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General Appraiser Site Valuation and Cost Approach > final exam > Flashcards

final exam Flashcards

1
Q

Improved land or a lot in a finished state so that it is ready to be used for a specific purpose.

A

Site

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2
Q

Land consists of the surface of the earth and everything

A

Above it and below it

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3
Q

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.”

A

Identify, credible, disclose

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4
Q

The type of data and the extent of research and analyses in an appraisal or appraisal review assignment is the definition of _______________.

A

Scope of work

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5
Q

Which is the most prevalent type of legal description used in the U.S. today?

A

Rectangular survey

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6
Q

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) ________________.

A

Finished lot

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7
Q

Is socially acceptable one of the elements of highest and best use?

A

No

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8
Q

“An exact description that enables the real estate to be located and identified” is the definition of:

A

Legal description

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9
Q

A record showing the location, size, and owner of each plot of land in a stated area is called a ______________.

A

Plat book

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10
Q

Land in its natural state is defined as

A

Raw Land

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11
Q

How many feet are in a chain?

A

66

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12
Q

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 ________________.

A

Has been mis-improved.

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13
Q

Which System uses chains and links?

A

Metes and Bounds

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14
Q

Are deed rights a type of land rights?

A

No

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15
Q

grading, landscaping, paving, and utility hookup

A

on site improvements

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16
Q

streets, curbs, sidewalks, drains, and connecting utility lines

A

off site improvements

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17
Q

Each section contains _____ acres.

A

640

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18
Q

A Pole and a __________ are the same thing.

A

Rod

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19
Q

What is another term for lot?

A

parcel

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20
Q

The easiest type of site to develop is one that has a _______ terrain.

A

Rolling

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21
Q

The four main categories of market forces are:

A

Physical, legal, economic, social

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22
Q

Warm air rising is called the _____________.

A

Stack Effect

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23
Q

The four economic factors that are necessary to create value are utility, _____________, ___________, and _______________.

A

Scarcity, desire, effective purchasing power

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24
Q

Expansive soils may commonly be found in the:

A

Southwest and Plains States

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25
Q

The Enviromapper website is maintained by the:

A

Environmental Protection Agency

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26
Q

Soil maps can be obtained from the

A

Natural Resources Conservation Service

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27
Q

Who administers the Endangered Species Program?

A

U. S. Fish and Wildlife Service.

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28
Q

“The right to use another’s land for a stated purpose” is the definition of:

A

Easement

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29
Q

Most U.S. communities and many global markets choose to abide by the Codes provided by the _______________.

A

International Code Council

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30
Q

“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:

A

Conditions, Covenants and Restrictions

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31
Q

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.

A

Conservation

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32
Q

Which agency is in charge of navigable waterways?

A

The U.S. Army Corps of Engineers

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33
Q

CC&Rs are commonly found in _______________________.

A

Subdivisions

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34
Q

Madison Square Garden is an example of the use of __________ rights.

A

Air

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35
Q

A Nationwide Permit is required for developing projects impacting as little as _____acre of wetlands.

A

1/10

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36
Q

Access to rail lines, navigable waterways, and Interstate highways are important to ____________ land.

A

Industrial

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37
Q

A “perc” test is used to measure the __________ of the soil.

A

Drainage

38
Q

An easement for ingress and egress is an example of a ______________ easement.

A

Positive

39
Q

Who is charged with monitoring estuaries?

A

National Oceanic and Atmospheric Administration

40
Q

The Land Trust Alliance offers advice on:

A

Conservation easements

41
Q

Who administers the Endangered Species Program?

A

U. S. Fish and Wildlife Service

42
Q

The National Wetlands Inventory is maintained by the:

A

U. S. Fish and Wildlife Service

43
Q

With real estate, _______________ can change quickly, while _______________ is slow to respond.

A

Demand, supply

44
Q

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?

A

Legality is subject to manipulation by local officials

45
Q

What is the problem in determining what is legal?

A

It is subject to manipulation by local officials

46
Q

What is the most dominant factor that affects legal permissibility?

A

Zoning ordinances

47
Q

Assemblage is a cost or value?

