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Unit 19: Appraisal

Question / Answer

QuestionAnswer
Which of these is NOT a federally regulated transaction? A) Purchase of home B) Financing a Car C) Leasing a Home D) Renting a Home D) Renting a Home Renting a home does not require a federal financial institution or regulatory agency.
True or False A business cannot be certified as an Appraiser. True Only individuals can be certified as appraisers
How long must an appraiser retain an original copy of contracts engaging his services and all reports that were completed? A) 2 years B) 5 years C) 1 year D) Depends on property type B) 5 years Note: or 2 years after final disposition of any judicial proceeding in which testimony was given (whichever is longer)
Which of the following must an appraiser retain copies of for a specified period of time? A)Reports used to meet experience requirements during pre-licensing B)Checks for services rendered C)Logs of escrow money received D)Referrals for business A)Reports used to meet experience during pre-licensing
In which type of property value analysis is an appraiser likely not to do an in-depth analysis of the property's interior? A) Broker's Price Opinion B) Appraisal C) CMA D) Real Estate Analysis A) Broker's Price Opinion
True or False The market value is the the average price of similar homes that have been sold in the neighborhood. False Market value is the most probable price that a property should bring in a fair sale.
The actual price that a property sells for is called: A) Market Value B) Cost C) Market Price D) Fair Market Price C) Market Price
Using the straight line method, estimate the value of a $300,000 property in 10 years, if the land value is $75,000 (remaining value is for improvement on land), and economic life is expected to be 60 years. $225,000/60 years = $3750 (Depreciation per year). After 10 years, the property would depreciate $3750x10= $37500. $225,000 - 37,500 = $187500 Add the land value of $75000 to $187,500 to obtain value in 10 years after depreciation = $262,500
A property is producing an annual net income of $15,000 and is sold for $187,000. What is the capitalization rate? 8% Income/Value = Rate of capitalization
Determine the Gross Rental Multiplier of a property that sold for $280,000 and had a gross monthly rent of $1800. GRM=155.55 Multiplier = Value /Rent
An appraiser uses the cost of replacing a building in today's market to determine the value of the property. Which method is he is using? A)Sales Comparison B)Cost Method D) Income Method D) Gross Income Multiplier Method B) Cost Method
Which is NOT a method that can be used to estimate the cost of construction to replace or reproduce a building: A)Unit in Place B) Square Foot Method C) Index D) Straight Line Method D) Straight Line Method This method is used to determine depreciation
Which is typically NOT contained in an appraisal report A)Appraiser
Created by: Asimon0722