Appraisal 4-6 Book 2

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  1. Relates to the ability of a property to satisfy a need or desire, such as for shelter or income
    A. topoography
    B. interior lot
    C. site
    D. utility
    D. utility
    (this multiple choice question has been scrambled)
  2. The site, setting, or position of a property or object in relation to other properties or objects
    A. grading
    B. location
    C. flag lot
    D. lot
    B. location
    (this multiple choice question has been scrambled)
  3. A distinct parcel of land or plot of ground
    A. lot size
    B. lot
    C. excess land
    D. plottage
    B. lot
    (this multiple choice question has been scrambled)
  4. Land that has been prepared for use with grading, utilities, and access
    A. grading
    B. site
    C. excess land
    D. ingress
    B. site
    (this multiple choice question has been scrambled)
  5. Situated at the end of a dead-end street that has a turn-around area
    A. key lot
    B. corner lot
    C. cul-de-sac lot
    D. T-intersection lot
    C. cul-de-sac lot
    (this multiple choice question has been scrambled)
  6. Located at the confluence or convergence of two streets
    A. corner lot
    B. flag lot
    C. T-intersection lot
    D. key lot 
    A. corner lot
    (this multiple choice question has been scrambled)
  7. Located so that access can be had only at the side of another lot
    A. flag lot
    B. corner lot
    C. key lot
    D. T-intersection lot
    A. flag lot
    (this multiple choice question has been scrambled)
  8. The least desirable type of lot because of lack of privacy and visibility
    A. corner lot
    B. flag lot
    C. T-intersection lot
    D. key lot
    D. key lot
    (this multiple choice question has been scrambled)
  9. Refers to an incline or slant
    slope
  10. Access to the site or property
    A. ingress
    B. right-of-way
    C. slope
    D. egress
    A. ingress
    (this multiple choice question has been scrambled)
  11. Exit from the site or property
    A. ingress
    B. egress
    C. easement
    D. fill
    B. egress
    (this multiple choice question has been scrambled)
  12. Surplus land beyond that which is needed to support the property's highest and best use
    A. surplus land
    B. excess land
    C. highest and best use
    D. site
    B. excess land
    (this multiple choice question has been scrambled)
  13. The nature of the surface of land
    A. topography
    B. plottage
    C. retaining wall
    D. easement
    A. topography
    (this multiple choice question has been scrambled)
  14. Earth used to raise the existing ground level
    A. retaining wall
    B. slope
    C. topography
    D. fill
    D. fill
    (this multiple choice question has been scrambled)
  15. The slope of the surface of the ground expressed as a percentage
    A. grading
    B. right-of-way
    C. fill
    D. grade
    D. grade
    (this multiple choice question has been scrambled)
  16. Holds back earth
    A. retaining wall
    B. egress
    C. grading
    D. ingress
    A. retaining wall
    (this multiple choice question has been scrambled)
  17. Improvements not directly on the site that add to the site's utility
    A. lot
    B. off-site factors
    C. slope
    D. interior lot
    B. off-site factors
    (this multiple choice question has been scrambled)
  18. Limitations that dictate certain uses that may or may not be made of the property
    A. off-site factors
    B. cut
    C. right-of-way
    D. deed restrictions
    D. deed restrictions
    (this multiple choice question has been scrambled)
  19. A non-possessory right to enter or use someone else's land of a specified purpose
    A. retaining wall
    B. easement
    C. grade
    D. deed restriction
    B. easement
    (this multiple choice question has been scrambled)
  20. A right of passage on, over, or under another person's land
    A. right-of-way
    B. easement
    C. T-intersection lot
    D. grading
    A. right-of-way
    (this multiple choice question has been scrambled)
  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
    B. For listing purposes
    C. For refinancing purposes
    D. Market approach
    A. When the existing improvements do not represent the highest and best use of the land
    (this multiple choice question has been scrambled)
  22. When appraising a property, an appraiser first has to determine its:
    A. location
    B. value
    C. highest and best use
    D. utility
    C. highest and best use
    (this multiple choice question has been scrambled)
  23. Which of the following is generally the most important in determining the value of a parcel of land?
    A. Slope
    B. Size
    C. Location
    D. Shape
    C. Location
    (this multiple choice question has been scrambled)
  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.
