Review Quiz Flashcards
1
Q
A comparable property's room count would be considered what type of data? Specific Numerical General Primary
A
Specific
2
Q
A \_\_\_\_\_\_\_\_ ampere service is the minimum standard today for structures that do not have electric heat or central air conditioning. 75 100 150 200
A
100
3
Q
A property with restaurants and retail shops on the lower level and apartments on levels above is called a(n) \_\_\_\_\_\_\_\_\_\_\_ property. Alternate-use Multi-Use Conclomerate Cooperative
A
Multi-Use
4
Q
Research into the number of actual sales that have occurred in the neighborhood during the previous 12 month period what kind of data? Primary General Secondary Personal
A
Primary
5
Q
What type of value typically does not include the value for the land? Book value Insurance Value. Going concern value Market value
A
Insurance Value
6
Q
The appraiser uses \_\_\_\_\_\_\_\_\_\_\_\_\_ data to identify trends in the marketplace. General Specific Verified Primary
A
General
7
Q
“A group of complementary land uses; a congruous grouping of inhabitants, buildings, or business enterprises” is the definition of \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_. Market area Market Neighborhood District
A
Neighborhood
8
Q
The Principle of Substitution holds that an \_\_\_\_\_\_\_\_\_\_\_ buyer will not spend more for a property than the cost of acquiring a suitable substitute property. Principle of Substitution. Informed Typical Motivated Disinterested
A
Informed
9
Q
The principle of \_\_\_\_\_\_\_\_\_\_\_\_\_\_ works in conjunction with the four agents of production and the amount of income a property can produce. Surplus Productivity Contribution Supply and Demand Balance
A
Surplus Productivity
10
Q
Loan Value is usually a percentage of the \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_. Market value Appraised Value Appraised value or Market Value Assessed value
A
Appraised value or market value
11
Q
A(n) \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ is the analysis of a specific property type in a defined area and involves rate differentials measuring the absorption rates for a particular type of property in a given area. Market study Marketability study Equilibrium study Statistical study
A
Marketability study
12
Q
Fannie Mae will only purchase or securitize a mortgage that represents the highest and best use \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_. Of the improvements Of the site and improvements Of the site as improved Of the improvements as repaired
A
Of the site as improved
13
Q
All of these are Governmental restrictions on land use EXCEPT \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_. Taxation Police power Eminent domain Deed restrictions
A
deed resrtictions
14
Q
A neighborhood is characterized by \_\_\_\_\_\_\_\_\_\_\_\_\_ land uses; whereas a district is composed of \_\_\_\_\_\_\_\_\_ land uses. Homogeneous, complementary Complimentary, similar homogeneous, heterogeneous Complementary, homogeneous
A
complementary, homogeneous
15
Q
A \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ neighborhood is said to be in conformity. Standardized Homogenous Heterogeneous Typical
A
homogenous
16
Q
A loan is $180,000 and the loan-to-value ratio is 90%. What is the Market Value for this property? $180,000 $200,000. $210,000 $220,000
A
$200,00
17
Q
The market is too nebulous to analyze as a whole, so the appraiser must segment the market into \_\_\_\_\_\_\_\_\_\_\_\_\_\_ in order to look for trends. Areas Key words Registers Components
A
components
18
Q
The factors of \_\_\_\_\_\_\_\_\_\_\_\_\_\_ are the predominant forces to ultimately determine the value for housing in the marketplace. Marketability and durability Supply and demand Cost and value Substitution and change
A
supply and demand
19
Q
Part of the definition of Highest and Best Use is that it is the use that “results in the \_\_\_\_\_\_\_\_\_\_ value.” Typical Highest Forecasted Average
A
highest
20
Q
An Apartment building has rents of $800, $835, $850, $850, and $875 per month. What is the Mode of the rents? $800 $835 There is no mode $850
A
850
21
Q
A market is defined as a place where \_\_\_\_\_\_\_\_\_\_ are exchanged. Properties Goods Rights Goods and services
A
goods and services
22
Q
Which of these is NOT one of the four agents of production? Land Building Codes Labor Capital
A
building codes
23
Q
Rent controls and building codes are examples of \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ forces that affect value. Economic Regulatory Statutory Governmental
A
governmental
24
Q
\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ ownership is specifically for husband and wife. Joint Tenancy Ownership in Severalty Tenancy by the Entirety Marital
A
tenancy by the entirety
25
Q
USPAP says that \_\_\_\_\_\_\_\_\_\_\_\_\_\_ is a fact, or an estimate of fact. Cost Value Highest best use An appraiser's opinion
A
cost
26
Q
Legally nonconforming use is "a use that was lawfully established and maintained, but no longer conforms to the use regulations of the \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ in the zone where it is located." Proposed zoning Master plan Conditional uses Current zoning
A
current zoning
27
Q
Prior to initiating the market analysis process, the appraiser must first decide \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_. The client's scope of work The neighborhood boundaries The appraisal fee Who the typical buyer would be
A
who the typical buyer would be
28
Q
To provide an estimate of the length of time it took to sell properties during the period of analysis, we can look at \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_. Absorption rates. Expiration rates Interest rates Rental rates
A
absorption rates
29
Q
Which highest and best use criterion would require an appraiser to consider the frontage of the site? Financially feasible Legally permissible Physically possible Socially acceptable
A
physically possible
30
Q
In Fannie Mae’s definition of value is says that it assumes “buyer and seller are \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ motivated.” Strongly Somewhat Typically Causally
A
Typically
31
Q
\_\_\_\_\_\_\_\_\_\_\_\_\_\_ windows are the standard in most parts of the country. Celestory Single glazed Triple glazed Double glazed
A
double glazed
32
Q
Inflationary conditions and the cost of money would be considered to be \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ forces. Governmental Economic Reciprocal Social
A
economic
33
Q
Markets come in all sizes but, whatever the size, there is \_\_\_\_\_\_\_\_\_\_\_\_\_\_ of a product or a service. A regulated exchange An equilibrium A free exchange An abundance
A
a free exchange
34
Q
Which of these is NOT one of the inherent characteristics of land? Immobility Homogeneity Indestructability Heterogeneity
A
homogeneity
35
Q
A community's total employment is 58,240. The number of total core industry employees is 36,400. What is the base core multiplier? .63 1.2 1.6 1.7
A
1.6
36
Q
Determination of the highest and best use of the property needs to be _________________________ .
