chapter 2 sales data Flashcards
“A group of complementary land uses; a congruous grouping of inhabitants, buildings, or business enterprises”
neighborhood
“A neighborhood characterized by homogeneous land use, e.g., apartment, commercial, industrial, agricultural”
district
Median wages and interest rates would be categorized as \_\_\_\_\_\_\_\_\_\_\_ factors. Social Economic Governmental Environmental
economic
"The geographic region from which a majority of demand comes and in which the majority of competition is located" is the definition of District Neighborhood Market area Suburb
market area
“A group of complementary land uses; a congruous grouping of inhabitants, buildings, or business enterprises” is the definition of District Neighborhood Market area Suburb
neighborhood
A web site that is a portal to over 200 federal agencies is usa.gov HUD.gov Census.gov Appraiser.gov
usa.gov
Specific data must be gathered concerning
Only the property being appraised
Only the comparable sale properties
Both the property being appraised and the comparable sale properties
Neither the subject property nor the comparable sale properties
both the property being appraised and the comparable sale properties
When collecting comparable sales information, you can collect data concerning all of the following EXCEPT: Recent sales The purchaser's ethnic background Listing of comparables Options to purchase
purchaser’s ethnic background
When collecting data, the appraiser looks for information on:
· Recent sales
· Listings of comparables
· Contracted or pending sales
· Offers / refusals / options
There are \_\_\_\_\_\_ basic elements of comparison in the Sales Comparison Approach. 4 6 8 10
10
The “normal course of business” in an area is determined by:
The actions of an appraiser’s peers only
Expectations of parties who are regularly intended users for similar assignments only
Both actions of appraiser’s peers and expectations of intended users
Fannie Mae and Freddie Mac
Both actions of appraiser’s peers and expectations of intended users
MLS information is compiled for the convenience and use of Appraisers Buyers Sellers Sales agents
sales agents
“Data that relates to the four forces that affect real property values—social, economic, governmental, and environmental forces” is the definition of Specific data Demographics General data Criteria
general data
In the course of performing an appraisal, the appraiser needs to gather General data only Specific data only Both general and specific data Neither general nor specific data
both general and specific data
Which of the following is an element of comparison in the Sales Comparison Approach? Real property rights Use Conditions of sale All of the above
all of the above