    A. measurements
    B. zoning requirements
    C. usable area
    D. shape
    C. usable area
    (this multiple choice question has been scrambled)
  25. Buyers usually pay a premium for a(n) ___ location because these lots offer more seclusion and safety than other lots.
    A. key lot
    B. cul-de-sac
    C. T-intersection
    D. corner
    B. cul-de-sac
    (this multiple choice question has been scrambled)
  26. Which of the following is generally the most common type of residential lot?
    A. interior
    B. corner
    C. flag
    D. cul-de-sac
    C. flag
    (this multiple choice question has been scrambled)
  27. A moderately sloping lot has a steepness of approximately
    A. 3-10%
    B. 30-45%
    C. 10-15%
    D. 0-3%
    C. 10-15%
    (this multiple choice question has been scrambled)
  28. When evaluating a site with excess land, an appraiser has to:
    A. assume a sizable adjustment
    B. adjust only if the site has a view
    C. determine the market's reaction
    D. determine if the excess land is usable or not
    D. determine if the excess land is usable or not
    (this multiple choice question has been scrambled)
  29. In which of the following areas should an appraiser feel least qualified to render an opinion?
    A. floor plan
    B. lot size
    C. view
    D. drainage
    D. drainage
    (this multiple choice question has been scrambled)
  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:
    A. sloping
    B. grading
    C. pitching
    D. elevating
    B. grading
    (this multiple choice question has been scrambled)
  31. In considering exposure to the sun; an appraiser generally gives the most value to a backyard facing:
    A. north
    B. south
    C. east
    D. west
    B. south
    (this multiple choice question has been scrambled)
  32. Which of the following is not classified as an off-site improvement?
    A. sewer system
    B. retaining walls
    C. utilities
    D. roads
    B. retaining walls
    (this multiple choice question has been scrambled)
  33. The most widely available utility service for residential homes is:
    A. natural gas
    B. sanitary sewers
    C. electricity
    D. cable television
    C. electricity
    (this multiple choice question has been scrambled)
  34. One primary difference between a sanitary sewer hookup and a septic tank system is:
    a. the necessity for a percolation test
    b. a sufficient supply of fresh water at the site
    c. the installation of a septic tank system that will not endanger other water sources or supplies in the area
    d. all of the above
    d. all of the above
  35. The impact of close proximity to nuclear power plants of hazardous waste disposal sites is generally obvious by:
    A. both lack of sales in the area and depressed sales of those properties that do sell
    B. lack of sales in the area
    C. depressed sales of those properties that do sell
    D. the long-tern effects of land and people
    A. both lack of sales in the area and depressed sales of those properties that do sell
    (this multiple choice question has been scrambled)
  36. A labeled diagram or cutaway from the home detailing its features and building components, both interior and exterior
    A. finished area
    B. asbestos
    C. elevation sheet
    D. foundation
    C. elevation sheet
    (this multiple choice question has been scrambled)
  37. Above grade improvements
    A. substructure
    B. superstructure
    C. R-value
    D. finished area
    B. superstructure
    (this multiple choice question has been scrambled)
  38. Below grade improvements
    A. finished area
    B. superstructure
    C. substructure
    D. unfinished area
    C. substructure
    (this multiple choice question has been scrambled)
  39. Supports the entire building and transfers the weight of the building to the ground
    A. basement
    B. concrete
    C. foundation
    D. fences
    C. foundation
    (this multiple choice question has been scrambled)
  40. Mixture of sand, gravel, and cement
    A. stucco
    B. abestos
    C. drywall
    D. concrete
    D. concrete
    (this multiple choice question has been scrambled)
  41. Foundation in which the structure sits directly on the ground
