unit in place = estimate reproduction cost
quantity survey method = builder/ contractor estimate reproduction cost include topology = show flood zone/ show contour / with valuable land feature fenestration = excess land = not serve/ benefit existing improvement ranch cottage cape code bungalow = low pitch roof/ front porch Choice, Agreement, Regulation, Law =USPAP - CARL 4 criteria H&BU: legally permissable/ physically possible/ financial feasible/ mostly profitable Extraction = sale price - depreciated improvement [used to determine site value] physical characteristic of lot eg: inside lot/ corner lot; rectangular / odd shaped lot/ storm sewer [not landscaping extention] surplus land: land unable to support present improvement + land that can not be sold separately functional obso = change taste/ preference/ tech innovation / mkt standard/ no central air conditioning direct cost = labor + material + company of overhead and profit [tax] abstraction meth = depre / effective age liquidation value = from short marketing period eg REO / auction going concernt value = value of RE, Business equipment, intangible asset property's value to a specific user = value in use = utility value insurable value = based on replacmenet cost/ repro cost market value occurs under = conditions where both b and s motivated PofAnticipation = value is created by anticipated future benefit from property neighborhood = growth stabiltiy decline revitalizaiton stability = gradual rise in value + existing amenities fully utilized investment value = value of particular prop to a particular investor = unique needs and inted use only hey a town is bigger than only a pierce of section so 1 town 1 ship is larger than 1 snake-section scope of work = consistent with expectation of user + peers actions when performing similar assignment competency rule = prior to accepting assignment jurisdictional exceptional rule = when conflict btn USPAP and applicable law / public policy cannot disclose confid info/ assignment results that were prepared for client to anyone other than specifically authorized by client 1 appraisal deve 3 appraisal review - deve and reporting of opinion about quality of another appraiser's work 2 deals with mass appraisal deve and reporting / sufficient info only to identify RE property/ including physical & economical characters relevant to assignment 7 personal property deve 9 business appraisal deve hypothetical = Sub prop condition vs contrary to existing, but is assumed for analysis's purpose/ appraiser recommend foundation inspection later so value is valid still r1-5 state appraiser must analyse all current sales + options + listing for previous 3 years ethics rule's confidentiality disclosed only to == duly authorized peer review committee + enforement agencies + authorized by client AQB of appraisal foundation - set standard that state adherence to when establish qualifcation crieteria Q == Q exposure time = prior to effective date == opinion of appraiser not client preamble = must comply when obligated by law, regulation, agreement with client, describe overal structure of USPAP perform reveiw == no value opinion uspap primary goal = promote public trust / not lawsuit/ not lose license valuation service = include appraisal practice = can be done by non-appraiser!? feasiblitiy analysis = study cost benefit relationshihp of economic endeavor retain 5yrs mini after preparation = 2 yr mini after final disposision of court which appraiser testify appraiser retrospective appraisal in 1995 = if data support [not necessar to be competent as of the effective date of value] regression analysis = estimate most probable sales property |
extraction = use comparable, improved properties and established a ratio of original land value to their value after developed surplus land = land unable to support present improvement on property and land that cannont be sold separately land development method / anticipated use method = value vacant land ready for developement to higher use ground rent = when oil company own land, gas station lease 89 years and own the building Gross Rent Cap Meth = use GR = rent paid for use land feasibility study - determin most profitable use dollar adjustment = based total price of whole property or unit of comparison [not net sale price] allocation method = used upon inadequate comparable subdivision meth = estimate land value when view as smaller lot land residue meth = rarely used accrucial depre 已使用多年百分率= effective age 當你已使使用多年/ total economic life 總計可以使用多年== straight line method liquidation value = from short marketing period eg REO / auction
going concernt value = value of RE, Business equipment, intangible asset property's value to a specific user = value in use = utility value insurable value = based on replacmenet cost/ repro cost market value occurs under = conditions where both b and s motivated PofAnticipation = value is created by anticipated future benefit from property neighborhood = growth stabiltiy decline revitalizaiton stability = gradual rise in value + existing amenities fully utilized investment value = value of particular prop to a particular investor = unique needs and inted use only hey a town is bigger than only a pierce of section so 1 town 1 ship is larger than 1 snake-section Absorption Rate is a metric used by some real estate professionals to measure a market’s internal supply and demand. It basically utilizes the current inventory of homes (supply) and recent sales history (demand) to calculate the market’s current sales rate. provides evidence of civic pride? a. Homes constructed with good quality b. An abundance of recreation parks c. Well-maintained landscaping d. All of the above area delineated by geographical or political boundaries that is comprised of properties that have complementary land uses is a: == neighborhood. == quiz 6 Testing legally permitted use includes inquiry into documentation that covers which of the following topics? hint (Testing legally permitted use requires inquiry into local zoning ordinances and regulations. Prior to determining highest and best use, an appraiser must analyze private restrictions, building codes, zoning, historic district controls, and environmental regulations. Page 140) = ans Private restrictions and zoning regulations == Sarah owns a small farm that is legally nonconforming due to local zoning laws. However, due to a grandfather clause, the farm is allowed to remain. One day, a wildfire completely destroys the farmhouse and all the outbuildings. Is rebuilding the farmhouse and buildings and continuing the same use as before the fire a legal option for Sarah? hint (Legally nonconforming properties typically fall under a grandfather clause, which is a legal clause that keeps a law from being