1 Month-Online Guides To pass your Real Estate CE "Real Property Appraisals"Exam
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examples:
Which of the following is the first step in the appraisal process?
2) An appraiser usually estimates the value of a property by using three major approaches. To obtain a final estimate of value the appraiser _______ the three indications of value.
3) Which of the following is not a minimum requirement for the content of an Appraisal Report?
4) __________ is the price a property would bring if freely offered on the open market, with both a willing buyer and a willing seller.
5) Most residential appraisals are completed on a standardized form called the Uniform Residential Appraisal Report and are considered Appraisal Reports.
6) Which principle states that the more the form, manner, and character of structures are in harmony with one another, the more valuable each of those structures is?
7) The actual sales price of a property is a(n)_____________.
8) Features that add value to a property are called):
9) Appraisers must follow the standards, rules, and guidelines of ______________ when developing and reporting appraisals.
10) Why should an appraiser round the final value estimate?
11) A survey of recently expired listings gives you a picture of the prices at which those properties _____________.
12) Which principle of valuation is the underlying principle of all approaches to value?
13) The price for which a property should sell is its market value. Market value of improved real property has very little to do with:
14) Which of the following statements describes the reconciliation process?
15) Which of the following statements is true regarding the process of reconciliation?
16) What is the principle that expresses that value is created by the expectation of future benefits?
17) Which of the following scenarios will cause real estate prices to rise?
18) The goal of a comparative market analysis is to determine an appropriate _________________.
19) An appraiser is a person who is expected to perform valuation services __________ and in a manner that is independent, impartial, and objective.
20) ____________ is the desire to purchase a commodity.
21) There are ______ factors that influence real property values.
22) A(n) __________ is used for determining an appropriate listing price for a seller’s home.
23) Richard purchased adjacent lots in a suburban area where the typical house is a 3 bedroom/2 bath under 2,000 square feet. Richard intends to combine the lots and build a 7 bedroom/6 bath Spanish style mansion. Which principle of valuation is Richard disregarding?
24) Chad bought a cabin in the mountains for $45,000. He repaired the furnace, redecorated the interior, and repainted the exterior. All of this work totaled just over $7,000. When he tried to resell it, the best offer he got for his cabin was $48,500. Which principle of valuation does this scenario exemplify?
25) CMAs are similar in methodology to:
26) The final steps in the appraisal process are reconciliation and reporting.
27) The __________ Report option is the briefest presentation of an appraisal and contains the least detail.
28) Which one of the following statements is most CORRECT:
29) A higher value house among less expensive homes will lose value. This illustrates the principle of:
30) All of the following are approaches to appraising property, EXCEPT the:
31) Appraiser independence is a critical element to protect the client and intended users and to enhance the _____________ that appraisals contain credible opinions of value.
32) _________ is the ability of a property to satisfy a need or desire, such as shelter, income, or amenities.
33) Parties intending to use an appraisal report are known as:
34) The buyer, seller, and broker associated with the sale or purchase make up the:
35) When appraisers inspect the subject property, typically they inspect the interior and exterior of the residence.
36) There are ____ steps in the sales comparison approach.
37) When using the sales comparison approach, an appraiser will utilize __________ that are similar to the subject property.
38) An example of primary verification would be to ____________________.
39) How do appraisers rate the condition of the improvements?
40) Once the appraiser has collected, analyzed, and verified sales data, the next step is to:
41) Value is created by the expectation of future benefits, is the principle of ______________.
42) What principle states that the maximum value of a property is set by the cost of acquiring an equally desirable and valuable substitute property?
43) The goal of the sales comparison approach is to select the market sales that are ______________ to the subject property.
44) All of these are counted as “rooms” in a house, EXCEPT for ____________.
45) Which of the following is NOT a question to ask before collecting market data?
46) A(n) __________ is any aspect of a real estate transaction or any characteristic of the property that may affect the property’s sales price.
47) What two sections make up the exterior of a home?
48) A property may be more desirable than another property due to its interior designed for:
49) The area to be searched is dependent upon:
50) In the appraisal process, there are three approaches to determining market value. Which of the following is considered the basis of the sales comparison approach?
51) The __________ approach is predicated on using sales of similar properties to arrive at an estimate of value.
52) Which of the following best illustrates an undesirable floor plan feature?