    A. basement
    B. slab-on-grade
    C. crawlspace
    D. fence
    B. slab-on-grade
    (this multiple choice question has been scrambled)
  42. Lowest story of a building and is partially or entirely below ground
    A. basement
    B. crawlspace
    C. finished area
    D. drywall
    A. basement
    (this multiple choice question has been scrambled)
  43. Unfinished accessible space below the first floor of a building with no basement
    A. unfinished area
    B. crawlspace
    C. basement
    D. drywall
    B. crawlspace
    (this multiple choice question has been scrambled)
  44. Pit of tank that catches liquid runoff for drainage or disposed
    A. sump
    B. asbestos
    C. monolithic slab
    D. concrete
    A. sump
    (this multiple choice question has been scrambled)
  45. Cement-like substance frequently used for wall cladding
    A. concrete
    B. sump
    C. monolithic slab
    D. stucco
    D. stucco
    (this multiple choice question has been scrambled)
  46. The total amount of finished, above ground habitable space
    A. gross living area (GLA)
    B. R-value
    C. all of the above
    D. gross building area (GBA)
    A. gross living area (GLA)
    (this multiple choice question has been scrambled)
  47. The total amount of all enclosed floor areas and does include basements and attics
    A. gross living area(GLA)
    B. all of the above
    C. gross building area(GBA)
    D. R-value
    C. gross building area(GBA)
    (this multiple choice question has been scrambled)
  48. Mineral fiber which has since been implicated in causing lung and stomach cancer
    A. stucco
    B. sump
    C. concrete
    D. asbestos
    D. asbestos
    (this multiple choice question has been scrambled)
  49. Interior wall material most often used in residential construction
    A. finished area
    B. foundation
    C. drywall
    D. fence
    C. drywall
    (this multiple choice question has been scrambled)
  50. Electrical device which automatically interrupts an electric circuit when an overload occurs
    A. circuit breaker
    B. electrical breaker
    C. electrical circuit
    D. asbestos
    A. circuit breaker
    (this multiple choice question has been scrambled)
  51. Rating that measures how well insulation resists heat
    A. xeriscaping
    B. grading
    C. R-value
    D. sump
    C. R-value
    (this multiple choice question has been scrambled)
  52. Use of vegetation around a house to prevent erosion and improve its aesthetic appearance
    A. foundation
    B. zeroscaping
    C. xeriscaping
    D. landscaping
    D. landscaping
    (this multiple choice question has been scrambled)
  53. A form of landscaping in which little or no water is needed
    A. zeroscaping
    B. xeriscaping
    C. foundation
    D. landscaping
    A. zeroscaping
    (this multiple choice question has been scrambled)
  54. Adds to the security of a property
    A. fences
    B. basement
    C. foundation
    D. drywall
    A. fences
    (this multiple choice question has been scrambled)
  55. Given by appraisers to site improvements after identifying them
    A. contributory value
    B. R-value
    C. foundation
    D. elevation sheet
    A. contributory value
    (this multiple choice question has been scrambled)
  56. An appraiser's inspection usually has two main parts
    A. construction and amenities
    B. subject property and neighborhood
    C. exterior and interior
    D. drive-by and walk-through
    C. exterior and interior
    (this multiple choice question has been scrambled)
  57. Which of the following best illustrates an undesirable floor plan feature?
    A. garage is adjacent to the kitchen
    B. living room is connected with the entryway
    C. bedroom is located directly off the kitchen
    D. kitchen and family room are located to one side
    C. bedroom is located directly off the kitchen
    (this multiple choice question has been scrambled)
  58. When an appraiser is performing a room count, he or she includes all of the following, except the:
    A. den
    B. family room
    C. living room
    D. bathrooms
    D. bathrooms
    (this multiple choice question has been scrambled)
