review quiz

Question 1

You examine a construction contract to build a 2,156 square foot house. The total cost is $295,450. The site improvements cost $26,000. How much is the indicated cost per square foot of the improvements?
$109,024
$117.843
$124.98
$128.08

Answer 1

$124.98

Question 2

You examine a construction contract to build a 2,824 square foot house and the total cost, excluding the site and site improvements, is $262,115. How much is the indicated cost per square foot?
$94.22
$92.82
$99.23
$102.74

Answer 2

$92.82

Question 3

A comparable new property recently sold for $420,000 and contained 2,570 SF of Gross Living Area (GLA). You estimate the site value to be $100,000 and the value of the site improvements to be $30,000. There was a garage with a replacement cost of $35,000. How much did the improvements (GLA) contribute to the sale price on a per SF basis?
$89.46
$95.92
$99.22
$102.92

Answer 3

$99.22

Question 4

A 6 year old dishwasher has an expected life of 10 years. If the replacement cost of the dishwasher is $900, the amount of short-lived depreciation would be
$540
$820
$1,080
$1,800

Answer 4

$540

Question 5

“Depreciation is "a loss in property value from \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_.”
Physical causes
Obsolescence
External market factors
Any cause

Answer 5

any cause

Question 6

You find a comparable sale that recently sold for $300,000. The typical land value to property value ratio in that area is 30:70. By allocation, what is the value of the land in that comparable sale?
$90,000
100,000
$120,000
$210,000

Answer 6

$90,000

Question 7

By definition, mass appraisals employ all of the following EXCEPT
Standard methodology
Statewide data
Common data
Statistical testing

Answer 7

Statewide data

Question 8

The subject property has a total value of $280,000 by the sales comparison approach. A competitive neighborhood nearby has home sales with a median value of $250,000, and recent lot sales at $75,000. By allocation, what would be the value of the subject land?
$68,000
$76,000
$84,000
$92,500

Answer 8

$84,000

Question 9

Which of these is NOT a quantitative method of valuation?
Ground rent capitalization
Ranking Analysis
Sales Comparison Analysis
Discounted Cash Flow Analysis

Answer 9

ranking analysis

Question 10

If a property has a ground rent of $90,000 per year, which is market rent, and the appropriate capitalization rate is 12%, what is the value of the land, by the ground rent capitalization method?
$82,500
$524,712
$659,389
$750,000

Answer 10

$750,000

90,000/0.12

Question 11

A house would cost $400,000 to build new. It is 15 years old and has sustained a total of 20% depreciation. It sits on a site worth $85,000. What is its value by the cost approach?
$385,000
$395,000
$405,000
$425,000

Answer 11

$405,000

Question 12

The cost approach has \_\_\_\_\_\_\_\_\_\_\_\_ applicability as a property ages.
Special
Diminishing
Increasing
moderate

Answer 12

diminishing

Question 13

Distances are best described as
Bounds
Boundaries
Bearings
Parameters

Answer 13

bounds

Question 14

A site has a total of 110 acres. However, 17 acres is in a protected wetland area and 11 acres is encumbered by a utility easement. What is the net usable area?
55
68
77
82

Answer 14

82

Question 15

A(n) \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ easement is a positive easement.
Access easement
Conservation easement
Historic preservation easement
Facade easement

Answer 15

access easement

Question 16

The contract cost for constructing a house in June 2005 was $242,555. The index for that month was 205.2 and the current index is 288.8. What is the estimated cost to build the house today?
$325,824
$341,374
$349,882
$368,093

Answer 16

$341,374