retroactive. However, some such uses may not be reproduced if the legally nonconforming improvement is destroyed or damaged in a fire or some other disaster. Page 131 ===ans No, because its legally nonconforming use cannot be reproduced. == A parcel of undeveloped land without any utilities is a: hint (A tract is a piece of land in an unimproved state, which means that it does not have utilities, sewer lines, etc. Page 134) == Ted is appraising a lot that is only accessible through one street. This would pose a problem for commercial property, but the privacy would be ideal for residential property. This lot is probably a __________ lot. hint (A cul-de-sac is also known as a dead-end street. It is a street that has only one way in and out, but the lot may be pie-shaped if it is located on the turn-around section of the street. It is desirable for residential use because of the privacy and quiet. The lack of access makes it less desirable for industrial or commercial purposes. Page 137) == cul de sac In order to test financial feasibility, an appraiser must: hint (Testing financial feasibility is accomplished by comparing the value of the benefits against the expenses. If the benefits outweigh the expenses, the use is considered feasible. If, however, the expenses are greater than the benefits, the use is not feasible. Page 149) Points: 10 compare the value of the benefits against the expenses. The "interests, benefits, and rights inherent in the ownership of real estate" defines: hint (Real property is defined in USPAP as “the interests, benefits, and rights inherent in the ownership of real estate”.) == ans real property (not real estate)
Financial encumbrances are specifically known as: hint (The majority of encumbrances that affect real estate are financial. These are known as liens or security interests. A non-financial encumbrance is one that affects the use of property such as easements, profit-à-prendres, and restrictions.) === ans lien |
Quiz 9
A summary of income and expenses prepared by an appraiser is called a(n): hint (The summary of income and expenses prepared by the appraiser is called a reconstructed operating statement. An appraiser's reconstructed operating statement is intended to reflect a stabilized estimate of income and expenses. Page 259) appraisal. operating statement. preliminary estimate of value. reconstructed operating statement. Which of the following is the best value indicator for income property since it most accurately reflects the income for any given property? hint (Net operating income (NOI) is the income remaining after the operating expenses are deducted from the effective gross income. Net operating income is probably the best value indicator for income property since it most accurately reflects the income for any given property. Page 252) Gross income Potential gross income (PGI) Net operating income (NOI) Effective gross income (EGI) Quiz 11 Homeowner John obtained a 30-year, $400,000 fixed-rate loan at 6.5% to purchase his house. Which function of one dollar would he use to determine the annual payments required to pay off the debt? hint (Column 6 is often used to identify the size of regular payments (annually in this case) required to pay off a debt over a specified period. Page 308) Column 1, Future Value of $1 Column 2, Future Value of $1 per period Column 4, Present Value of $1 Column 6, Installment to Amortize $1 The __________ method establishes a safe rate for an investment and adds or subtracts this basic rate according to the proper interest rate for the subject property. hint (The summation method establishes a safe rate for an investment and adds or subtracts this basic rate according to the proper interest rate for the subject property. Page 297) Points: 10 summation In the band of investment method, the mortgage constant is: hint (The mortgage constant is the ratio of annual debt service to the principal amount of the mortgage loan. The band of investment derives a capitalization rate by combining the mortgage constant (capitalization rate) with the investor capitalization rate. Page 295) Points: 10 the ratio of the loan amount to the annual sum of the individual loan payments. the ratio of annual debt service to the principal amount of the mortgage loan. A composite capitalization rate provides a: hint (A composite capitalization rate provides both a return on the investment and a return of the investment value. It differs from an overall capitalization rate because it is derived from known proportion of both interest rate and recapture rate. Page 286) Points: 0 return on the investment value. return of the investment value. An apartment building has a NOI of $95,000 and a cap rate (OAR) of 5%. What is the value? hint (To determine the value, use the following equation. NOI ÷ OAR = Value. Page 284) $1,900,000 Gary owns a rental property, which has a NOI of $60,000 and a value of $775,000. What is cap rate? hint (To determine the cap rate, use the following equation. NOI ÷ Value = Cap Rate (OAR), page 284. Cap rate of 7.5 is the best choice because 7.74 is less than half and 7.75 equals half.) 7.75 Chapter 13
Quiz 1 When calculating market value using the sales comparison approach, if there are large variations in price the appraiser: Points: 0 should give the most weight to the mode price. may choose the mean price, as this would tend to smooth the differences. should give equal consideration to both the median and the mode price. may choose the median price, as it is not significantly affected by one unusually high or low number. 2 The term reconciliation as used in appraisal is the process of: weighing results from the three appraisal methods to arrive at a final estimate of value. 3 Three factors are used to form the guidelines for judging each of the approaches in reconciling a final value estimate. Which of the following lists the three factors correctly? Type of property being appraised, the data available, and the intended use of appraisal 4 Regarding final opinion of value, most clients require: Points: 10 a point estimate of value. 5 Which of the following principles underlies all of the approaches to value? Points: 0 Supply and demand Substitution Balance Consistent use 6 Regarding the final opinion of value, which of the following is not true? Points: 0 The final opinion of value is the result of proper appraisal techniques and appraiser judgment. The appraisal process results in an opinion of value and not a fact of value. Different appraisers can be similarly professional in their approach and yet have different opinions. The final opinion of value is the average of the approaches used. 7 As the age of house increases, the validity of the __________ approach decreases because of the difficulty of estimating depreciation. Points: 0 sales comparison cost income all of the above 8 The median equals the middle value in a statistical sample. In situations including an even number of variates, the appraiser should: find the mean of the two numbers on either side of the midpoint. 9 USPAP indicates that the final opinion of value can be stated as a: Points: 10 point estimate of value. range of value. value in relation to some benchmark amount. all of the above. 10 Regarding the final value estimate, the spread in values indicated by the three approaches should generally not differ more than: 10% |
