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Basic Appraisal Principles Final Exam
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Basic Appraisal Principles Final Exam
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Basic Appraisal Principles Final ExamIn a particular market, there is a demand for 500 houses per year, and there are
currently 1,500 houses for sale. What does this most likely indicate? - CORRECT
ANSWER-there is a three-year supply of homes currently for sale
"A business arrangement in which two or more persons jointly own a business
and share in its profits and losses" is the definition of - CORRECT
ANSWER-partnertransferable development rightsship
Property Owner A has the right to develop his property into 10 lots. He sells this
right to nearby Property Owner B who wishes to develop his property into
additional lots. This is an example of - CORRECT ANSWER-transferable
development rights
What is the mean of the following set of gross rent multipliers? (95, 93, 120, 94,
93, 129) - CORRECT ANSWER-104
Short term money instruments are traded on the - CORRECT ANSWER-money
market
Which entity is responsible for making periodic changes to USPAP? - CORRECT
ANSWER-Appraisal Standards Board
The real property market is generally classified as a(n) __________ market. -
CORRECT ANSWER-imperfect
The appraisal standards and qualification criteria that are published by The
Appraisal Foundation achieve legal authority by adoption, citation or
implementation by - CORRECT ANSWER-government agencies with the power
to regulate or administrate
Eric pays $35,000 to have an inground swimming pool constructed in his back
yard. When he sells the property, he only receives $10,000 more for his property
than what similar property sold for without a pool. This is an example of the
principle of - CORRECT ANSWER-contribution
, "The ownership interest held by the lessor, which includes the right to receive the
contract rent specified in the lease plus the reversionary right when the lease
expires" is the definition of - CORRECT ANSWER-leased fee interest
When appraising an income producing property, you have the following GRMs
indicated from comparable sales (122, 159, 132, 126, 122, 173, 152, 126). What
is the mode of the GRMs? - CORRECT ANSWER-122, 126 (bi-modal)
The current number of appraisal education hours required for Certified General
Appraiser applicants is ______ hours. - CORRECT ANSWER-300
The ________ is responsible for establishing criteria for individuals to become
real property appraisers. - CORRECT ANSWER-Appraiser Qualifications Board
The federal financial institutions regulatory agencies directly involved in fair
lending include all of the following EXCEPT - CORRECT ANSWER-ASB
A homeowner fears the construction of a factory nearby will decrease the value
of her property. This illustrates the principle of - CORRECT
ANSWER-externalities
Under the current qualification criteria, an applicant for Appraiser Trainee must
have completed ___ creditable hours of experience. - CORRECT ANSWER-0
What is the mode of the following set of gross rent multipliers? (95, 93, 120, 94,
93, 129) - CORRECT ANSWER-93
What is the purpose of a state's statute of frauds? - CORRECT
ANSWER-requires certain documents to be in writing
A property has a first mortgage of $100,000, a second mortgage of $20,000, and
a third mortgage of $10,000. It is foreclosed and sold for $125,000. The holder of
the third mortgage gets ________ and the holder of the second mortgage
receives _________. - CORRECT ANSWER-$5,000, $20,000
"A firm agreement to perform an act, refrain from acting or make a payment or
delivery" is the definition of - CORRECT ANSWER-promise
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