AZ RE self study B-5
By definition what does an appraiser give in the course of his work A. A valuation B. An estimate C. A reaction D. All of these
An estimate
In using comparables in the market approach to real property value the appraiser is interested in listed prices because they tend to establish the what
Ceiling of market value
A real estate agent is preparing a CMA for the seller the sellers property is older and has a pool the comparable property is newer and has no pool how was the agent make the necessary CMA adjustments
Comparable property down for age and up for pool
The methods of unit cost in place quantity survey and cubic foot and square foot would most probably be used in which of the following appraising methods
Cost
Physical deterioration of a building that is curable would be referred to as
Deferred maintenance
What is the purpose of a date in an appraisal report
Define the market conditions under which the appraisal was made
What is the first objective of an appraiser A. Find comparables B. Gather facts C. Determine the value of the land D. Defined the problem and his approach to it
Defined the problem and his approach to it
The period of time that an improvement contributes value to the land is considered to be it's
Economic life
Which of the following does not relate to appraising A. Assemblage B. Establishing value C. Market data and cost approaches D. Deterioration and obsolescence
Establishing value
Appraisal licensing is required by
FIRREA
In real estate the word amenities refers to
Factors of convenience location beauty or utility
The customary procedure for arriving at the fair market value of an office building for selling purposes is
Figure the adjusted gross income deduct all cost of operation and divide the net operating income by the current rates of return for this type of investment
Poor layout of rooms would be included as an element of obsolescence in
Functional obsolescence
In appraisal terminology how would you judge the quotation a factory too close to home is
Incurable obsolescence
In the cost approach when figuring depreciation which does not qualify as a depreciation item
Land
In checking for conformity of a home in a particular neighborhood an appraiser would not consider
Listed price
What is the most important factor a developer would take into consideration in selecting a new area to develop
Location
The amounts expressed in terms of money actually paid for a property is it's 1-market price or 2-market value
Market price
The selling price of real estate is most generally based on
Market value
Square footage for purposes of estimating the replacement cost of improvement is derived by
Measuring outside dimensions
On which of the following properties would you most likely use the income approach to appraising A. Residential B. Condominium C. Office building D. Vacant land
Office building
In appraising commercial property which of the following would in appraiser not need A. Scheduled gross income B. Zoning C. Original cost D. Expenses of operation
Original cost
Which of the following is not a special force influencing value of property A. Gov regulations B. Social standards C. Original cost D. Economic trends
Original cost
Value is created by
People
Economic life refers to
Period During which the building contributes value to the land
The increase in value created by joining ownership of several smaller parcels of land into one large single ownership is called
Plottage increment
Under the principle of substitution A.property cannot be worth more than the cost of acquiring an equally desirable replacement property B.there should be a reasonable degree of uniformity in property values C. Excess profits 10 to encourage Ruinous competition D.A good structure substituted for a bad structure will not cure the ills of the surrounding neighborhood
Property cannot be worth more than the cost of acquiring an equally desirable replacement property
After the appraiser has used all three appraisal approaches to estimate value what process is used to arrive at one estimate of value
Reconciliation or correlation
When the cost approach is used to determine value which of the following applies A. Replacement minus depreciation B. Gross income minus expenses C. Net income plus land value D. Comparable properties in the area plus the land
Replacement minus depreciation
The method which is not an appraisal approach A. Sinking fund method B. Comparison method C. Cost method D. Income method
Sinking fund
It's a residential property is valued at over $1 million an appraiser would need which of the following qualifications
State certified appraiser
Market price is closest to
The amount of money given in exchange for the property
What is the best tech nique for an appraiser to use on a single-family residence that is new
The cost method is a valid approach which is the most effective on newer properties
What affirms that value is created by expected benefits to be derived in the future
The principle of anticipation
A legitimate reason for appraising a property
To settle an estate
What is the adjusted gross income and how do you arrive at it
Total rents less vacancies and credit losses
The word value as used in appraising is most nearly the same thing as
Worth
