Relates to the ability of a property to satisfy a need or desire, such as for shelter or income
D. utility
The site, setting, or position of a property or object in relation to other properties or objects
A. location
A distinct parcel of land or plot of ground
D. lot
Land that has been prepared for use with grading, utilities, and access
C. site
Situated at the end of a dead-end street that has a turn-around area
D. cul-de-sac lot
Located at the confluence or convergence of two streets
C. corner lot
Located so that access can be had only at the side of another lot
A. flag lot
The least desirable type of lot because of lack of privacy and visibility
D. key lot
Refers to an incline or slant
slope
Access to the site or property
A. ingress
Exit from the site or property
A. egress
Surplus land beyond that which is needed to support the property's highest and best use
C. excess land
The nature of the surface of land
C. topography
Earth used to raise the existing ground level
B. fill
The slope of the surface of the ground expressed as a percentage
D. grade
Holds back earth
D. retaining wall
Improvements not directly on the site that add to the site's utility
B. off-site factors
Limitations that dictate certain uses that may or may not be made of the property
C. deed restrictions
A non-possessory right to enter or use someone else's land of a specified purpose
A. easement
A right of passage on, over, or under another person's land
A. right-of-way
In which of the following cases would it be necessary to value the site separately from the improvements?
A. When the existing improvements do not represent the highest and best use of the land
When appraising a property, an appraiser first has to determine its:
A. highest and best use
Which of the following is generally the most important in determining the value of a parcel of land?
A. Location
Appraisers can often find the size of the appraisal site in official legal documents. Legal documents do not report the _____ of the site, which is more important than gross area.
B. usable area
Buyers usually pay a premium for a(n) ___ location because these lots offer more seclusion and safety than other lots.
D. cul-de-sac
Which of the following is generally the most common type of residential lot?
D. flag
A moderately sloping lot has a steepness of approximately
A. 10-15%
When evaluating a site with excess land, an appraiser has to:
C. determine if the excess land is usable or not
In which of the following areas should an appraiser feel least qualified to render an opinion?
B. drainage
Sometimes the level or elevation of the ground has to be changed or altered using bladed machines that literally scrape the earth. This process is known as:
A. grading
In considering exposure to the sun; an appraiser generally gives the most value to a backyard facing:
D. south
Which of the following is not classified as an off-site improvement?
B. retaining walls
The most widely available utility service for residential homes is:
C. electricity
One primary difference between a sanitary sewer hookup and a septic tank system is:
D. all of the above
The impact of close proximity to nuclear power plants of hazardous waste disposal sites is generally obvious by:
D. both lack of sales in the area and depressed sales of those properties that do sell
A labeled diagram or cutaway from the home detailing its features and building components, both interior and exterior
C. elevation sheet
Above grade improvements
D. superstructure
Below grade improvements
A. substructure
Supports the entire building and transfers the weight of the building to the ground
B. foundation
Mixture of sand, gravel, and cement
D. concrete
Foundation in which the structure sits directly on the ground
A. slab-on-grade
Lowest story of a building and is partially or entirely below ground
C. basement
Unfinished accessible space below the first floor of a building with no basement
D. crawlspace
Pit of tank that catches liquid runoff for drainage or disposed
B. sump
Cement-like substance frequently used for wall cladding
D. stucco
The total amount of finished, above ground habitable space
D. gross living area (GLA)
The total amount of all enclosed floor areas and does include basements and attics
D. gross building area(GBA)
Mineral fiber which has since been implicated in causing lung and stomach cancer
C. asbestos
Interior wall material most often used in residential construction
A. drywall
Electrical device which automatically interrupts an electric circuit when an overload occurs
A. circuit breaker
Rating that measures how well insulation resists heat
D. R-value
Use of vegetation around a house to prevent erosion and improve its aesthetic appearance
A. landscaping
A form of landscaping in which little or no water is needed
C. zeroscaping
Adds to the security of a property
D. fences
Given by appraisers to site improvements after identifying them
D. contributory value
An appraiser's inspection usually has two main parts
B. exterior and interior
Which of the following best illustrates an undesirable floor plan feature?
