final exam Flashcards
Improved land or a lot in a finished state so that it is ready to be used for a specific purpose.
Site
Land consists of the surface of the earth and everything
Above it and below it
In the SCOPE OF WORK RULE in USPAP it says “For each appraisal and appraisal review assignment, an appraiser must _________ the problem to be solved, determine and perform the scope of work necessary to develop __________ assignment results, and __________ the scope of work in the report.”
Identify, credible, disclose
The type of data and the extent of research and analyses in an appraisal or appraisal review assignment is the definition of _______________.
Scope of work
Which is the most prevalent type of legal description used in the U.S. today?
Rectangular survey
A lot that has all clearing and grading completed, with all public utilities that are available at the property line and all engineering and adjoining roads completed is called a(n) ________________.
Finished lot
Is socially acceptable one of the elements of highest and best use?
No
“An exact description that enables the real estate to be located and identified” is the definition of:
Legal description
A record showing the location, size, and owner of each plot of land in a stated area is called a ______________.
Plat book
Land in its natural state is defined as
Raw Land
How many feet are in a chain?
66
The highest and best use of a site as though vacant may be different from the highest and best use of the property as improved. This means that the property ________________.
Has been mis-improved.
Which System uses chains and links?
Metes and Bounds
Are deed rights a type of land rights?
No
grading, landscaping, paving, and utility hookup
on site improvements
streets, curbs, sidewalks, drains, and connecting utility lines
off site improvements
Each section contains _____ acres.
640
A Pole and a __________ are the same thing.
Rod
What is another term for lot?
parcel
The easiest type of site to develop is one that has a _______ terrain.
Rolling
The four main categories of market forces are:
Physical, legal, economic, social
Warm air rising is called the _____________.
Stack Effect
The four economic factors that are necessary to create value are utility, _____________, ___________, and _______________.
Scarcity, desire, effective purchasing power
Expansive soils may commonly be found in the:
Southwest and Plains States
The Enviromapper website is maintained by the:
Environmental Protection Agency
Soil maps can be obtained from the
Natural Resources Conservation Service
Who administers the Endangered Species Program?
U. S. Fish and Wildlife Service.
“The right to use another’s land for a stated purpose” is the definition of:
Easement
Most U.S. communities and many global markets choose to abide by the Codes provided by the _______________.
International Code Council
“A list of expressed assurances and limitations on land use; often found in contracts between a land subdivider and a lot purchaser” is the definition of:
Conditions, Covenants and Restrictions
An interest in real estate restricting future land use to preservation, conservation, wildlife habitat, or some combination of those uses is the definition of _______________ easement.
Conservation
Which agency is in charge of navigable waterways?
The U.S. Army Corps of Engineers
CC&Rs are commonly found in _______________________.
Subdivisions
Madison Square Garden is an example of the use of __________ rights.
Air
A Nationwide Permit is required for developing projects impacting as little as _____acre of wetlands.
1/10
Access to rail lines, navigable waterways, and Interstate highways are important to ____________ land.
Industrial
A “perc” test is used to measure the __________ of the soil.
Drainage
An easement for ingress and egress is an example of a ______________ easement.
Positive
Who is charged with monitoring estuaries?
National Oceanic and Atmospheric Administration
The Land Trust Alliance offers advice on:
Conservation easements
Who administers the Endangered Species Program?
U. S. Fish and Wildlife Service
The National Wetlands Inventory is maintained by the:
U. S. Fish and Wildlife Service
With real estate, _______________ can change quickly, while _______________ is slow to respond.
Demand, supply
An appraiser is trying to compile a list of potential legal uses for a piece of vacant property. What problem might he encounter in making this determination?
Legality is subject to manipulation by local officials
What is the problem in determining what is legal?
It is subject to manipulation by local officials
What is the most dominant factor that affects legal permissibility?
Zoning ordinances
Assemblage is a cost or value?
A cost
“The combining of two or more parcels, usually but not necessarily contiguous, into one ownership or use” is the definition of:
Assemblage
What is the first stage in the life cycle of a neighborhood?
Growth
The classic theory of urban growth describes suburbs growing up in _____________ around urban centers.
Concentric circles
Which is usually the longest stage in the life cycle of a neighborhood?
