Chapter 19 - Additional Questions Flashcards
All of the following could be participants in a real property market EXCEPT
- sellers
- landlords
- appraisers
- assessors
assessors
The principle of supply and demand states that the price of a commodity, good, or service varies __________, but not necessarily _____________, with demand.
directly
proportionately
Which of the following would NOT be considered a negative easement?
- access right of way
- conservation easement
- drainage easement
- historic preservation easement
access right of way
An appraisal report is defined as “the ____________ communication of an appraisal; the document transmitted to the __________upon completion of an appraisal assignment.”
written or oral
client
Supply and demand move in a(n) ____________ relationship.
- inverse
- proportionate
- reverse
- parallel
inverse
“A business arrangement in which two or more persons jointly own a business and share in its profits and losses” is the definition of
- limited partnership
- partnership
- general partnership
- trust
partnership
The ______ publishes “other communications” in the form of Advisory Opinions and USPAP FAQs.
- AQB
- Appraisal Subcommittee
- ASB
- Board of Trustees
ASB
In the 1970s, who developed uniform rules for mortgage underwriting?
- FIRREA
- professional appraisal organizations
- the Appraisal Subcommittee
- Fannie Mae and Freddie Mac
Fannie Mae and Freddie Mac
The government uses the process of condemnation to carry out its power of
- escheat
- taxation
- police power
- eminent domain
eminent domain = Eminent domain allows private land to be taken for the public good; with just compensation.
(escheat = the reversion of property to the state on the owner’s dying without legal heirs.)
All of the following would be social influences on value EXCEPT
- ages of residents
- educational facilities
- family formations
- population trends
educational facilities
The Uniform Commercial Code covers the sale of goods over $________.
- $250
- $500
- $2,500
- $5,000
$500
In analyzing a real estate purchase contract, you should be able to find all of the following items EXCEPT
- sale price
- legal description
- date of sale
- amount of property taxes
amount of property taxes
Transportation would be an example of a(n) __________ force affecting property values.
- environmental
- governmental
- local
- none of the above
governmental
The _____ has oversight authority over state appraisal boards.
- AQB
- ABC
- ASC
- HUD
Reporting requirements for real property appraisers are set forth in STANDARD ___ of the Uniform Standards of Professional Appraisal Practice.
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