Appraisal 4-6 Book 2

  1. Relates to the ability of a property to satisfy a need or desire, such as for shelter or income



    D. utility
  2. The site, setting, or position of a property or object in relation to other properties or objects



    A. location
  3. A distinct parcel of land or plot of ground



    B. lot
  4. Land that has been prepared for use with grading, utilities, and access



    C. site
  5. Situated at the end of a dead-end street that has a turn-around area



    A. cul-de-sac lot
  6. Located at the confluence or convergence of two streets



    A. corner lot
  7. Located so that access can be had only at the side of another lot



    B. flag lot
  8. The least desirable type of lot because of lack of privacy and visibility



    D. key lot
  9. Refers to an incline or slant
    slope
  10. Access to the site or property



    A. ingress
  11. Exit from the site or property



    C. egress
  12. Surplus land beyond that which is needed to support the property's highest and best use



    B. excess land
  13. The nature of the surface of land



    B. topography
  14. Earth used to raise the existing ground level



    D. fill
  15. The slope of the surface of the ground expressed as a percentage



    D. grade
  16. Holds back earth



    A. retaining wall
  17. Improvements not directly on the site that add to the site's utility



    C. off-site factors
  18. Limitations that dictate certain uses that may or may not be made of the property



    D. deed restrictions
  19. A non-possessory right to enter or use someone else's land of a specified purpose



    A. easement
  20. A right of passage on, over, or under another person's land



    B. right-of-way
  21. 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
  22. When appraising a property, an appraiser first has to determine its:



    D. highest and best use
  23. Which of the following is generally the most important in determining the value of a parcel of land?



    C. Location
  24. 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
  25. Buyers usually pay a premium for a(n) ___ location because these lots offer more seclusion and safety than other lots.



    C. cul-de-sac
  26. Which of the following is generally the most common type of residential lot?



    C. flag
  27. A moderately sloping lot has a steepness of approximately



    C. 10-15%
  28. When evaluating a site with excess land, an appraiser has to:



    D. determine if the excess land is usable or not
  29. In which of the following areas should an appraiser feel least qualified to render an opinion?



    A. drainage
  30. 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:



    C. grading
  31. In considering exposure to the sun; an appraiser generally gives the most value to a backyard facing:



    B. south
  32. Which of the following is not classified as an off-site improvement?



    A. retaining walls
  33. The most widely available utility service for residential homes is:



    C. electricity
  34. One primary difference between a sanitary sewer hookup and a septic tank system is:



    D. all of the above
  35. 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
  36. A labeled diagram or cutaway from the home detailing its features and building components, both interior and exterior



    B. elevation sheet
  37. Above grade improvements



    C. superstructure
  38. Below grade improvements



    A. substructure
  39. Supports the entire building and transfers the weight of the building to the ground



    A. foundation
  40. Mixture of sand, gravel, and cement



    D. concrete
  41. Foundation in which the structure sits directly on the ground



    D. slab-on-grade
  42. Lowest story of a building and is partially or entirely below ground



    A. basement
  43. Unfinished accessible space below the first floor of a building with no basement



    A. crawlspace
  44. Pit of tank that catches liquid runoff for drainage or disposed



    A. sump
  45. Cement-like substance frequently used for wall cladding



    C. stucco
  46. The total amount of finished, above ground habitable space



    D. gross living area (GLA)
  47. The total amount of all enclosed floor areas and does include basements and attics



    D. gross building area(GBA)
  48. Mineral fiber which has since been implicated in causing lung and stomach cancer



    A. asbestos
  49. Interior wall material most often used in residential construction



    C. drywall
  50. Electrical device which automatically interrupts an electric circuit when an overload occurs



    B. circuit breaker
  51. Rating that measures how well insulation resists heat



    A. R-value
  52. Use of vegetation around a house to prevent erosion and improve its aesthetic appearance



    C. landscaping
  53. A form of landscaping in which little or no water is needed



    A. zeroscaping
  54. Adds to the security of a property



    A. fences
  55. Given by appraisers to site improvements after identifying them



    B. contributory value
  56. An appraiser's inspection usually has two main parts



    D. exterior and interior
  57. Which of the following best illustrates an undesirable floor plan feature?



    A. bedroom is located directly off the kitchen
  58. When an appraiser is performing a room count, he or she includes all of the following, except the:



    A. bathrooms
  59. Which part of a structure is the support for the entire building?



    A. foundation
  60. A foundation composed of one section for the floor and another for the foundation wall, each poured separately, is known as a _____ slab.



