REAE 3325 Ch 7 Questions and Answers 100% CorrectREAE 3325 Ch 7 Questions and Answers 100% CorrectREAE 3325 Ch 7 Questions and Answers 100% CorrectREAE 3325 Ch 7 Questions and Answers 100% CorrectUnder the Cost Approach to appraisal, the estimated expenditure required to construct a building with e...
REAE 3325 Ch 7 Questions and Answers
100% Correct
Under the Cost Approach to appraisal, the estimated expenditure required to construct
a building with equal utility as the one being appraised is termed the - ANSWER-
Replacement Cost
To reflect a change in market conditions between the date on which a comparable
property sold and the date of appraisal of a subject property, an adjustment must be
made for which of the following? - ANSWER-Market Conditions
A new house in good condition that has a poor floor plan would suffer from which type
of accrued depreciation? - ANSWER-Incurable functional Obsolescence
In the sales comparison approach, the value obtained after reconciliation of the final
adjusted sales prices from the comparable sales is termed the - ANSWER-Indicated
Opinion of Value
Which of the following is not included in accrued depreciation when applying the cost
approach to valuation? - ANSWER-Tax Depreciation
The final price for each comparable property reached after all adjustments have been
made is termed the: - ANSWER-Final Adjusted sale price
Restricted Appraisal Report - ANSWER-large numbers, client just wants to know what
property is worth
Summary Appraisal Report - ANSWER-summarizes conclusions of appraisal
Self-contained appraisal report - ANSWER-includes all the detail and information that
were relevant to deriving market value of the other conclusions within the report
Uniform Standards of Professional
Appraisal Practice (USPAP) - ANSWER-Required & followed by all states & federal
regulatory agencies
USPAP Appraisal Process - ANSWER-1. Identify Problem
2. Determine Scope of Work
3. Collect Data and Describe Property
4. Perform Data Analysis [1-legally permissible, 2-physically possible, 3-financially
feasible, 4- maximally productive (i.e. yielding greatest benefit to the owner)]
5. Determine Value of Land
6. Apply 3 Approaches to Valuation (Sales, Income, and Cost)
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller NursingTutor1. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.49. You're not tied to anything after your purchase.