Stability
“The combining of two or more parcels, usually but not necessarily contiguous, into one ownership or use” is the definition of:
Assemblage
“The rate at which properties for sale or lease have been or are expected to be successfully marketed, sold, or leased in a given area over a duration of time” is the definition of _______________ rate.
Absorption
Interest rates will affect the ____________ purchasing power of potential buyers of all kinds of real estate.
Effective
The site valuation method that capitalizes the income attributable to the land is the ____________________ Method.
Land Residual
The site valuation method that subtracts development costs from sale proceeds is the _____________ Method.
Subdivision Development
The most common type of adjustments used in land or site appraisals is __________________ adjustments.
Quantitative
Generally speaking, the Sales Comparison method is the most desirable for valuing land and sites. The next most desirable methods are the _________________ and the ____________________ methods.
Extraction, Allocation
“A method of estimating land value in which the net operating income attributable to the land is isolated and capitalized to produce an indication of the land’s contribution to the total property” is the definition of the _____________________ method of land valuation.
Land Residual
The most complex and complicated method of land valuation is the ________________________ Method.
Subdivision Development
The most commonly used land appraisal form is a(n) _________________ form.
Generic
When a cost manual is used, it results in _________________ cost.
Replacement
The difference between the market value of a property after completion and its total cost of development is ______________.
Entrepreneurial Profit
Quality of construction is often more difficult to determine in buildings where the importance of appearance and amenities is equal to or greater than the importance of pure _____________.
Utility
The main distinguishing characteristic for Class A buildings is the:
Fireproofed steel frame
Green building is also known as _____________ building.
Sustainable
The Marshall Valuation Service contains ______ quality scales.
Four
Wall and ceiling panels made of sandwich construction with foam and oriented strand board are called:
SIPs
“The total period a building lasts or is expected to last ..” is the definition of ___________ life.
Physical
External obsolescence is either _______________________.
Temporary or permanent
The definition of external obsolescence includes this phrase: “A type of depreciation; a diminution in value caused by negative external influences, and generally________________ “.
Incurable
The Rectangular Survey system is found primarily in the:
Midwest and West
Marshall and Swift classify a high-rise as any building with ___ or more stories.
3
“A condition of real estate that may occur when the expansion, redevelopment, or reuse of the real estate may be complicated by the presence of environmental contamination that needs to be remediated to appropriate regulatory standards” is the definition of:
Brownfield
Supply and demand work in a(n) ____________ relationship.
Inverse
All base costs in the MVS are calculated to include the type of heating and/or cooling system listed for that class and quality level – in a ________ climate.
Moderate
“The amount an entrepreneur expects to receive for his or her contribution to a project” is the definition of entrepreneurial ______________.
Incentive
The breakdown method includes
physical deterioration, functional obsolescence, external obsolescence
Physical deterioration is either
curable or incurable
Curable physical deterioration is also known as
deferred maintenance
incurable physical deterioration breaks down to
short lived and long lived items
Curing an item of depreciation is economically feasible if the cost to cure is _________ than the anticipated increase in the value of the property that would result after curing the depreciation.
equal to or less
A form of physical deterioration that cannot be practically or economically corrected as of the effective date of appraisal.
Incurable physical deterioration
Deferred maintenance is considered to be ____; the short-lived and long-lived components are _____.
curable, incurable
Items of wear and tear on a property that should be fixed now to protect the value or income-producing ability of the property, such as a broken window, a dead tree, a leak in the roof, or a faulty roof that must be completely replaced. These items are almost always curable.
deferred maintenance
A building component with an expected remaining economic life that is shorter than the remaining economic life of the entire structure.
short-lived item
An item that will probably be replaced one or more times during the life of the improvements, such as painting or flooring.
short-lived item
Roof covering Water heaters Carpeting Furnaces Air conditioning compressors
short-lived items
A building component or site improvement expected to have the same useful life as the entire structure.
long-lived item
Framing Roof structure Foundation Insulation Underground pipes
long-lived items
The ability of a property or building to be useful and to perform the function for which it is intended according to current market tastes and standards; the efficiency of a building’s use in terms of architectural style, design and layout, traffic patterns, and the size and type of rooms.
functional utility
