13 Jun Which of the following terms refers to the stages that a neighbor
Which of the following terms refers to the stages that a neighborhood goes through over time?A.a. Growth cycleB.b. RevitalizationD.d. Redevelopment Answer Key: CQuestion 2 of 502.0/ 2.0 PointsThe value principle that states that two adjacent parcels of land combined into one larger parcel could have a greater value than the two parcels valued separately is calledA.a. regression.B.b. anticipation.D.d. progression. Answer Key: CQuestion 3 of 500.0/ 2.0 PointsThe period in which property values are generally at their highest isA.a. growth.C.c. decline.D.d. equilibrium. Question 4 of 500.0/ 2.0 PointsThe term site refers toA.a. a legal description of a plot of land.B.b. land that has been improved.C.c. raw land with no improvements.D.d. land within a certain set of boundaries. Question 5 of 502.0/ 2.0 PointsThe effects of ordinary wear and tear are consideredA.a. physical deterioration.B.b. functional obsolescence.C.c. external obsolescence.D.d. accelerated depreciation. Question 6 of 502.0/ 2.0 PointsFunctional obsolescence could be caused by which of the following?A.a. A worn-out roofB.b. A poor locationC.c. Deferred maintenanceD.d. A ceiling that is too high Question 7 of 502.0/ 2.0 PointsA house with four bedrooms and one bathroom is an example ofA.a. physical deterioration.B.b. functional obsolescence.C.c. external obsolescence.D.d. incurable physical deterioration. Question 8 of 502.0/ 2.0 PointsAn expressway is built near a residential neighborhood resulting in very high traffic noise. This is an example ofA.a. physical deterioration.B.b. functional obsolescence.C.c. external obsolescence.D.d. None of the above Question 9 of 502.0/ 2.0 PointsThe usual pattern of growth, equilibrium and decline may be amplified byA.a. changes in nearby land use.B.b. availability of newer property nearby.C.c. general economic downturn.D.d. All of the above Question 10 of 502.0/ 2.0 PointsWhich of the following factors would not be important in comparing properties under the sales comparison approach to value?A.a. Size of lotB.b. Number of roomsC.c. Interior decorD.d. Type of construction Question 11 of 502.0/ 2.0 PointsWhich of the following would not be likely to prevent an arm’s-length transaction?A.a. Parent sells the family home to one of the childrenB.b. Corporation buys its transferred employee’s houseC.c. Pending foreclosure necessitates a saleD.d. Owner planning to move up to more expensive house Question 12 of 502.0/ 2.0 PointsWhich of the following would normally not require a site to be valued separately from the structures on it?A.a. Use of the cost approachB.b. Use of the sales comparison approachC.c. Use of the building residual techniqueD.d. Assessment for ad valorem taxation purposes Question 13 of 502.0/ 2.0 PointsResidential property in an area rezoned for commercial use is an example of a(n)A.a. conditional use.B.b. illegal use.C.c. nonconforming use.D.d. speculative use. Question 14 of 502.0/ 2.0 PointsLand value of an improved property can be found using theA.a. sales comparison method.B.b. allocation method.C.c. subdivision development method.D.d. land development method. Question 15 of 502.0/ 2.0 PointsWhen a site’s highest and best use is forecast to change in the near future, the present use is considered a(n)A.a. restricted use.B.b. interim use.C.c. speculative holding.D.d. temporary use. Question 16 of 502.0/ 2.0 PointsThe value of all improvements (less depreciation) is subtracted from total sales price to find land value in theA.a. sales comparison method.B.b. allocation method.C.c. abstraction method.D.d. subdivision development method. Question 17 of 500.0/ 2.0 PointsAll probable costs of an improvement and construction are calculated to find land value in theA.a. sales comparison method.In B.b. allocation method.C.c. abstraction method.D.d. subdivision development method. Question 18 of 502.0/ 2.0 PointsBuilding net income is a consideration in finding land value by theA.a. sales comparison method.B.b. allocation method.C.c. subdivision development method.D.d. land residual method. Question 19 of 500.0/ 2.0 PointsWhich statement is true?A.a. The sales comparison approach is the least reliable method of site valuation.B.b. There are no basic differences between the data valuation of improved properties and unimproved sites in the sales comparison method.C.c. Vacant land cannot be valued by the sales comparison method.In D.d. Adjustments are always applied to the sales price of the subject property, not the value of the comparable property. Question 20 of 502.0/ 2.0 PointsThe period in which property values generally increase isA.a. growth.B.b. equilibrium.C.c. decline.D.d. transition. Question 21 of 502.0/ 2.0 PointsLand value is treated as a proportion of the total value of improved property in theA.a. sales comparison method.B.b. allocation method.C.c. subdivision development method.D.d. land residual method. Question 22 of 502.0/ 2.0 PointsSales of similar vacant sites are analyzed and compared in theA.a. sales comparison method.B.b. allocation method.C.c. abstraction method.D.d. All of these Question 23 of 500.0/ 2.0 PointsUsing the allocation method, if the ratio of land value to building value is one to three and an improved property is valued at $300,000, land value isA.a. $150,000.B.b. $100,000.C.c. $75,000.In D.d. None of these Question 24 of 500.0/ 2.0 PointsIn appraising a special-purpose building, such as a post office, the most reliable approach to value would generally be theA.a. sales comparison approach.B.b. cost approach.In C.c. income capitalization approach.D.d. gross income multiplier. Question 25 of 500.0/ 2.0 PointsWidespread use of appraisal report forms has resulted in frequent use ofA.a. square-foot method of calculating reproduction cost.B.b. unit-in-place method.In C.c. quantity survey