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Real Estate > Chapter 16 - Product Knowledge > Flashcards

Chapter 16 - Product Knowledge Flashcards

1
Q

What is a corner lot?

A

Bounded with streets on two sides

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2
Q

What is an interior lot?

A

Bounded on each side by another lot

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3
Q

What is a T-intersection lot?

A

Interior lots that suffer from their location at the end of a T intersection

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4
Q

What is a cul-de-sac lot?

A

Occurs when a street is open at one end only and it has a circular turn-around at the other end

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5
Q

What is a flag lot?

A

Lots with a long access road or driveway back to the main part of the lot

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6
Q

What are key lots?

A

Lots that are generally long skinny lots similar to the shaft of a key that are often bounded by as many as five or six lots

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7
Q

What is a pier?

A

Column of masonry; four or more piers are used to support a structure
They lift the structure above ground level to allow a crawl space below the surface

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8
Q

What is slab-on-grade?

A

Involves pouring a concrete slab directly on the ground; the slab is reinforced with steel mesh, and the ground is covered with a plastic, waterproof vapor barrier

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9
Q

What is a platform?

A

Each floor is built separately, with the first floor providing a work platform for the structure above

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10
Q

What is balloon construction?

A

The studs extend continuously to the ceiling of the second floor, providing a smooth unbroken wall surface at each floor level

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11
Q

What is post-and-beam?

A

Sturdy posts support beams that are spaced up to eight feet apart and covered with 2-inch planks that serve to form the floor, ceiling, and roof deck

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12
Q

What is the pitch of the roof?

A

Its slope

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13
Q

What are the roof styles?

A 
Gable
Hip
Saltbox
Shed
Flat
Gambrel
Mansard
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14
Q

What are gable roofs?

A

Use a single truss design

Peak at center ridge and extend downward on two opposite sides

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15
Q

What are hip roofs?

A

Peak at the center ridge but extend downward on four opposite sides

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16
Q

What are saltbox roofs?

A

Characterized by what appears to be a gable roof that then slopes steeply on one side

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17
Q

What are shed roofs?

A

Consist of a single steep plane

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18
Q

What are flat roofs?

A

Commonly referred to as built-up roofs because of the way they are constructed in layers of tar and gravel

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19
Q

What are gambrel roofs?

A

Characterized by the American barn style of roof

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20
Q

What are mansard roofs?

A

The shingles come down the walls of the top floor

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21
Q

Years ago, voltage entering houses was rated at ______ and _____ volts.

A

110 and 220 volts

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22
Q

What has the voltage entering houses been increased to?

A

120 and 240 volts

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23
Q

What is the purpose of a cold water main?

A

Carries water to the water heater and to all cold-water-using fixtures

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24
Q

Mechanical components include:

A

Air cooling and heating systems

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25
Q

What is the most common type of heat distribution system?

A

A ducted system (distributes warm air through ducts to each room of the house)

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26
Q

What are air-conditioning systems rated in?

A

BTUs or tons

27
Q

_______ BTUs are equivalent to a one-ton capacity.

A

12,000 BTUs

28
Q

The efficiency of electric air-conditioning systems is measured by a:

A

Seasonal Energy Efficiency Ratio (SEER)

29
Q

What is the national minimum standards for central air conditioners?

A

SEER of 13

30
Q

The higher the SEER rating:

A

The more energy efficient the equipment

31
Q

What are the styles of windows?

A 
Fixed
Awning
Casement
Jalousie
Sliding
Hopper
Center pivot
Double or single-hung
32
Q

What are fixed windows?

A

Also called picture windows; they do not open; have sealed edges

33
Q

What are awning windows?

A

Typically fixed at the top and tilt out with the aid of a crank to provide ventilation but have a limited open space

34
Q

What are casement windows?

A

Consist of one or more sashes hinged at the side like a door, swinging horizontally out or in, usually with the aid of a crank

35
Q

What are jalousie windows?