1 __________ is a statistical technique for estimating a particular variable, such as a probable sales price, using more than one other known variable. hint (Multiple regression analysis is a statistical technique for estimating a particular variable, such as a probable sales price, using more than one other known variable. Page 191) Points: 10 Multiple regression analysis
Sale-resale analysis Paired sales analysis Linear regression 2 Joe was hired to appraise a single-family home in a new subdivision. With no resale data yet available, which of the following techniques might Joe use to obtain his results? hint (The contingent valuation methodology is a method used to identify how a particular feature affects the value of a property by asking those who are knowledgeable about that market (i.e. other appraisers and agents). It is also called the survey method and is generally used when there is no sales data available. Page 195) Points: 10 Relative comparison analysis Multiple regression analysis Contingent valuation methodology Ranking analysis 3 Which of the following is a reason for expenditure immediately after a property purchase? hint (Reasons for expenditures immediately after purchase include curing deferred maintenance, removing and remodeling parts of the structures, change in use with special use permits and sometimes zoning changes, and costs for remediation of any contamination. Page 184) Costs for remediation of any contamination Changes in use with special use permits and sometimes zoning changes Removing and remodeling parts of the structures All of the above 4 Comparables to a subject property should have: hint (In addition to similar physical, legal, and economic characteristics, for the typical residential appraisal, the comparables should have a sales date as close to the subject as possible, similar chronological age or have a similar effective age, and similar location. Page 176) a similar chronological age or have a similar effective age. a sales date as close to the subject as possible. a similar location. all of the above. 5 A general guideline from Fannie Mae is that comparable sales: hint (Fannie Mae has a general guideline that comparable sales over six months old should not be used. Page 181) Points: 0 over six months old should not be used. over a year old should be not be used. should be not be used when appraising vacant land. are not subject to time considerations as long as they are in same tract and of the same floor plan. 6 What is the term for the situation occurring when a person buys a property at one price and quickly sells it to another at an inflated price, usually within a short period? hint (Flipping occurs when a person buys a property at one price and quickly sells it to another at an inflated price, usually within a short period. The sale may appear to be an arm's length transaction. However, the inflated sales price is often designed to defraud the lender. That is, if the second sale occurs on the same day or within a few days of the initial closing. Pages 189-190) Scamming Flipping Adjusting Rollover 7 Which of the following elements is typically considered first in the sequence of adjustments? hint (Adjustments that affect overall property value are made first, followed by those which only affect individual property features. Property rights conveyed is typically the first element in the sequence of adjustments. Page 196) Location adjustments Property rights conveyed Terms and conditions of sale Physical characteristics 8 Using an adjustment grid helps to: hint (The adjustment grid helps to ensure that the comparable sales are adjusted consistently. It also shows, in an easy-to-read format, how the subject compares to the comparable properties in various characteristics and the adjustments the appraiser makes. Page 200) ensure that the comparable sales are adjusted consistently. show how the subject compares to the comparable properties in various characteristics and the adjustments the appraiser makes. determine if the subject is more or less valuable than the comparable sale. both (a) and (b). 9 A method of estimating the amount of adjustment for the presence or absence of any feature by pairing the sales prices of otherwise identical properties with or without that feature is called: hint (The paired sales analysis is a method of estimating the amount of adjustment for the presence or absence of any feature by pairing the sales prices of otherwise identical properties with and without that feature. Page 186) statistical analysis. multiple regression analysis. paired sales analysis. theoretical analysis. 10 A comparable sale sold six months ago for $300,000. The appraiser found several sales in the market area that suggest property is appreciating 7% per year. This is an example of adjusting for: hint (Adjustment for time reflects the change in value between the date of the comparable sale and the valuation date of the subject property. Changing market conditions are reflected over time. Page 180) time considerations and market conditions. location. physical characteristics. financing terms. A neighborhood can be defined by: hint (A neighborhood is an area whose inhabitants share some common ties or characteristics. A neighborhood may be defined by physical boundaries, a change in land use, or intangible factors like school district boundaries. ) The result after an appraiser develops a set of facts regarding a problem and then applies expert knowledge to the facts is known as the: hint (The opinion of value developed by the appraiser is a result of first developing the set of facts surrounding the problem, and then applying his or her expert knowledge and experience to those facts. ) == opinion of value The most complete report type is the: hint (The Self-Contained Appraisal Report, also called a narrative report, is the most detailed of the three types of reports. The report is exactly what the name implies, a complete rendering of the entire appraisal process. ) |
Appraisal exam QnA
appraisal exam qna
revise these weakest chapters 7 9 12
1) A federally related transaction is:
b. a transaction in which a federal financial institution is involved.
