Part 14 Vocab

Question 1

The effect on value produced by a property’s location at or near the intersection of two streets; the increment of value or loss in value resulting from this location or proximity.

Answer 1

corner influence

Question 2

the time a property was available for sale in the market and always presumes to occur prior to the effective date of the appraisal. The concept of reasonable _____ includes not only sufficient and reasonable time but also reasonable effort to sell the property.

Answer 2

exposure time

Question 3

Appraisers can get Flood Insurance Rate Maps (FIRM) published by _____.

Answer 3

Federal Emergency Management Agency (FEMA)

Question 4

___ means the use is nonconforming to the current zoning but it is permitted and thus legal. You must investigate zoning rules regarding the ability to rebuild the current improvements in the event they are substantially damaged (ex: in the event of a fire or flood)

Answer 4

grandfathered use (aka legally nonconforming)

Question 5

a use that was lawfully established and maintained but no longer conforms to the use regulations of its current zoning.

Answer 5

legal nonconforming use (aka grandfathered use)

Question 6

Rules regarding a manufactured house

Answer 6

1. The housing must be legally classified as real estate (not personal property).
2. At least 400 sq. ft. in gross living area (GLA)
3. The towing hitch, wheels, and axles must be removed and the dwelling must assume the characteristics of site-built housing.
4. A manufactured home must be attached to a permanent foundation system. The house cannot be moved after its final placement on site.
5. Built on or after June 15, 1976. A manufactured home acceptable for most lending clients must be built in compliance with the Federal Manufactured Home Construction and Safety Standards that were established on June 15, 1976.
6. The land on which the manufactured home is situated must be owned by the borrower in fee simple, unless the manufactured home is located in a cooperative or condominium project.
7. A manufactured home must have a HUD Certification Seal affixed to the exterior and a HUD Data Plate on the inside, which has the identifying information of where the home was constructed

Question 7

an opinion of the amount of time it might take to sell a real or personal property interest at the concluded market value level during the period immediately after the effective date of an appraisal.

Answer 7

marketing time

Question 8

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

Answer 8

neighborhood

On the URAR page, it looks at:

• location (urban, suburban, rural)
• amount it’s built up (75%+, 25-75%, or under 25%),
• the rate of growth (Rapid, stable, slow.

Question 9

a neighborhood characterized by homogeneous land use

Answer 9

district

ex: apartment, commercial, industrial, agricultural