A

Glass louvers that overlap one another from the panes; operated with a crank or turn-screw, the glass louvers tilt to open, permitting airflow

36
Q

What are sliding windows?

A

Horizontal sliding windows move back and forth on tracks; usually only one of the sashes moves and the other is fixed

37
Q

What are hopper windows?

A

Hinged at the bottom and opens into the room

38
Q

What are center pivot windows?

A

Window pivots from a point at the center of the frame

39
Q

What are double-hung windows?

A

Open by sliding the bottom half of the window up or sliding the top half down

40
Q

What are single-hung windows?

A

Similar to double-hung, but only the lower sash is movable

41
Q

A type of foundation that is used in low-lying coastal areas is called:

A

Pier foundation

42
Q

A type of frame construction that allows for large spans between supporting side walls is:

A

Post-and-beam construction

43
Q

If you were to build a commercial structure and because of limited ground space wanted to install the mechanical equipment on the roof, which roof design would be most appropriate?

A

Flat

44
Q

In areas near water in kitchens and bathrooms, building codes require special electrical outlets referred to as:

A

Ground-fault-interrupters

45
Q

You want to replace a ceiling fan and have removed the old fixture. The wiring to the old fixture consists of three wires: a black wire, a white wire, and a green wire. Which wire is the ground wire?

A

Green

46
Q

The pipe that carries water to the hot water heater is referred to as a:

A

Cold water main

47
Q

The purpose of a U-shaped trap under a kitchen sink is to:

A

Prevent combustible gases from entering the home

48
Q

An electrical cable stamped with the words “6/2 with ground” is most appropriate for wiring to a:

A

Window air conditioner

49
Q

You are interested in adding roof installation to your home to reduce your monthly electrical bill. Which government agency establishes minimum recommended R-values specific to your local area?

A

Department of Energy

50
Q

You are walking through a seller’s contemporary-design home. There are windows set high into a loft area, that are not designed to be opened. They function simply to bring light into the loft. What window type does this describe?

A

Fixed

51
Q

Which type of lot provides an open view down the street but may also suffer from vehicular headlights shining into the windows?

A

T-intersection

52
Q

Which type of lot is bounded by five or six other lots?

A

Key

53
Q

What is the income approach?

A 
"Pick Violets Every Other Night"
P - V = E
E - O = N
Potential Gross Income
Vacancy and Collection Losses
Effective Gross Income
Operating Expenses
Net Operating Income
54
Q

The first step in an appraisal is:

A

Define the problem

55
Q

What are the assumptions of market value?

A

The seller can provide a marketable title
Both buyer and seller are well informed and not related to each other
Neither buyer or seller aer under duress, menace or undue influence
Market value refers to a specific date
The property is on the open market and exposed for a reasonable time
The terms are cash or its equivalent

56
Q

The decision to convert a two-family residential home into a commercial office, housing a real estate firm, and an insurance company is an example of what appraisal principle?

A

Highest and best use

57
Q

What best describes the principle that a home maintains its highest value by being in a neighborhood with similar-type housing?

A

Conformity

58
Q

What principle is the market data approach based on?

A

Substitution

59
Q

External obsolescence in a property is generally:

A

A type of depreciation that is incurable

60
Q

When an appraiser uses the phrase “effective age”, he is referring to:

A

The age of the property based on its condition

61
Q

A man owns a building with six apartments. Three of the 6 apartments net him $200 per month, and the other three net him $150 per month. For what amount should he sell the building to net the same profit if he invests his money in a 9% savings account?

A 
$140,000
3 x 200 = 600 x 12 = 7,200
3 x 150 = 450 x 12 = 5,400
7,200 + 5,400 = 12,600
12,600 / .09 = 140,000
62
Q

The gross rent multiplier uses:

A

Sale price and monthly rental rates

63
Q

Peeling paint on a home is an example of:

A

Physical deterioration

64
Q

The three distinct boards of TAF are:

A

Appraisal Qualification Board
Appraisal Standards Board
Appraisal Practices Board

Real Estate (20 decks)

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