--------------------------------------------------------------------------------
2) An appraiser's acceptance of compensation that is contingent on the reporting of a predetermined value is:
c. unethical.
--------------------------------------------------------------------------------
3) What is the Internet?
a. A worldwide community of people using computers to interact.
--------------------------------------------------------------------------------
4) Which statement is false?
b. Every real property appraisal must be performed by a certified appraiser.
--------------------------------------------------------------------------------
5) Appraisals are used to:
c. do both (a) and (b).
--------------------------------------------------------------------------------
6) A certified appraiser is required for federally related transactions for property valued at:
d. over $1 million
--------------------------------------------------------------------------------
7) A licensed appraiser may handle federally related appraisals of nonresidential property and complex residential property valued at less than:
b. $250,000
--------------------------------------------------------------------------------
8) An appraiser may discuss the results of the appraisal assignment with:
b. the client and anyone authorized by the client.
--------------------------------------------------------------------------------
9) Which standard of USPAP states that in reporting the results of a real estate appraisal, an appraiser must communicate each analysis, opinion and conclusion in a manner that is not misleading?
c. Standard 2
--------------------------------------------------------------------------------
10) Which standard of USPAP deals with review appraisals?
c. Standard 3
1) A federally related transaction is:
b. a transaction in which a federal financial institution is involved.
4) Which statement is false?
b. Every real property appraisal must be performed by a certified appraiser.
1) The term site refers to:
c. land that has been improved.
--------------------------------------------------------------------------------
2) Tangible items not permanently attached to real estate are:
b. personal property.
--------------------------------------------------------------------------------
3) The tests for a fixture do not include:
c. the cost of the item.
--------------------------------------------------------------------------------
4) In practice, real property is the same as:
d. real estate.
--------------------------------------------------------------------------------
5) Which of the following limitations is not a power of the government?
d. deed restrictions
--------------------------------------------------------------------------------
6) A subdivision map is referenced in the:
b. lot and block system.
--------------------------------------------------------------------------------
7) Base lines and meridians are used in the:
c. rectangular survey system.
--------------------------------------------------------------------------------
8) A township consists of
c. 36 sections of one square mile each.
--------------------------------------------------------------------------------
9) The interest that a tenant has in a building is called a:
b. leasehold estate.
--------------------------------------------------------------------------------
10) The right of survivorship is associated with:
c. joint tenancy.
1) The scientific study of population statistics is called:
1) The first step in the appraisal process is to:
c. state the problem.
--------------------------------------------------------------------------------
2) The sales comparison approach makes the most direct use of the principle of:
c. substitution.
--------------------------------------------------------------------------------
3) In the sales comparison approach, adjustments are made to the sales of:
a. comparable properties only.
--------------------------------------------------------------------------------
4) A feature that is present in the subject property and not present in a comparable property will mean what kind of price adjustment to the comparable?
d. addition
--------------------------------------------------------------------------------
5) In the sales comparison approach, if a feature in the comparable property is superior to that in the subject property a:
b. minus adjustment must be made to price of comparable.
--------------------------------------------------------------------------------
6) A house comparable to the subject property sold recently for $134,000 and is very similar to the subject, except that the comparable has an extra half-bath, valued at $3,600. What is the adjusted value of the comparable?
a. $130,400
--------------------------------------------------------------------------------
7) Vacant land would probably be valued using the:
d. sales comparison approach.
--------------------------------------------------------------------------------
8) When using the cost approach to value:
b. improvements are depreciated.
--------------------------------------------------------------------------------
9) In the income capitalization approach, property value is treated as a function of:
c. net operating income.
--------------------------------------------------------------------------------
10) In appraising a special-purpose building such as a post office, the most reliable approach to value would generally be the:
d. cost approach.
--------------------------------------------------------------------------------
2) Which one of the following is not an element that affects real estate value?
a. cost
--------------------------------------------------------------------------------
3) Market value is most closely associated with:
a. value in exchange.
--------------------------------------------------------------------------------
4) USPAP's definition of market value includes:
c. the most probable price a property is likely to bring.
--------------------------------------------------------------------------------
5) The underlying principle behind appraising is:
b. substitution.
--------------------------------------------------------------------------------
6) A highest and best use study will always value:
d. the property's most profitable permitted use.
--------------------------------------------------------------------------------
7) A poorly kept house that benefits from a generally well-maintained surrounding neighborhood is an example of:
a. progression.
