Chapter 11

Question 1

The expanded portion of the concrete foundation is the:

Answer 1

footing

Question 2

The market (sales comparison) approach to value is most important for determining the value of:

Answer 2

existing residential homes

Question 3

A woman purchases an adjacent lot to the one she already owns, combining the two lots. This is known as:

Answer 3

plottage

Question 4

Which of the following is NOT one of the basic appraisal principles?

Answer 4

accession

Question 5

The appraisal principle that states that the value of a property tends to be influenced by the price of acquiring an equally desirable property:

Answer 5

principle of substitution

Question 6

A lot facing a turnaround portion of a dead-end street is called a(n):

Answer 6

cul-de-sac

Question 7

Sloping members of a roof used to support the roof boards and shingles are:

Answer 7

rafters

Question 8

A table that illustrates how the highest value is located in the front part of a lot is called a:

Answer 8

depth table

Question 9

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

Answer 9

All answers are correct

Question 10

“Front footage” is the:

Answer 10

property width in the front along the street.

Question 11

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:

Answer 11

regression

Question 12

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:

Answer 12

substitution

Question 13

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?

Answer 13

Wainscoting

Question 14

If from the ridge board, the highest point of the roof, a roof slopes downward in four directions, it is referred to as a:

Answer 14

hip roof

Question 15

How do owner-occupied homes affect a neighborhood?

Answer 15

lend economic stability

Question 16

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?

Answer 16

principle of highest and best use

Question 17

Generally, real estate agents perform a comparative market analysis for their clients to

Answer 17

Help them determine a price to list when selling a home or a price to offer when buying a home

Question 18

If home values decrease when airplane traffic is permanently rerouted over a residential area, this decrease in value would be classified as:

Answer 18

economic obsolescence

Question 19

Objective value is also known as:

Answer 19

market value

Question 20

The principle that states that land should be applied to generate its greatest net return:

Answer 20

highest and best use

Question 21

When a real estate appraisal is issued, it is good for what period of time?

Answer 21

a given date

Question 22

Increase the possibility of turnover

Answer 22

open sheathing

Question 23

Which of the following is NOT one of the four essential elements of value?

Answer 23

Cost

Question 24

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:

Answer 24

effective age

Question 25

An increase in value of real estate due to NO effort on the part of the owner is a(n):

Answer 25

unearned incerment

Question 26

All of the following real estate terms are closely related, except:

Answer 26

frontage

Question 27

The least desirable lot, bordered on the side by the backs of lots that front on another street is a(n):

Answer 27

key lot

Question 28

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

Answer 28

All answers are correct

Question 29

Regarding the sales comparison approach, which is false?

Answer 29

the subject property is adjusted to the comps

Question 30

Which of the following are stages of a real property's life cycle?
All answers are correct 
  Maturity 
  Decline 
  Developement

Answer 30

All answers are correct