procedures Flashcards
What is a hypothetical condition?
Valuing a property under a condition that they know is false
An appraiser must comply with the scope of work rule when completing an:
appraisal assignment
An appraiser sees an underground storage tank. If there is no evidence of any observable leaks, the appraiser could indicate a value opinion based on the _____ that the tank is not leaking.
extraordinary assumption
The appraiser must be prepared to demonstrate that the scope of work is sufficient to produce_____
credible assignment results
A condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of analysis.
hypothetical condition
A properties known zoning is residential, but an appraiser values it on the basis of it’s zoning being commercial. The appraiser has used ____ in this appraisal?
A hypothetical condition
What two dates must an appraisal report contain?
effective date of appraisal and date of report
The intended user of the appraisal is the _____, and any other user, as identified by ____.
client, name or type
Where can you obtain topographical maps?
Topozone
The most commonly used land appraisal report form is
a generic form
The subdivision development method of land valuation is a variation of
discounted cash flow analysis
What is the power of the government to take private property for the public good?
eminent domain
Where is the HUD label on a manufactured home found?
It’s a metal tag outside the home
True or False: Modular homes have no permanently attached tags or labels that identify them as modular home?
True
What are the main support beams for homes called?
Girders
What is not a disadvantage of hot water heat?
It is inefficient and creates drafts and dust
Why are u-shaped traps installed under every plumbing fixture?
To prevent sewer gases from venting back into the house
Materials that transfer heat and energy more quickly are called_____
conductors
An inch of wood has an R-factor of approximately
1
In electricity, voltage measures _____, while amperage measures _____
pressure, volume
A ____ home has a permanent steel chassis, wheels and axles
Modular
What is a reversible air conditioner called?
heat pump
What is the most common type of framing today?
Platform frame
The Natural Resources Conservation Service produces soil maps that are based on
aerial maps
What is the most efficient and clean space conditioning system?
geothermal heat pumps
What type of foundation wall would use a keyway in its constuction?
poured concrete
With regard to electricity, amperage is equal to
volume
Marshall and Swift categorizes reinforced concrete frame commercial structure as Class
b
Do you use interior or exterior measurements for a condo?
interior
The estimated cost to construct an exact duplicate or replica of the property being appraised is ____ cost?
reproduction
You are performing the cost approach on an old house. You use a cost manual to estimate the current cost of constructing a similar structure using modern materials. Which type of cost have you estimated?
replacement cost
Can you use cost approach on any type of improved property?
yes
Segregated cost method is another name for the ____ method
unit-in-place
If a cost manual is used the result is ____ cost.
replacement
A new building is expected to remain standing for 80 years. This period is the building’s ____ life.
physical
The period over which improvements to real estate contribute to real property value is the definition of what?
economic life
What is deferred maintenance?
Relatively minor items that should have been taken care of during regular maintenance
Physical, functional and external are types of what?
depreciation
What is a market area?
The geographic region from which a majority of demand comes and in which the majority of competition is located.
Paired data analysis is also known as
paired sales analysis
Are quantitative or qualitative adjustments performed first?
quantitative
Paired data analysis is an example of ____ analysis
quantitative
The total income attributable to real property at full occupancy before vacancy and operating expenses are deducted is the definition of what?
potential gross income
With yield capitalization, the overall value is estimated by adding together the ____ and the _____ of the reversion of capital.
present worth of the income, present worth
____ income is the anticipated income from all operations of the real estate after an allowance is made for vacancy and collection losses and an addition is made for any other income
effective gross income
Which term is defined as the actual or anticipated net income that remains after all operating expenses are deducted from effective gross income but before mortgage debt service and book depreciation are deducted?
net operating income
The amount by which market rent exceeds contract rent at the time of the appraisal is the ____ rent.
deficit
The credibility of assignment results is always measured in the context of the ____.
intended use
What’s another name for summation approach?
cost
When estimating the amount of adjustments for differences among properties, the most important principle is the principle of _____
contribution
Ranking analysis is a form of ____ analysis
qualitative
Which entity produces the most commonly-used land appraisal form?
It is a generic form
The method that treats the land value as a percentage of the total value is the ____ method
allocation
A one-and-one-half-story house is commonly known as a
cape cod
Parging is used on which kind of foundation wall?
concrete block