--------------------------------------------------------------------------------
8) A subdivision of look-alike homes will benefit from:
c. conformity.
--------------------------------------------------------------------------------
9) The value of any improvement to property is subject to the principle of:
d. contribution.
--------------------------------------------------------------------------------
10) Earthquakes, mud slides and periods of economic depression are all examples of:
a. change.
A two-story house benefits economically because:
a. plumbing can be lined up.
b. less ground area is required.
5) The most common type of framing for both 1 and 2-story houses is:
a. platform frame construction.
7) Which type of insulation should be used?
d. neither(a) nor (b)
) Hollow and solid core refer to:
b. flush doors.
2) Which of the following terms refers to the stages that a neighborhood goes through over time?
c. life cycle
) A factor representing the percentage increase in construction costs over time is used in the:
d. index method.
) With a present index of 462, an index at time of construction of 220 and an original cost of $145,000, the present cost of a structure using the index method is:
d. $304,500
9) The method that results in the most accurate cost estimate is the:
b. quantity survey method.
A building permit and land survey are:
d. indirect costs of construction.
) Deferred maintenance usually results in which of the following?
b. curable physical deterioration.
6) The__________ method is used when an appraiser estimates the loss in value for curable and incurable items of depreciation.
d. observed condition
) The period from the date of appraisal in which a building should be useful for its oniginally intended purpose is its:
b. remaining econormic life.
) Useful life is the same as:
b. economic life.
) In reconciling, the appraiser considers the:
a. definition of value sought.
b. relevance of each approach to the subject property.
c. both (a) and (b).
Which type of appraisal report provides a full explanation of the appraiser's reasoning?
b. Self-contained report
A narrative appraisal report is formally presented to the appraiser's client in the:
c. letter of transmittal.
A condominium owner actually owns:
b. exclusive right to the airspace of the unit.
In a lease, who owns the legal interest called the leasehold estate?
d. lessee
6) In which type of lease agreement does the tenant know exactly how much rent will be due and payable each month during the term of the lease?
a. Gross lease
A leasehold interest has value only when:
c. contract rent is less than market rent.
Generally, the total value of leased fee and leasehold is:
c. the same as the value of free and clear ownership.
An outmoded room layout in a home is an example of:
a. functional obsolescence.
4) In using the sales comparison approach, the appraiser concludes that the location of Sale #1 is inferior to the location of the subject property but is superior to the location of Sale #2. The correct entry would be to adjust:
a. both sales up to the subject property.
9) Of the following, which adjustments should be made first? An adjustment for:
a. favorable financing.
5) Subtracting expenses from effective gross income yields the:
b. net operating income.
The process of eliminating inapplicable expenses and adjusting the expenses that remain is called:
c. reconstructing the operating statement.
8) The operating expense ratio for income producing property can be calculated by dividing operating expenses by:
c. effective gross income.
10) The break-even formula is:
b. total openating expenses divided by effective gross income.
) What ratio results when the sales price of a property is divided by its gross monthly rent?
b. Gross rent multiplier
) To receive a 14 percent return on an investment of $500,000, what would be the required net operating income of the purchased property?
c. $ 70,000
Capital recapture is:
d. return of the investment.
The band of investment technique is used to develop the:
d. overall capitalization rate.
The reversionary value of land is usually assumed by appraisers to be the:
c. same as its present value.
Which of the following does not apply to the straight-line method of recapture?
d. Interest accrues each year on the decreasing principal
Capital recapture is:
d. return of the investment.
The capitalization method which would be most appropriate for an office building leased by a public utility company for a term of 25 years is the:
d. annuity method.
10) The value of 100 acres of land best suited for high-density residential use may be found using the:
a. subdivision development method.
A measure of how far the average variate differs from the mean is the:
c. average deviation.
The total, or sum, of all variates is called:
c. an aggregate.
If the average price of houses today is $80,000 compared to $75,000 one year ago, what is the percent of change?
b. 6.7%
The formula for the cost approach is:
b. property value = replacement cost minus accrued depreciation plus site value.
Measuring the dimensions of the structure is the first step when using the:
d. square-foot method.
1) Economic base refers to:
c. the level of business activity in a community.
Which of the following terms refers to the stages that a neighborhood goes through over time?
c. life cycle
if land value begin, then allocatoin method
if 100 acres, then longest choice
if 462 index, then 304 500
if neighborhood, then life cycle
if econ, then business
subdivision map = lot and block
baseline meridian = rectangular
1) Gross living area normally includes:
d. none of the above
--------------------------------------------------------------------------------
2) A house oriented for maximum sunlight in winter will face:
b. south.
--------------------------------------------------------------------------------
3) A two-story house benefits economically because:
a. plumbing can be lined up.
b. less ground area is required.
c. both (a) and (b)
--------------------------------------------------------------------------------
4) A colorless, odorless, tasteless radioactive gas that comes from the natural breakdown of uranium is called:
b. radon.
--------------------------------------------------------------------------------
5) The most common type of framing for both 1 and 2-story houses is:
a. platform frame construction.