method.D.d. index method.Question 26 of 502.0/ 2.0 PointsWith a present index of 462, an index at time of construction of 220, and an original cost of $145,000, the present cost of a structure using the index method isA.a. $69,048.B.b. $304,500.C.c. $319,000.D.d. $350,900. Question 27 of 502.0/ 2.0 PointsOne method used to determine reproduction cost is to estimate the costs of the various components of a structure separately, and then add them together to find the total cost. This is called theA.a. square-foot method.B.b. unit-in-place method.C.c. cubic-foot method.D.d. quantity survey method. Question 28 of 502.0/ 2.0 PointsA factor representing the percentage increase in construction costs over time is used in theA.a. quantity survey method.B.b. square-foot method.C.c. unit-in-place method.D.d. index method. Question 29 of 502.0/ 2.0 PointsThe method that results in the most accurate cost estimate is theA.a. quantity survey method.B.b. square-foot method.C.c. unit-in-place method.D.d. index method. Question 30 of 502.0/ 2.0 PointsA federally related transaction isA.a. any transaction involving the sale of real estate.B.b. a transaction in which a federal financial institution is involved.C.c. a federally insured transaction.D.d. all transactions above $1 million in value. Question 31 of 502.0/ 2.0 PointsWhich standard of USPAP deals with review appraisals?A.a. Standard 1B.b. Standard 2C.c. Standard 3D.d. Standard 4 Question 32 of 502.0/ 2.0 PointsAn appraiser should beA.a. a party to a transaction.B.b. objective.C.c. consulted only in sales transactions.D.d. compensated based on the determined value of the property. Question 33 of 502.0/ 2.0 PointsThe extension of some improvement, such as a fence, across the legal boundary of an adjoining parcel of land is referred to asA.a. a special limitation.B.b. an encroachment.C.c. an easement.D.d. eminent domain. Question 34 of 502.0/ 2.0 PointsUnder a quitclaim deedA.a. the grantor transfers whatever interests he or she may have in the property without making any claims of having any interest or ownership.B.b. the grantor personally guarantees the title.C.c. the grantor does not guarantee title but states that he or she has an interest in the property.D.d. the grantor warrants that he or she has not previously conveyed the property and has placed no undisclosed encumbrances against the property. Question 35 of 502.0/ 2.0 PointsWhich principle best describes the effect of an international airport on the value of a nearby residential subdivision?A.a. ConformityB.b. ExternalitiesC.c. ContributionD.d. Highest and best use Question 36 of 502.0/ 2.0 PointsA highest and best use study will always valueA.a. present improvements, with no feasible change.B.b. land without improvements.C.c. improvements alone.D.d. the property’s most profitable permitted use. Question 37 of 500.0/ 2.0 PointsIn the sales comparison approach, adjustments are made to the sales price(s) ofA.a. comparable properties only.In B.b. the subject property only.C.c. only the comparable most like the subject.D.d. both the subject and comparables. Question 38 of 502.0/ 2.0 PointsVacant land would probably be valued using theA.a. sales comparison approach.B.b. gross rent multiplier method.C.c. cost approach.D.d. income capitalization approach.Question 39 of 502.0/ 2.0 PointsThe measure of the effectiveness of insulation is itsA.a. heating capacity.B.b. BTUs.C.c. R-value.D.d. grade. Question 40 of 502.0/ 2.0 PointsA two-story house benefits economically becauseA.a. plumbing can be lined up.B.b. heated air rises.C.c. less ground area is required.D.d. All of the above Question 41 of 500.0/ 2.0 PointsA rectangular-shaped building that is 35 feet wide and 55 feet long has a perimeter ofA.a. 180 feet.In B.b. 180 square feet.C.c. 1,925 feet.D.d. 1,925 square feet. Question 42 of 500.0/ 2.0 PointsIn the U.S. government survey system, a one-square-mile area, or 640 acres, is referred to as aIn A.a. township.B.b. tract.C.c. section.D.d. block. Question 43 of 502.0/ 2.0 PointsThe value of 100 acres of land best suited for high-density residential use may be found using theA.a. cost approach.B.b. income capitalization approach.C.c. subdivision development method.D.d. gross rent multiplier method. Question 44 of 502.0/ 2.0 PointsA property use (as opposed to a building specification) contrary to local zoning regulations would require which of the following?A.a. VarianceB.b. Special building permitC.c. DezoningD.d. Conditional-use permit Question 45 of 502.0/ 2.0 PointsVarying financing terms may be compensated for when considering comparable properties by using theA.a. cost approach.B.b. income capitalization approach.C.c. cash equivalency technique.D.d. cash flow method. Question 46 of 502.0/ 2.0 PointsThe ratio of building value to land value is approximately 4 to 1. What is the land value of a property valued at $200,000, using the allocation method?A.a. $50,000B.b. $100,000C.c. $66,667D.d. $40,000 Question 47 of 502.0/ 2.0 PointsAll property is influenced by the principle ofA.a. anticipation.B.b. substitution.C.c. change.D.d. conformity. Question 48 of 500.0/ 2.0 PointsDepreciation is most important to an appraiser using theA.a. sales comparison approach.B.b. gross rent multiplier method.In C.c. income capitalization approach.D.d. cost approach. Question 49 of 502.0/ 2.0 PointsThe highest and best use of real estate is itsA.a. most profitable use, without other considerations.B.b. most environmentally sound use.C.c. present use, unless its improvements have reached the end of their useful life.D.d. most profitable legally and physically permitted use. Question 50 of 502.0/ 2.0 PointsWhat would be the best appraisal approach to use in estimating the market value of an athletic stadium?A.a. Sales comparisonB.b. CostC.c. Direct capitalizationD.d. Yield capitalization
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