Chapter 7 location adjustments

Question 1

A group of complementary land uses; a congruous grouping of inhabitants, buildings, or business enterprises.

Answer 1

neighborhood

Question 2

A neighborhood characterized by homogeneous land use, e.g., apartment, commercial, industrial, agricultural

Answer 2

district

Question 3

The geographic region from which a majority of demand comes and in which the majority of competition is located.

Answer 3

Market Area

Question 4

A district is an area characterized by \_\_\_\_\_\_\_\_\_\_\_\_ land use.
Contradictory
Varied
Incongruous
Homogeneous

Answer 4

homogeneous

Question 5

The concept of real estate value being linked to location comes to us from the economist
William Kinnard
Alfred Marshall
Adam Smith
Irving Fisher

Answer 5

Alfred Marshall

Question 6

“A group of complementary land uses; a congruous grouping of inhabitants, buildings, or business enterprises” is the definition of
Neighborhood
Market area
District
Marketing area

Answer 6

neighborhood

Question 7

“The geographic region from which a majority of demand comes and in which the majority of competition is located........” is the definition of
Neighborhood
District
Market area
All of these

Answer 7

market area

Question 8

The definition of neighborhood has changed from a grouping of \_\_\_\_\_\_\_\_\_\_ to a grouping of \_\_\_\_\_\_\_\_\_\_\_\_ people, buildings and uses.
Diverse, similar
Homogenous, congruous
Complementary, supplementary
Congruous, identical

Answer 8

homogeneous, congruous

Question 9

What is one of the best ways to determine neighborhood boundaries?
Driving around the area
Checking Congressional voting districts
Drawing lines by zip code
Asking the chamber of commerce

Answer 9

driving around the area

Question 10

For residential properties, location on a(n) \_\_\_\_\_\_\_\_\_\_\_\_\_ is generally the most preferable.
Feeder street
Cul-de-sac
Arterial corridor
Interstate highway

Answer 10

cul-de-sac

Question 11

Whenever possible, your comparables should be in
A different market area than your subject
The same market area as your subject
A different subdivision or development than your subject
Location of comparables does not matter

Answer 11

the same market area as your subject

Question 12

Site factors might include all of the following EXCEPT
Traffic
Topography
Access
Construction quality

Answer 12

construction quality

Question 13

Which would NOT be considered market area factors?
Encroachments
Climate
Density
Access to shopping

Answer 13

encroachments

Question 14

"The geographic region from which a majority of demand comes and in which the majority of competition is located. Depending on the market, a market area may be further subdivided into components such as primary, secondary, and tertiary market areas, or the competitive market area may be distinguished from the general market areas” is the definition of
Neighborhood
District
Market area
All of the above

Answer 14

market area

Question 15

Fannie Mae requires the appraiser to \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ the factors in the neighborhood that may affect the market value or marketability of the properties in the market area.
Find and remediate
Consider, value, and remediate
Research, analyze, and report on
View, report, and mitigate

Answer 15

research, analyze, and report on

Question 16

Fannie Mae says “the appraiser should extend the search of the subject market area \_\_\_\_\_\_\_\_\_\_ to assure that all significant influences affecting the value of the subject property are reflected in the appraisal report."
One half mile
One mile
As far as necessary
Within the same jurisdiction

Answer 16

as far as necessary

Question 17

Which is the most recent term?
Neighborhood
District
Market area
They are all the same age

Answer 17

market area

Question 18

The four categories of external market factors are
Social, Economic, Utilitarian, and Governmental
Economic, Environmental, Physical, and Social
Social, Economic, Governmental, and Environmental
Governmental, Social, Economic, and Political

Answer 18

social, economic, governmental, and environmental

Question 19

A district is an area characterized by \_\_\_\_\_\_\_\_\_\_\_\_ land use.
Inconsistent
Widely varied
Incongruous
Homogeneous

Answer 19

homogeneous