--------------------------------------------------------------------------------
6) The measure of the effectiveness of insulation is its:
c. R-value.
--------------------------------------------------------------------------------
7) Which type of insulation should be used?
d. neither(a) nor (b)
--------------------------------------------------------------------------------
8) The overhang of a pitched roof that extends beyond the exterior walls of the building is called the:
d. eave.
--------------------------------------------------------------------------------
9) Hollow and solid core refer to:
b. flush doors.
--------------------------------------------------------------------------------
10) The distribution panel for a home's electrical system is the:
d. circuit breaker box.
1) Economic base refers to:
c. the level of business activity in a community.
--------------------------------------------------------------------------------
2) Which of the following terms refers to the stages that a neighborhood goes through over time?
b. revitalization
--------------------------------------------------------------------------------
3) The period in which property values generally increase is:
a. growth.
--------------------------------------------------------------------------------
4) The effects of ordinary wear and tear are considered:
c. physical deterioration.
--------------------------------------------------------------------------------
5) A house with four bedrooms and one bathroom is an example of:
b. functional obsolescence.
--------------------------------------------------------------------------------
6) An expressway is built near a residential neighborhood resulting in very high traffic noise. This is an example of:
d. external obsolescence.
--------------------------------------------------------------------------------
7) As a general rule, the sales comparison approach is the most reliable approach with:
b. single-family residences.
--------------------------------------------------------------------------------
8) Varying financing terms may be compensated for when considering comparable properties by using the:
a. cash equivalency technique.
--------------------------------------------------------------------------------
9) What term is used for a transaction in which all parties to the transaction are dealing from equal bargaining positions?
c. arm's-length
--------------------------------------------------------------------------------
10) Which of the following would not be likely to prevent an arm's-length transaction?
c. Owner planning to move up to more expensive house.
1) Which of the following would normally not require a site to be valued separately from the structures on it?
b. use of the sales comparison approach
--------------------------------------------------------------------------------
2) The highiest and best use of real estate is its:
c. most profitable legally and physically permitted use.
--------------------------------------------------------------------------------
3) Residential property in an area rezoned for commercial use is an example of a(n):
b. nonconforming use.
--------------------------------------------------------------------------------
4) When a site's highest and best use is forecast to change in the near future, the present use is considered a(n):
b. interim use.
--------------------------------------------------------------------------------
5) Land value of an improved property can be found using the:
c. allocation method.
--------------------------------------------------------------------------------
6) Building net income is a consideration in finding land value by the:
d. land residual method.
--------------------------------------------------------------------------------
7) Sales of similar vacant sites are analyzed and compared in the:
d. sales comparison method.
--------------------------------------------------------------------------------
8) Land value is treated as a proportion of the total value of improved property in the:
b. allocation method.
--------------------------------------------------------------------------------
9) The value of all improvements (less depreciation) is subtracted from total sales prices to find site value in the:
b. abstraction method.
--------------------------------------------------------------------------------
10) The value of 100 acres of land best suited for high-density residential use may be found using the:
a. subdivision development method.
1) Accrued depreciation is not caused by which of the following?
c. accelerated depreciation.
--------------------------------------------------------------------------------
2) An outmoded room layout in a home is an example of:
a. functional obsolescence.
--------------------------------------------------------------------------------
3) Useful life is the same as:
b. economic life.
--------------------------------------------------------------------------------
4) The simplest method used to compute depreciation is the:
c. age-life or straight line method.
--------------------------------------------------------------------------------
5) The period from the date of appraisal in which a building should be useful for its oniginally intended purpose is its:
b. remaining econormic life.
--------------------------------------------------------------------------------
6) The__________ method is used when an appraiser estimates the loss in value for curable and incurable items of depreciation.
d. observed condition
--------------------------------------------------------------------------------
7) An item of depreciation that can be easily and economically restored or replaced is considered:
c. curable.
--------------------------------------------------------------------------------
8) Deferred maintenance usually results in which of the following?
b. curable physical deterioration.
--------------------------------------------------------------------------------
9) What type of depreciation is generally not curable?
c. external obsolescence.
--------------------------------------------------------------------------------
10) Deterioration of building foundation, walls and ceilings is considered:
d. long-lived incurable.
3) A special type of land use that allows a mixture of different land uses or densities is referred to as:
b. planned unit development.
In appraising special-purpose property, such as a school, greatest weight will probably be given to the value reached by the:
b. cost approach.
Tables, charts, photographs, maps and other supporting data are included in the:
b. addenda to an appraisal.
The capitalization method which would be most appropriate for an office building leased by a public utility company for a term of 25 years is the:
d. annuity method.
The band of investment technique is used to develop the:
d. overall capitalization rate.
The varying investment expectations of mortgage and equity holders on the same property are taken into account in the:
a. band of investment method.
a property's vacancy and collection losses are subtracted from the property's potential gross income
??
sales price of a property is divided by its gross monthly rent?
break-even formula is:
c. operating expenses plus annual debt service divided by potential gross income.
operating expense ratio = OPErating expenses/ effective gross income
effective gross income – expenses = net operating income
sales price / gross monthly rent = gross rent multiplier
In using the sales comparison approach, the appraiser concludes that the location of Sale #1 is inferior to the location of the subject property but is superior to the location of Sale #2. The correct entry would be to adjust:
a. both sales up to the subject property.
outmoded room layout in a home is an example of:
a. functional obsolescence.
