Terms for test for car rides
Soft costs (items such as fees and taxes incurred during construction) are known as
Indirect Costs
The cost to construct an exact duplicate or replica of the subject property, including any functional obsolescence is known as
Reproduction costs
When land is improved with water, sewers, electricity, and other utilities, it becomes a
Site
New municipal water lines is an example of a(n)
Special assessment
The time period for which the improvement is expected to generate benefits is
An improvements remaining economic life
The reward associated with the risk involved in a real estate project.
Entrepreneurial Profit
Who issues information regarding Standard Metropolitan Statistical Areas (SMSAs)?
U.S. Census Bureau
If mineral rights were the subject of an appraisal assignment, what would the appraiser be forming an opinion of value of?
partial interest
Termite damage is a type of
physical deterioration.
The term encroachment" best describes a(n)
physical tresspass
Platted subdivisions are most commonly described by what method?
lot and block
Which is a plan illustrating the layout of a property site with its improvements?
a plot plan
Collar beams are used in
roof construction.
Method that is used to estimate the cost of an improvement
quantity survey method
Which cost approach technique would yield the most reliable reproduction cost of a unique historical building?
quantity survey method
Which method for estimating the cost new of a property would generally take the most time and present the greatest detail?
quantity survey method
Ownership in severalty denotes that a property
1 owner
The difference between an improvement's cost new and its contribution to market value as of the date of the appraisal.
Accued Depreciation
This defines complete land ownership.
Allodial System
A scuttle is used to enter the
Attic
If an owner owns a fee simple interest in a unit, but also owns a percentage of the common areas, the ownership is called
Condo
What easement is an encumbrance that benefits a particular parcel of property while burdening another?
Easement appurtenant
If a parcel of land has more area than is necessary for the highest and best use of the improvements, but could be sold-off and have a highest and best use as a stand-alone site, what type of site is this known as?
Excess
If the electric power company permanently removes its power lines from a utility easement, but does NOT notify the owner of the property the easement runs across, the easement could terminate due to
Failure of purpose
Possessory interest in an estate without a title
Leasehold Estate
What references a broad related area that likely includes many different land uses, some which may conflict with each other, and also describes the broad characteristics of typical market participants that desire that area?
Market area
The constitutional power of state and local governments to enact and enforce laws that protect the public's health, safety, morals, and general welfare is called
Police power
If the only access to a property is via an access easement, how would the status of the access be described in the appraisal report?
Private
What term best describes, divides the depreciation equally over a set number of years.
Straight-line depreciation
A method widely used by contractors that entails the cost addition of all the major building components.
Unit in Place
Which is known as the difference between the current value of a building and the cost of replacing it?
accrued depreciation
The term "fee simple estate" refers to
an unconditional ownership.
The conversion of personal property to real property is known as
annexation
When employing replacement cost data, the appraiser has the option of estimating the cost new of the improvements by utilizing which methods?
comparative-unit, quantity survey, and the unit-in-place methods
The process of physically taking private property for public use or purpose is referred to as
condemnation
A church may be allowed to exist in a residentially-zoned area as a
conditional use
When a corporation owns a building and the stockholders are given a proprietary lease on one of the units in the building, what form of ownership is this?
cooperative
The title transfer of real property is completed via a
deed
In the cost approach to appraisal, this refers to a loss in value of the "as is" condition of the subject structure when compared to a new one.
depreciation
Loss of value for any reason is called
depreciation
All labor and materials, including contractor's overhead and profit are known as what
direct Costs
This term, used for defining a particular analysis parameter, describes an area consisting of one particular land use. What is the term?
district
The term that means "the right to use another's land" is
easement
What type of easement exists when an individual sells part of his property but expressly keeps access through the portion he is selling to the remainder of his property?
easement by express reservation
Which element used to describe the characteristics of a property would be considered general data?
economic base
Tenant-owned crops are known as
emblements
The legal right of the government to acquire private property for a public use or purpose with just compensation is known as
eminent domain
The governments right to take a title to a property when the title is abandoned by death of the owner is a(n)
escheat
When the lessee is paying a contract rent that is greater than market rent, what is the amount over and above market rent known as?
excess rent
An easement can be legally terminated by
executing a release
The footer is part of the
foundation
The property boundary that directly abuts a public street is the
frontage
What is the measured distance of a lot that is parallel to the street?
frontage
This design characteristic, which includes floor plan, features, and amenities, is described as it conforms to the acceptability of a particular market.
functional utility
The purchaser of a property is referred to on a deed as the
grantee
For a residential rental unit with the landlord paying all customary expenses and debt service and the tenant paying for utilities, etc., the lease arrangement is known as a
gross lease
The expiration of the lease is usually related to the economic life expectancy of the struct built on it is a type of
ground lease
If a property has more than two owners and upon the death of one of the owners, the deceased's right to the property is passed to the surviving owners, this is called:
joint tenancy
Which methods are utilized within the cost approach for estimating the accrued depreciation of the subject property?
market extraction, age-life, and breakdown methods
Beginning at the pin located in the center of Main Street and 5th, thence N89 degrees 57' 15" N 783.00 feet along Main Street, thence 0 degrees 19' 00" E 857.29 feet... is an example of which type of legal description?
metes and bounds
A loan that is secured by real property would be called a
mortgage
Which would be a voluntary specific lien on real property?
mortgage
Which of the following is an example of a voluntary lien?
mortgage lien
When defining this geographic benchmark, used in an appraiser's analysis, this defined area is one that is comprised of complementary land uses. What is the appraiser describing?
neighborhood
When a tenant shares or pays expenses such as real estate taxes, maintenance, and or insurance, what type of lease are the parties bound by?
net lease
A tenant who is paying $2 per square foot less than the current market rates would have what type of interest in the property?
positive leasehold interest
Of all the residential cost estimating techniques, which is usually the most difficult method to use?
quantity survey
What type of tenant would most likely be a party to a percentage lease?
retail
Which would NOT be an element of a metes and bounds legal description?
sections
a plot of land plus improvements that make it ready for use is a
site
What is an arrangement of sleeping areas, where one bedroom must be accessed through another, known as?
tandem
The breakdown method refers to a technique used in
the cost approach.
What type of interest is represented when the co-owners have a possessory interest in particular property for specified periods each year?
timeshare
Level, rolling," and steep" are all methods of describing what property characteristic?
topography
When a zoning authority permits a deviation from zoning compliance, the condition that would not be otherwise allowed is known as a(n)
variance
Sash is another term for
window framework
Pivot, sliding, fixed, double-hung, and casement are types of
windows