53) What approach is the one most easily and commonly used by real estate licensees?
54) All of the following are advantages of the sales comparison approach, EXCEPT:
55) Which of the following is NOT a question to ask before collecting market data?
56) When using the sales comparison approach, an appraiser will utilize __________ that are similar to the subject property.
57) When a person buys a property at one price and quickly sells it to another at an inflated price, usually within a short period. That is known as _____________.
58) When analyzing comparables, what will an appraiser do to “equalize” each comparable sale to the subject property?
59) In the sales comparison approach, any aspect of a real estate transaction or any characteristic of the property that may affect the property’s sales price is a(n):
60) The sales comparison approach is rarely used when appraising:
61) The sales comparison approach to appraisal would be least reliable:
62) Which of the following is a disadvantage of the sales comparison approach?
63) Which of the following is an advantage of the sales comparison approach?
64) All of the following are pertinent sales data to confirm, EXCEPT:
65) The sales comparison approach has a systematic procedure. Which of the following is the first step?
66) Which of the following is not one of the major categories of adjustment for all comparable sales?
67) What is the next step after selecting the most appropriate comparable properties?
68) The tenant’s interest in the leased property during the term of the lease is called the _______________.
69) _______________ obsolescence is incurable in virtually all cases.
70) To calculate a gross rent multiplier accurately, the appraiser needs ________ from comparable properties.
71) To calculate a gross rent multiplier accurately, what does the appraiser need from comparable properties?
72) Which of the following is an advantage of the cost approach?
73) When using the cost approach, an appraiser needs to know the:
74) ______________ cost is the cost of replacing the improvement with one that is the exact replica, having the same quality of workmanship, design, and layout.
75) The formula used to calculate the gross rent multiplier is:
76) The effective annual gross income of a property is the difference between the annual gross income and:
77) The effective age of a property is determined by the:
78) Which of these principles influence land value?
79) The cost approach recognizes there are two major components in real estate___________________.
80) Occasionally, in unusual property circumstances, the _______ approach is the only one an appraiser can use.
81) In the direct capitalization approach to appraisal, the most difficult step to determine is:
82) The ________________ method is the most commonly used method for valuing land.
83) The __________ is a method of appraising property based on the property’s anticipated future income.
84) Using the principle of substitution, a person will not pay more for a substitute if he or she can get the subject property for less. That is why the cost approach:
85) What does depreciation mean in appraisal?
86) In appraisal, depreciation means:
87) Sidewalks, curbs, drainage structures, retaining walls, grading, streets, and utility hook-ups, are called ______________.
88) In appraising a unique or one-of-a-kind property, such as a church, fire station, or hospital; the ___________ approach would probably be the most appropriate approach.
89) When using the income approach, the appraiser should verify all of the following, EXCEPT:
90) A 12-year-old building in excellent condition is given an age of 6 years by an appraiser. This would be known as its:
91) The estimated period during which the structure will profitably produce income is its ___________ life.
92) Donna is hired to appraise a residential fourplex in a suburban neighborhood. Three of the four units are rented and the fourth one is being renovated. Which appraisal approach should Donna use?
93) Henry is a real estate appraiser using the cost approach to complete an appraisal assignment that involves a unique property. After estimating the land value, the next step for Henry is to determine the:
94) The __________ method assumes that there is a typical ratio between the land value of a property and the value of its improvements.
95) Which of the following statements regarding the income approach is NOT true?
96) The __________ estimates the value of the land as if vacant and adds that to the depreciated cost of new improvements to determine an estimate of value for the entire property.
97) Tammy is a real estate appraiser who is estimating the income of a rental property for a client who is a real estate investor. Tammy is looking at the income remaining after the operating expenses are deducted from the effective gross income. What income is Tammy looking at?
T#1
1. Baker is looking to for an unbiased opinion that gives him an estimate of his property value. Baker needs a(n):
2. Real estate agents need to know how to prepare a comparative market analysis (CMA) for their sellers or buyers. Preparing a CMA is similar in many ways to:
3. A real estate sales associate is working with clients to determine the listing price to sell their home. The sales associate is preparing a comparative market analysis using comparable properties within the area. A CMA usually includes all of the following data, EXCEPT:
4. What is the price a property would bring if freely offered on the open market, with both a willing buyer and a willing seller, known as?
