Module 14
Generally, what is the effective date of value for an appraisal of a single-family residence? the date of the property visit (inspection) the date the report is signed the date the loan committee approved the loan the date the improvements were constructed
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In the cost approach, site improvements are included based on their contribution to the overall property value. Which of the following site improvements might be included? all of these answers sprinkler system driveway landscaping
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The effect on value produced by a property's location at or near the intersection of two streets is known as corner influence. nonconforming use. linkage. assemblage.
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What are the examples of adverse site conditions? all of these answers potential encroachments from adjacent structures a gasoline station adjacent to the subject potential environmental contamination due to a nearby chemical plant
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What is a use that does not comply with current zoning? legal nonconforming use legal inconsistent use not permitted use zoning variant use
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What is the effective age? the appraiser's opinion the property owner's opinion the tax assessor's opinion a fact
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Where do appraisers generally obtain site size information for residential properties? county tax assessor's office homeowner home inspector MLS sheet
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Where does an appraiser obtain flood map information? Federal Emergency Management Agency (FEMA) The Appraisal Institute Environmental Protection Agency (EPA) Federal Insurance Administration (FIA)
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For an appraiser to appraise manufactured housing, it must have the towing hitch, wheels, and axles removed. be all of these answers. be legally classified as real estate (not personal property). assume the characteristics of site-built housing.
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How is the amount of basement finish normally expressed? square feet percentage dollar amount cost to cure
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The use of the cost approach and the income approach are prohibited by appraisal standards. not required by Fannie Mae. always required by Fannie Mae. left to the use of the individual appraiser by Fannie Mae.
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What is a use that no longer complies with current zoning but is permitted to continue in use with certain restrictions? legal consistent use a grandfathered use a grandmothered use legal inconsistent use
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A legal nonconforming use is a use that was not legally established and maintained but the government is not enforcing the laws. illegally established and maintained and still does not conform to existing zoning. legally established and maintained but no longer conforms to existing zoning. not legally established and maintained and does not conform to existing zoning.
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Which of the following considerations are included in an analysis of zoning? greenbelt requirements density (number of units permitted) all of these answers general use permitted
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Which of the following statements about manufactured housing is false? It must comply with federal safety standards. It must be attached to a permanent foundation. The wheels and axles may remain on the dwelling. Appraising a manufactured home requires special knowledge and skills.
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The URAR form asks for finished floor area. What is it referring to? all floor area below grade floor, if the basement is finished, plus attic area only below grade floor area only above grade floor area
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What is the percentage of depreciation present in a building that has an effective age of 15 years and a remaining economic life of 65 years? 73.00% 23.00% 50.00% 18.75%
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Which of the following is true regarding room counts? bedrooms and baths are included special rooms such as foyer, laundry room, and dinette are excluded only above grade rooms are included all of these answers
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