    A. floating
  61. The most popular, versatile material for residential framing is:



    D. wood
  62. There is more variety of materials for ____ than for any other component of a residence



    D. roof construction
  63. When measuring the gross living area (GLA), which of the following is most likely not included?



    D. all of the above
  64. Of the following types of flooring, which is most likely to add value to a residence



    A. linoleum
  65. Drywall is also called:



    D. any of the above
  66. Today, most residences have a ____ controlled by an electrical service panel with circuit breakers



    D. 220-volt system
  67. 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
  68. Which of the following are considered energy efficiency features



    D. all of the above
  69. In determining contributory value, which of the following site improvements would contribute less than the building expense of the improvements



    A. swimming pool
  70. One that has unique usage requirements making it difficult to convert to other uses



    C. special-use property
  71. The desire to possess plus the ability to buy---an essential elemental of value



    B. demand
  72. The total amount of a given type of property for sale or lease, at various prices, at any given point in time



    C. supply
  73. Outside influences that may have a positive or negative effect on property value



    D. external forces
  74. The variety of sources used by appraisers when collecting general, local, and specific information



    C. data sources
  75. Documents disclosing all important facts about properties



    C. public records
  76. Cooperative listing service conducted by a group of brokers to provide inventory of all available properties in an area
    MLS
  77. 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
  78. An inquiry into the circimstances surrounding and affecting a sale



    C. verification
  79. A form of primary verification



    B. parties to the transaction
  80. A dollar or percentage amount that is added to or subtracted from the sale price of a comparable property



    B. adjustment
  81. The adjustment process of weighing results of all three appraisal methods to atrive at a final estimate of the subject property's market value



    C. reconciliation
  82. An appraiser's opinion of the defined value of the subject property, arrived at by reconciling the estimates of value



    C. final value estimate
  83. Determined by combining all the adjustments and adding or subtracting them as indicated



    C. net adjustment
  84. Determined by adding all individual adjustments, without regard to whether they are positive or negative adjustments



    C. gross adjustment
  85. The sales comparison approach is most applicable when



    D. appraising all of the above
  86. The Scope of Work Rule has three basic parts. Which of the following is not one of the tree parts?



    A. The appraiser must use each of the three approaches in each appraisal
  87. Many factors affect the sales comparison approach, but the most important single factor is



    C. substitution
  88. The sales comparison approach has a systematic procedure. Which of the following is the first step



    C. collect market data
  89. Which of the following lists the steps for the sales comparison approach in order?



    C. collect, select, verify, adjust, reconcile
  90. When researching market data, the appraiser is concerned with



    D. all of the above
  91. All of the following are important sources of information, except



    A. assessment data
  92. One of the simplest ways to check highest and best use is to see if there is a difference in



    C. zoning
  93. The appraiser needs to make the arrangement in terms of the units of comparison that are appropriate for the



    D. all of the above
  94. Primary verification of comparable sales includes



    A. talking to someone involved in the sale
  95. Many appraisers have questions about whether they can appraise a property without inspecting it. USPAP indicates that the appraiser has to



    D. indicate his or her level of inspection
  96. Adjustments are not normally made for elements less than ____of the sales price of the comparable sale



    D. 1%
  97. Fannie Mae states that gross adjustments should not exceed what percentage of the sales price of the comparable



    3. 30%
    A. 25%
  98. 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?



    C. No, because it exceeds the FNMA guideline for single line item adjustments.
  99. Appraisal reports for federally related transactions frequently reqest just one approach to value. The report type for federally related transactions does not include the



    D. restrictions use appraisal report
Author
LAMERBOI
ID
190995
Card Set
Appraisal 4-6 Book 2
Description
Ch 4- Book 2
Updated