Building net income is a consideration in finding land value by the:
d. land residual method.
Varying financing terms may be compensated for when considering comparable properties by using the:
a. cash equivalency technique.
When using the cost approach to value:
b. improvements are depreciated.
CHECK THE FOLLOWINGS TERMS
nonconforming use
allocation method.
land residual method.
Matched pairs analysis
remaining econormic life.
= from the date of appraisal in which a building should be useful for its oniginally intended purpose is its:
a. reversion method.
b. straight-line method.
c. cash flow method.
annuity method.
a. yield rate.
b. mortgage rate.
c. reversion rate.
d. overall capitalization rate.
a. band of investment method.
b. market extraction method.
c. straight-line method of recapture.
d. cash flow method.
Capital recapture
operating expense ratio =
revise these weakest chapters 7 9 12
1) A federally related transaction is:
b. a transaction in which a federal financial institution is involved.
--------------------------------------------------------------------------------
2) An appraiser's acceptance of compensation that is contingent on the reporting of a predetermined value is:
c. unethical.
--------------------------------------------------------------------------------
3) What is the Internet?
a. A worldwide community of people using computers to interact.
--------------------------------------------------------------------------------
4) Which statement is false?
b. Every real property appraisal must be performed by a certified appraiser.
--------------------------------------------------------------------------------
5) Appraisals are used to:
c. do both (a) and (b).
--------------------------------------------------------------------------------
6) A certified appraiser is required for federally related transactions for property valued at:
d. over $1 million
--------------------------------------------------------------------------------
7) A licensed appraiser may handle federally related appraisals of nonresidential property and complex residential property valued at less than:
b. $250,000
--------------------------------------------------------------------------------
8) An appraiser may discuss the results of the appraisal assignment with:
b. the client and anyone authorized by the client.
--------------------------------------------------------------------------------
9) Which standard of USPAP states that in reporting the results of a real estate appraisal, an appraiser must communicate each analysis, opinion and conclusion in a manner that is not misleading?
c. Standard 2
--------------------------------------------------------------------------------
10) Which standard of USPAP deals with review appraisals?
c. Standard 3
1) A federally related transaction is:
b. a transaction in which a federal financial institution is involved.
4) Which statement is false?
b. Every real property appraisal must be performed by a certified appraiser.
1) The term site refers to:
c. land that has been improved.
--------------------------------------------------------------------------------
2) Tangible items not permanently attached to real estate are:
b. personal property.
--------------------------------------------------------------------------------
3) The tests for a fixture do not include:
c. the cost of the item.
--------------------------------------------------------------------------------
4) In practice, real property is the same as:
d. real estate.
--------------------------------------------------------------------------------
5) Which of the following limitations is not a power of the government?
d. deed restrictions
--------------------------------------------------------------------------------
6) A subdivision map is referenced in the:
b. lot and block system.
--------------------------------------------------------------------------------
7) Base lines and meridians are used in the:
c. rectangular survey system.
--------------------------------------------------------------------------------
8) A township consists of
c. 36 sections of one square mile each.
--------------------------------------------------------------------------------
9) The interest that a tenant has in a building is called a:
b. leasehold estate.
--------------------------------------------------------------------------------
10) The right of survivorship is associated with:
c. joint tenancy.
1) The scientific study of population statistics is called:
1) The first step in the appraisal process is to:
c. state the problem.
--------------------------------------------------------------------------------
2) The sales comparison approach makes the most direct use of the principle of:
c. substitution.
--------------------------------------------------------------------------------
3) In the sales comparison approach, adjustments are made to the sales of:
a. comparable properties only.
--------------------------------------------------------------------------------
4) A feature that is present in the subject property and not present in a comparable property will mean what kind of price adjustment to the comparable?
d. addition
--------------------------------------------------------------------------------
5) In the sales comparison approach, if a feature in the comparable property is superior to that in the subject property a:
b. minus adjustment must be made to price of comparable.
--------------------------------------------------------------------------------
6) A house comparable to the subject property sold recently for $134,000 and is very similar to the subject, except that the comparable has an extra half-bath, valued at $3,600. What is the adjusted value of the comparable?
a. $130,400
--------------------------------------------------------------------------------
7) Vacant land would probably be valued using the:
d. sales comparison approach.
--------------------------------------------------------------------------------
8) When using the cost approach to value:
b. improvements are depreciated.
--------------------------------------------------------------------------------
9) In the income capitalization approach, property value is treated as a function of:
c. net operating income.
--------------------------------------------------------------------------------
10) In appraising a special-purpose building such as a post office, the most reliable approach to value would generally be the:
d. cost approach.
--------------------------------------------------------------------------------
2) Which one of the following is not an element that affects real estate value?
a. cost
--------------------------------------------------------------------------------
3) Market value is most closely associated with:
a. value in exchange.
