he/she can buy an equally desirable one for less, according to the principle of:
substitution
What do we call the wood lining on the lower portion of an interior wall with the upper portion wallpapered or covered with another material different from the lower portion?
Wainscoting
If from the ridge board, the highest point of the roof, a roof slopes downward in four directions, it is referred to as a:
hip roof
How do owner-occupied homes affect a neighborhood?
lend economic stability
A residential home is built in the middle of an industrial park. This will cause the value of the property to be much less than if a manufacturing plant was built on the site. Which principle is this an example of?
principle of highest and best use
Generally, real estate agents perform a comparative market analysis for their clients to
Help them determine a price to list when selling a home or a price to offer when buying a home
If home values decrease when airplane traffic is permanently rerouted over a residential area, this decrease in value would be classified as:
economic obsolescence
Objective value is also known as:
market value
The principle that states that land should be applied to generate its greatest net return:
highest and best use
When a real estate appraisal is issued, it is good for what period of time?
a given date
Increase the possibility of turnover
open sheathing
Which of the following is NOT one of the four essential elements of value?
Cost
In evaluating a house that has an actual age of 15 years, the appraiser assigned it an age of only 10 years because of the home’s excellent condition. This is an example of:
effective age
An increase in value of real estate due to NO effort on the part of the owner is a(n):
unearned incerment
All of the following real estate terms are closely related, except:
frontage
The least desirable lot, bordered on the side by the backs of lots that front on another street is a(n):
key lot
Which of the following is TRUE concerning appraisals?
An opinion of value of a property
Each appraisal is for a specific property.
All answers are correct
Each appraisal is only valid as of a specific date
All answers are correct
Regarding the sales comparison approach, which is false?
the subject property is adjusted to the comps
Which of the following are stages of a real property's life cycle? All answers are correct Maturity Decline Developement
All answers are correct