As of a current date
As of the date of inspection
As of the date of the agreement with the client
As of an effective date
A
as of the effective date of the appraisal
37
Q
A two-story home measures 28 feet by 48 feet on the exterior. There is an open two-story foyer area which measures 11 feet by 14 feet. What is GLA of this home? 2,688 1,190 2,534 1,344
A
2534
subtract foyer area
38
Q
The information extracted and used in the assignment will be compared to various verifiable data sources to ensure its \_\_\_\_\_\_\_\_\_\_\_\_\_\_. Capability Utility Credibility Applicability
A
credibility
39
Q
The ability of market participants to purchase a property is called \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_. Economic Purchasing Power Effective purchasing power Mortgage ability Loan-to-Value Ratio
A
effective purchasing power
40
Q
When improvements are added, such as roads, water and sewer; then \_\_\_\_\_\_\_\_\_ becomes \_\_\_\_\_\_\_\_\_\_\_\_\_. Site, land Land, a site Land, a tract Site, a development
A
land, a site
41
Q
The market for real estate tends to be \_\_\_\_\_\_\_\_\_\_. National Regional Local State wide
A
local
42
Q
Only those uses which produce a \_\_\_\_\_\_\_\_\_\_\_\_ are considered for the final test of maximum productivity. Negative return 10% profit Positive return Beneficial use
A
positive return
43
Q
The middle number found by arranging the numerical data sequentially from highest to the lowest or vice-versa is the \_\_\_\_\_\_\_\_\_\_\_\_\_. Median Mean Mode Range
A
MEDIAN
44
Q
A property suffers from functional obsolescence because it lacks air conditioning. Installation of air conditioning would cost $15,000 and would increase the value of the property by $20,000. This functional obsolescence is _________________.
Incurable
Curable
Inherent
Cannot be determined from the information provided
A
CURABLE
45
Q
The development of a vacant land area is \_\_\_\_\_\_\_\_\_\_\_\_\_ the highest and best use of the land. Always Never Rarely Not always
A
not always
46
Q
”A prediction of future market conditions based on comparison of a quantified estimate of future demand with a quantified estimate of future supply” is the definition of \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_. Fundamental analysis Inferred analysis Inferential Analysis Economic analysis
A
fundamental analysis
47
Q
When supply and demand are out of balance, the market tends to move\_\_\_\_\_\_\_\_\_\_\_\_\_\_ . Aimlessly Counter-cyclically Erratically Towards equilibrium
A
towards equilibrium
48
Q
Some of the more prominent economic principles and theories are \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_. Concentric Related to and overlap each other Stand-alone Distinct and discrete
A
related to and overlap each other
49
Q
The two types of data that are used in market analysis are \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_. General and Classified data General and Specific data. Secondary and Primary data Verified and Unverified data
A
general and specific data
50
Q
If the individual property is one classified as a high-value property, the appraiser will identify the limited market for this type of property on the basis of the \_\_\_\_\_\_\_\_\_\_\_\_\_ within the defined market area. Average property value Disposable income availability Number of expired listings Median property value
A
disposable income availability
51
Q
Most of the custom constructed high-value properties are built to exacting specifications for their owners. Therefore, the appraiser needs to analyze the \_\_\_\_\_\_\_\_\_\_\_\_\_ of the high-value property. Costs Scarcity Utility Transferability
A
utility
52
Q
Going concern value includes an operating business with \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ assets. Tangible Intangible Unattached Both tangible and intangible
A
Both tangible and intangible
53
Q
The power of a given commodity to satisfy a need or want is called \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_. Scarcity Fulfillment Transferability Utility
A
utility
54
Q
In a neighborhood, there were 180 single-family sales last year, and there were 60 expired listings that did not sell. What is the expiration ratio for this area? 25% 30% 33.3% 40%
A
33.3
60/180
55
Q
Which principle works in conjunction with the principle of change, but quantifies the rate and character of the change involved? Externalities Balance Inclining and Declining Periods. Anticipation
A
inclining and declining periods
56
Q
To measure the trends of the market area, the appraiser must ask questions about \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_. Balance All of these items Supply Demand
A
ALL OF THESE
57
Q
The most frequently occurring number of the data being analyzed is the \_\_\_\_\_\_\_\_\_\_. Mean Median Mode Range
A
mode
58
Q
An investor considers building an investment property and the total cost would be $550,000. The investor expects a 15% return on his investment. For this project to be financially feasible, it would have to be worth at least \_\_\_\_\_\_\_\_\_\_ upon completion. $632,500 $628,500 $625,000 $612,500
A
$632,500
59
Q
A community's total employment is 58,240. The number of total core industry employees is 36,400. If the core industry adds 600 more jobs, how many additional jobs will be generated in the community? 360 450 600 960
A
360
58,240 / 36,400 = 1.6
1.6 x 600 = 960
960 - 600 = 360
60
Q
Regression and Progression are parts of the Principle of \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_. Declining Returns Inclining and Declining Periods Stages of a Neighborhood Opportunity Costs
A
inclining and declining periods
