Questions Flashcards
An abstract of title does not include what?
forgeries and unrecorded interests
Abstract of title is prepared by an ______ or an ______
abstractor or an attorney
What is prepared by an abstractor or an attorney?
Abstract of Title
What does ACRS stand for?
accelerated cost recovery system
The mortgage or deed of trust typically includes an _____ to assist the lender
in foreclosure.
acceleration clause
Without an _____ the lender would have to sue the borrower every
time a payment was overdue.
acceleration clause
Personal property/trade fixtures
that are not removed become the real property of the landlord. Acquiring the property in this
way is known as ______ .
accession
Demand
Utility
Scarcity
Transferability
these are essential elements of
value
The best approach to estimate the value of a library would most likely be the
cost approach
An appraiser estimating the value of a shopping center would use the
income approach
The step in which the appraiser weighs all approaches to determine a final estimate of value is
reconciliation
The market data approach is also known as the
sales comparison approach
An appraiser estimating operating expenses is using the
income approach
When an appraiser determines the accrued depreciation, outdated electrical fixtures would be considered
functional obsolescence
An appraiser calculates accrued depreciation in the
cost approach