  59. Which part of a structure is the support for the entire building?
    A. flooring
    B. superstructure
    C. foundation
    D. crawlspace
    C. foundation
    (this multiple choice question has been scrambled)
  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
    B. screeded
    C. monolithic
    D. post-tension
    A. floating
    (this multiple choice question has been scrambled)
  61. The most popular, versatile material for residential framing is:
    A. concrete
    B. steel
    C. wood
    D. slate
    C. wood
    (this multiple choice question has been scrambled)
  62. There is more variety of materials for ____ than for any other component of a residence
    A. flooring
    B. roof construction
    C. ceilings
    D. interior walls
    B. roof construction
    (this multiple choice question has been scrambled)
  63. When measuring the gross living area (GLA), which of the following is most likely not included?
    a. basement
    b. attic
    c. crawlspace
    d. all of the above
    d. all of the above
  64. Of the following types of flooring, which is most likely to add value to a residence
    A. linoleum
    B. finished wood
    C. wall-to-wall carpet
    D. ceramic tile
    A. linoleum
    (this multiple choice question has been scrambled)
  65. Drywall is also called:
    a. sheetrock
    b. plasterboard
    c. gypsum board
    d. any of the above
    d. any of the above
  66. Today, most residences have a ____ controlled by an electrical service panel with circuit breakers
    A. 110-volt system
    B. 420-volt system
    C. 210-volt system
    D. 220-volt system
    D. 220-volt system
    (this multiple choice question has been scrambled)
  67. Many states have implemented laws requiring ____ be installed or upgraded at the time of sale, regardless of the age of the home
    A. air conditioning
    B. security alarms
    C. smoke detectors
    D. central heating
    C. smoke detectors
    (this multiple choice question has been scrambled)
  68. Which of the following are considered energy efficiency features
    a. dual pane windows
    b. solar panels
    c. low water-use dishwashers
    d. all of the above
    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. wood fencing
    B. landscaping
    C. swimming pool
    D. covered patio
    C. swimming pool
    (this multiple choice question has been scrambled)
  70. One that has unique usage requirements making it difficult to convert to other uses
    A. net adjustment
    B. special-use property
    C. final value estimate
    D. adjustment
    B. special-use property
    (this multiple choice question has been scrambled)
  71. The desire to possess plus the ability to buy---an essential elemental of value
    A. final value estimate
    B. demand
    C. external forces
    D. data sources
    B. demand
    (this multiple choice question has been scrambled)
  72. The total amount of a given type of property for sale or lease, at various prices, at any given point in time
    A. supply
    B. property type
    C. special-use property
    D. net adjustment
    A. supply
    (this multiple choice question has been scrambled)
  73. Outside influences that may have a positive or negative effect on property value
    A. title insurance company
    B. parties to the transaction
    C. financing terms
    D. external forces
    D. external forces
    (this multiple choice question has been scrambled)
  74. The variety of sources used by appraisers when collecting general, local, and specific information
    A. external forces
    B. financing terms
    C. data services
    D. data sources
    D. data sources
    (this multiple choice question has been scrambled)
  75. Documents disclosing all important facts about properties
    A. verification
    B. public records
    C. public records
    D. financing terms
    C. public records
    (this multiple choice question has been scrambled)
  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
    A. final value estimate
    B. fubabcubg terns
    C. adjustment grid
    D. element of comparison
    D. element of comparison
    (this multiple choice question has been scrambled)
  78. An inquiry into the circimstances surrounding and affecting a sale
    A. verification
    B. gross adjustment
    C. adjustment
    D. data sources
    A. verification
    (this multiple choice question has been scrambled)
  79. A form of primary verification
    A. financing terms
    B. parties to the transaction
    C. final value estimate
    D. gross adjustment
    B. parties to the transaction
    (this multiple choice question has been scrambled)
  80. A dollar or percentage amount that is added to or subtracted from the sale price of a comparable property
    A. final value estimate
    B. financing terms
    C. gross adjustment
    D. adjustment
    D. adjustment
    (this multiple choice question has been scrambled)
  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
    A. adjustment
    B. gross adjustment
    C. reconciliation
    D. final value estimate
    C. reconciliation
    (this multiple choice question has been scrambled)
  82. An appraiser's opinion of the defined value of the subject property, arrived at by reconciling the estimates of value
    A. gross adjustment
    B. reconciliation
    C. net adjustment
    D. final value estimate
    D. final value estimate
    (this multiple choice question has been scrambled)
  83. Determined by combining all the adjustments and adding or subtracting them as indicated
    A. final value estimate
    B. adjustment
    C. net adjustment
    D. gross adjustment
    C. net adjustment
    (this multiple choice question has been scrambled)
  84. Determined by adding all individual adjustments, without regard to whether they are positive or negative adjustments
    A. adjustment
    B. gross adjustment
    C. final value estimate
    D. net adjustment
    B. gross adjustment
    (this multiple choice question has been scrambled)
  85. The sales comparison approach is most applicable when
    a. appraising vacant land
    b. there is a sufficient number of comparable sales
    c. appraising properties in an active market area
    d. appraising all of the above
    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
    B. The appraiser needs to determine and perform the scope of work necessary to develop credible assignment results
    C. The problem to be solved has to be identified
    D. The appraiser needs to discuss the scope of work in his or her report
    A. The appraiser must use each of the three approaches in each appraisal
    (this multiple choice question has been scrambled)
  87. Many factors affect the sales comparison approach, but the most important single factor is
    A. balance
    B. anticipation
    C. change
    D. substitution
    D. substitution
    (this multiple choice question has been scrambled)
  88. The sales comparison approach has a systematic procedure. Which of the following is the first step
    A. collect market data
    B. select market data
    C. verify data
    D. apply adjustments
    A. collect market data
    (this multiple choice question has been scrambled)