A

A cost

48
Q

“The combining of two or more parcels, usually but not necessarily contiguous, into one ownership or use” is the definition of:

A

Assemblage

49
Q

What is the first stage in the life cycle of a neighborhood?

A

Growth

50
Q

The classic theory of urban growth describes suburbs growing up in _____________ around urban centers.

A

Concentric circles

51
Q

Which is usually the longest stage in the life cycle of a neighborhood?

A

Stability

52
Q

“The combining of two or more parcels, usually but not necessarily contiguous, into one ownership or use” is the definition of:

A

Assemblage

53
Q

“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.

A

Absorption

54
Q

Interest rates will affect the ____________ purchasing power of potential buyers of all kinds of real estate.

A

Effective

55
Q

The site valuation method that capitalizes the income attributable to the land is the ____________________ Method.

A

Land Residual

56
Q

The site valuation method that subtracts development costs from sale proceeds is the _____________ Method.

A

Subdivision Development

57
Q

The most common type of adjustments used in land or site appraisals is __________________ adjustments.

A

Quantitative

58
Q

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.

A

Extraction, Allocation

59
Q

“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.

A

Land Residual

60
Q

The most complex and complicated method of land valuation is the ________________________ Method.

A

Subdivision Development

61
Q

The most commonly used land appraisal form is a(n) _________________ form.

A

Generic

62
Q

When a cost manual is used, it results in _________________ cost.

A

Replacement

63
Q

The difference between the market value of a property after completion and its total cost of development is ______________.

A

Entrepreneurial Profit

64
Q

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 _____________.

A

Utility

65
Q

The main distinguishing characteristic for Class A buildings is the:

A

Fireproofed steel frame

66
Q

Green building is also known as _____________ building.

A

Sustainable

67
Q

The Marshall Valuation Service contains ______ quality scales.

A

Four

68
Q

Wall and ceiling panels made of sandwich construction with foam and oriented strand board are called:

A

SIPs

69
Q

“The total period a building lasts or is expected to last ..” is the definition of ___________ life.

A

Physical

70
Q

External obsolescence is either _______________________.

A

Temporary or permanent

71
Q

The definition of external obsolescence includes this phrase: “A type of depreciation; a diminution in value caused by negative external influences, and generally________________ “.

A

Incurable

72
Q

The Rectangular Survey system is found primarily in the:

A

Midwest and West

73
Q

Marshall and Swift classify a high-rise as any building with ___ or more stories.

A

3

74
Q

“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:

A

Brownfield

75
Q

Supply and demand work in a(n) ____________ relationship.

A

Inverse

76
Q

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.

A

Moderate

77
Q

“The amount an entrepreneur expects to receive for his or her contribution to a project” is the definition of entrepreneurial ______________.

A

Incentive

78
Q

The breakdown method includes

A

physical deterioration, functional obsolescence, external obsolescence

79
Q

Physical deterioration is either

A

curable or incurable

80
Q

Curable physical deterioration is also known as

A

deferred maintenance

81
Q

incurable physical deterioration breaks down to

A

short lived and long lived items

82
Q

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.

A

equal to or less

83
Q

A form of physical deterioration that cannot be practically or economically corrected as of the effective date of appraisal.

A

Incurable physical deterioration

84
Q

Deferred maintenance is considered to be ____; the short-lived and long-lived components are _____.

A

curable, incurable

85
Q

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.

A

deferred maintenance

86
Q

A building component with an expected remaining economic life that is shorter than the remaining economic life of the entire structure.

A

short-lived item

87
Q

An item that will probably be replaced one or more times during the life of the improvements, such as painting or flooring.

A

short-lived item

88
Q 
Roof covering
Water heaters
Carpeting
Furnaces
Air conditioning compressors
A

short-lived items

89
Q

A building component or site improvement expected to have the same useful life as the entire structure.

A

long-lived item

90
Q 
Framing
Roof structure
Foundation
Insulation
Underground pipes
A

long-lived items

91
Q

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.

A

functional utility

General Appraiser Site Valuation and Cost Approach (1 decks)

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