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Appraisals Chapter 7 Property Inspection and Analysis Exam Questions and Answers
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Appraisals Chapter 7 Property Inspection and Analysis Exam Questions and Answers
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Appraisals Chapter 7: PropertyInspection and Analysis Exam
Questions and Answers
Inspection Checklist - Answer -Or appraisal form. Needed to record data in an
organized manner. Could use standardized inspection form, URAR appraisal forms,
tablet, or smartphone
URAR - Answer -Uniform Residential Appraisal Report
Information to collect - Answer -Info that meets reporting requirements
Things you believe the buyer might consider
Information that your peers might consider to be relevant
Most common use for an appraisal report - Answer -Home Loan
Dwellings should conform to: - Answer --Safe, secure, healthful, attractive
-Ease of circulation and housekeeping
-Visual and auditory privacy
-Appropriate light and ventilation
-Fire and accident protection
- Economy of maintenance
- Adequate sanitation facilities
-Accessory services
Value Definition - Answer -Highest and best use. If highest and best use is different
from current conditions, building inspection should explore alternatives. Acceptability of
property by local standards
Special Conditions - Answer -Presence or absence of any special conditions may
influence the detail required in a building inspection. Ex. appraisal subject to the
completion of remodeling that is in progress, info in advance and kept in mind
3 Value Approaches - Answer --Cost Approach
-Sales Comparison Approach
-Income Approach
, Cost Approach - Answer -Most descriptive detail. Rely on use of published cost
manuals.
Sales Comparison Approach - Answer -Compare to similar properties that have sold
Income Approach - Answer -Be aware of characteristics that have the greatest effect on
income potential and the probable expenses.
Purpose of building inspection - Answer -To identify the condition, quality, features, and
functionality of the property being appraised to the degree practical.
What to inspect - Answer -Depends on if interior or exterior. Anything accessible inside.
Mezzanines - Answer -Usually inspected. Type and quality of finish and ceiling heights
can be different than rest of building.
Attics - Answer -Variable. If larger or finished, fuller inspection. Note degree of finish
Closets - Answer -Not counted as rooms, no matter how large
UAD Condtions Ratings - Answer -C-1: Recently constructed, not previously occupied
C-2: No deferred maintenance, little or no physical depreciation and requiring no repairs
C-3: Well maintained, limited physical depreciation
C-4: Some minor deferred maintenance and physical depreciation from normal wear
and tear
C-5: Obvious deferred maintenance, in need of significant repairs, rehab, or updating
C-6: Substantial damage with deficiencies and defects severe
Kitchen/Bathroom Renovation - Answer -UAD states appraiser must indicate if and
when there has been any renovation work done to the kitchen(s) and bathrooms
Not Updated - Answer -Little or no updating or modernization. The description includes,
but is not limited to, new homes
Updated - Answer -The area of the home has been modified to meet current market
expectations. These modifications and limitations are limited in terms of both scope and
cost
Remodeled - Answer -Significant finish and/or structural changes have been made that
increase utility and appeal through complete replacement or expansion
Rating for Appeal and Marketability - Answer -1. Construction quality of the materials
and finishes
2. Physical condition of the structure, exterior, and interior finishes, and equipment
3. Room sizes, layout, and privacy. (visual and noise)
4. Adequacy of closets and storage areas
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