B. bedroom is located directly off the kitchen
When an appraiser is performing a room count, he or she includes all of the following, except the:
C. bathrooms
Which part of a structure is the support for the entire building?
B. foundation
A foundation composed of one section for the floor and another for the foundation wall, each poured separately, is known as a _____ slab.
D. floating
The most popular, versatile material for residential framing is:
B. wood
There is more variety of materials for ____ than for any other component of a residence
C. roof construction
When measuring the gross living area (GLA), which of the following is most likely not included?
D. all of the above
Of the following types of flooring, which is most likely to add value to a residence
D. linoleum
Drywall is also called:
D. any of the above
Today, most residences have a ____ controlled by an electrical service panel with circuit breakers
D. 220-volt system
Many states have implemented laws requiring ____ be installed or upgraded at the time of sale, regardless of the age of the home
C. smoke detectors
Which of the following are considered energy efficiency features
D. all of the above
In determining contributory value, which of the following site improvements would contribute less than the building expense of the improvements
A. swimming pool
One that has unique usage requirements making it difficult to convert to other uses
D. special-use property
The desire to possess plus the ability to buy---an essential elemental of value
B. demand
The total amount of a given type of property for sale or lease, at various prices, at any given point in time
D. supply
Outside influences that may have a positive or negative effect on property value
A. external forces
The variety of sources used by appraisers when collecting general, local, and specific information
D. data sources
Documents disclosing all important facts about properties
D. public records
Cooperative listing service conducted by a group of brokers to provide inventory of all available properties in an area
MLS
Any aspect of a real estate transaction or any characteristic of the property that may affect the property's sales price
D. element of comparison
An inquiry into the circimstances surrounding and affecting a sale
A. verification
A form of primary verification
A. parties to the transaction
A dollar or percentage amount that is added to or subtracted from the sale price of a comparable property
C. adjustment
The adjustment process of weighing results of all three appraisal methods to atrive at a final estimate of the subject property's market value
B. reconciliation
An appraiser's opinion of the defined value of the subject property, arrived at by reconciling the estimates of value
A. final value estimate
Determined by combining all the adjustments and adding or subtracting them as indicated
C. net adjustment
Determined by adding all individual adjustments, without regard to whether they are positive or negative adjustments
B. gross adjustment
The sales comparison approach is most applicable when
D. appraising all of the above
The Scope of Work Rule has three basic parts. Which of the following is not one of the tree parts?
B. The appraiser must use each of the three approaches in each appraisal
Many factors affect the sales comparison approach, but the most important single factor is
B. substitution
The sales comparison approach has a systematic procedure. Which of the following is the first step
A. collect market data
Which of the following lists the steps for the sales comparison approach in order?
A. collect, select, verify, adjust, reconcile
When researching market data, the appraiser is concerned with
D. all of the above
All of the following are important sources of information, except
C. assessment data
One of the simplest ways to check highest and best use is to see if there is a difference in
C. zoning
The appraiser needs to make the arrangement in terms of the units of comparison that are appropriate for the
D. all of the above
Primary verification of comparable sales includes
A. talking to someone involved in the sale
Many appraisers have questions about whether they can appraise a property without inspecting it. USPAP indicates that the appraiser has to
B. indicate his or her level of inspection
Adjustments are not normally made for elements less than ____of the sales price of the comparable sale
C. 1%
Fannie Mae states that gross adjustments should not exceed what percentage of the sales price of the comparable
3. 30%
C. 25%
A comparable sold recently for $200,000 and requires a positive adjustment for physical differences of $22,000 and a negative adjustment for locational differences of $18,500. Under normal practice, should an appraiser use this comp?
A. No, because it exceeds the FNMA guideline for single line item adjustments.
Appraisal reports for federally related transactions frequently reqest just one approach to value. The report type for federally related transactions does not include the