5. A real estate sales associate is attending a seminar regarding the current status of the real estate market. During the seminar, a real estate appraiser repeatedly brings up the concept of market value. Which statement below best exemplifies market value?
6. Appraiser Anne is trying to determine the market value of a home located in a popular area of the city known for its good schools. Unfortunately, the ownership of the property is being contested by two brothers who both believe the parents left it to them. In fact, the mother told the younger brother it would be his; whereas, the father told the older brother that it would be his. There is nothing in the will that clarifies ownership. Anne knows that there are four elements of value, all of which must be present for a property to have market value. Due to the contested ownership, which of the four elements is missing?
7. Many valuation principles interact to determine the final value of a piece of real estate. Which principle of value is almost universally recognized as being the first step in how market prices are determined? The principle of:
8. Crystal is a real estate appraiser who is determining the value of a vacant land parcel by looking at its highest and best use. Crystal knows that highest and best use is the use that meets four tests with respect to suitable alternative uses. Which of the following is NOT one of the four tests of highest and best use?
9. An appraiser researches a subject property and takes note of the increased growth of the neighborhood surrounding the property. He also cites the economic growth that the area is experiencing. Which of the four principles of valuation addresses this observation?
10. Diane is a real estate appraiser who is ready to start the appraisal process to determine the value of a condominium. This will be her first time appraising residential property after appraising commercial property since she started her career. What is her first step in the appraisal process for determining the value of the condominium?
11. All of the following are sources of property data for an appraiser, EXCEPT:
12. Appraisers use three approaches to value when arriving at an opinion of value. Which is NOT an approach to appraising property?
13. The process of refining the range or set of values into a single, supportable value opinion is called:
14. The reconciliation process:
15. The appraiser should do which of the following when reconciling?
16. Which of the following appraisal report options is the most commonly used report option?
17. Which appraisal report is the briefest presentation of an appraisal and contains the least detail?
18. Both report types can be presented in all of the following ways, except:
19. What is the overruling principle behind the sales comparison approach?
20. In which situation can the sales comparison approach be used?
21. The sales comparison approach is most applicable when:
22. Which of the following is not one of the property types for use in the sales comparison approach?
23. In the sales comparison approach, what provides the most straightforward and direct manner for the appraiser to use to develop a credible opinion of value?
24. Of the following, which lists the steps for the sales comparison approach in order?
25. An appraiser’s inspection of the subject property has two main parts. They are the:
26. When an appraiser is performing a room count, he or she includes all of the following, EXCEPT the:
27. An appraiser must be aware of popular room layouts and floor plans and know why they are desirable. Which of the following is a desirable feature in a floor plan?
28. Which of the following is NOT part of the systematic procedure in the sales comparison approach?
29. Before a search can be conducted, the characteristics and features:
30. When researching market data, the appraiser is concerned with all of the following, EXCEPT:
31. What are used to explain the differences of prices paid for real estate?
32. A dollar or percentage amount that is added to or subtracted from the sales price of a comparable property is a(n):
33. Adjustments are applied to:
34. Regarding the cost approach, which statement is NOT true?
35. Which of the following is an advantage of using the cost approach?
36. When using the cost approach, an appraiser needs all of the following information, EXCEPT the:
37. Which of the following determines the effective age of a property?
38. A real estate appraiser is analyzing the depreciation of a local apartment building as part of an appraisal assignment. Which of the following is NOT a type of depreciation?
39. When using the cost approach in the assignment, the appraiser should verify all of the following, EXCEPT:
40. The __________ is an appraisal method that estimates the present worth of future benefits from ownership of a property in order to determine that property’s value.
41. The income approach is generally not applicable to:
42. The main principle behind the income approach is the principle of:
43. The income approach is most useful when appraising properties when:
44. When used on single-family or smaller multiple-family residential income properties, the __________ is most often employed in the real estate industry.
45. An appraiser valuating a property looks at the __________, rather than the contract rent, in order to discover the fair income of the property.
46. Which of the following statements describes an appraisal?
47. A(n) __________ is a comparison analysis that real estate brokers use to help determine an appropriate listing price for the seller’s house.
48. The difference between demand and effective demand is that:
49. The four elements that create value are:
50. What is the commonality of location, climate, topography, and the size and shape of the property?