  89. Which of the following lists the steps for the sales comparison approach in order?
    A. collect, select, verify, adjust, reconcile
    B. verify, select, collect, adjust, reconcile
    C. collect, verify, select, reconcile, adjust
    D. select, collect, adjust, vilify, reconcile
    A. collect, select, verify, adjust, reconcile
    (this multiple choice question has been scrambled)
  90. When researching market data, the appraiser is concerned with
    a. characteristics of the subject property
    b. area of search
    c. time period for sales
    d. all of the above
    d. all of the above
  91. All of the following are important sources of information, except
    A. multiple listing services
    B. real estate appraisers' workfiles
    C. title insurance companies
    D. assessment data
    D. assessment data
    (this multiple choice question has been scrambled)
  92. One of the simplest ways to check highest and best use is to see if there is a difference in
    A. building materials
    B. zoning
    C. price per unit
    D. square footage
    B. zoning
    (this multiple choice question has been scrambled)
  93. The appraiser needs to make the arrangement in terms of the units of comparison that are appropriate for the
    a. particular assignment
    b. appraisal problem
    c. nature and characteristics of the property that is appraised
    d. all of the above
    d. all of the above
  94. Primary verification of comparable sales includes
    A. checking with the county recorder's office
    B. checking MLS data
    C. talking to someone involved in the sale
    d. all of the above
    C. talking to someone involved in the sale
    (this multiple choice question has been scrambled)
  95. Many appraisers have questions about whether they can appraise a property without inspecting it. USPAP indicates that the appraiser has to
    A. inspect comparable properties
    B. indicate his or her level of inspection
    C. conduct a full interior-exterior inspection
    D. inspect at minimum the exterior of the subject property.
    B. indicate his or her level of inspection
    (this multiple choice question has been scrambled)
  96. Adjustments are not normally made for elements less than ____of the sales price of the comparable sale
    A. 1%
    B. 5%
    C. 10%
    D. 3%
    A. 1%
    (this multiple choice question has been scrambled)
  97. Fannie Mae states that gross adjustments should not exceed what percentage of the sales price of the comparable
    A. 25%
    B. 15%
    C. 10%
    3. 30%
    A. 25%
    (this multiple choice question has been scrambled)
  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?
    A. Yes, it meets the FNMA guidelines for single item adjustments
    B. No, because it exceeds the FNMA guideline for single line item adjustments.
    C. No, because it exceeds the GNMA guidelines for gross adjustments
    D. No, because it exceeds the FHA guideline for net adjustments
    B. No, because it exceeds the FNMA guideline for single line item adjustments.
    (this multiple choice question has been scrambled)
  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
    A. summary appraisal report
    B. self-contained appraisal reports
    C. URAR 1004 form report.
    D. restrictions use appraisal report
    D. restrictions use appraisal report
    (this multiple choice question has been scrambled)
Author:
LAMERBOI
ID:
190995
Card Set:
Appraisal 4-6 Book 2
Updated:
2013-01-08 06:57:58
Tags:
Appraisal
Folders:

Description:
Ch 4- Book 2
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