--------------------------------------------------------------------------------
4) USPAP's definition of market value includes:
c. the most probable price a property is likely to bring.
--------------------------------------------------------------------------------
5) The underlying principle behind appraising is:
b. substitution.
--------------------------------------------------------------------------------
6) A highest and best use study will always value:
d. the property's most profitable permitted use.
--------------------------------------------------------------------------------
7) A poorly kept house that benefits from a generally well-maintained surrounding neighborhood is an example of:
a. progression.
--------------------------------------------------------------------------------
8) A subdivision of look-alike homes will benefit from:
c. conformity.
--------------------------------------------------------------------------------
9) The value of any improvement to property is subject to the principle of:
d. contribution.
--------------------------------------------------------------------------------
10) Earthquakes, mud slides and periods of economic depression are all examples of:
a. change.
A two-story house benefits economically because:
a. plumbing can be lined up.
b. less ground area is required.
5) The most common type of framing for both 1 and 2-story houses is:
a. platform frame construction.
7) Which type of insulation should be used?
d. neither(a) nor (b)
) Hollow and solid core refer to:
b. flush doors.
2) Which of the following terms refers to the stages that a neighborhood goes through over time?
c. life cycle
) A factor representing the percentage increase in construction costs over time is used in the:
d. index method.
) With a present index of 462, an index at time of construction of 220 and an original cost of $145,000, the present cost of a structure using the index method is:
d. $304,500
9) The method that results in the most accurate cost estimate is the:
b. quantity survey method.
A building permit and land survey are:
d. indirect costs of construction.
) Deferred maintenance usually results in which of the following?
b. curable physical deterioration.
6) The__________ method is used when an appraiser estimates the loss in value for curable and incurable items of depreciation.
d. observed condition
) The period from the date of appraisal in which a building should be useful for its oniginally intended purpose is its:
b. remaining econormic life.
) Useful life is the same as:
b. economic life.
) In reconciling, the appraiser considers the:
a. definition of value sought.
b. relevance of each approach to the subject property.
c. both (a) and (b).
Which type of appraisal report provides a full explanation of the appraiser's reasoning?
b. Self-contained report
A narrative appraisal report is formally presented to the appraiser's client in the:
c. letter of transmittal.
A condominium owner actually owns:
b. exclusive right to the airspace of the unit.
In a lease, who owns the legal interest called the leasehold estate?
d. lessee
6) In which type of lease agreement does the tenant know exactly how much rent will be due and payable each month during the term of the lease?
a. Gross lease
A leasehold interest has value only when:
c. contract rent is less than market rent.
Generally, the total value of leased fee and leasehold is:
c. the same as the value of free and clear ownership.
An outmoded room layout in a home is an example of:
a. functional obsolescence.
4) In using the sales comparison approach, the appraiser concludes that the location of Sale #1 is inferior to the location of the subject property but is superior to the location of Sale #2. The correct entry would be to adjust:
a. both sales up to the subject property.
9) Of the following, which adjustments should be made first? An adjustment for:
a. favorable financing.
5) Subtracting expenses from effective gross income yields the:
b. net operating income.
The process of eliminating inapplicable expenses and adjusting the expenses that remain is called:
c. reconstructing the operating statement.
8) The operating expense ratio for income producing property can be calculated by dividing operating expenses by:
c. effective gross income.
10) The break-even formula is:
b. total openating expenses divided by effective gross income.
) What ratio results when the sales price of a property is divided by its gross monthly rent?
b. Gross rent multiplier
) To receive a 14 percent return on an investment of $500,000, what would be the required net operating income of the purchased property?
c. $ 70,000
Capital recapture is:
d. return of the investment.
The band of investment technique is used to develop the:
d. overall capitalization rate.
The reversionary value of land is usually assumed by appraisers to be the:
c. same as its present value.
Which of the following does not apply to the straight-line method of recapture?
d. Interest accrues each year on the decreasing principal
Capital recapture is:
d. return of the investment.
The capitalization method which would be most appropriate for an office building leased by a public utility company for a term of 25 years is the:
d. annuity method.
10) The value of 100 acres of land best suited for high-density residential use may be found using the:
a. subdivision development method.
A measure of how far the average variate differs from the mean is the:
c. average deviation.
The total, or sum, of all variates is called:
c. an aggregate.
If the average price of houses today is $80,000 compared to $75,000 one year ago, what is the percent of change?
b. 6.7%
The formula for the cost approach is:
b. property value = replacement cost minus accrued depreciation plus site value.
Measuring the dimensions of the structure is the first step when using the:
d. square-foot method.
1) Economic base refers to:
c. the level of business activity in a community.
Which of the following terms refers to the stages that a neighborhood goes through over time?
c. life cycle
if land value begin, then allocatoin method
if 100 acres, then longest choice
if 462 index, then 304 500
if neighborhood, then life cycle
if econ, then business
subdivision map = lot and block
baseline meridian = rectangular
1) Gross living area normally includes:
d. none of the above
--------------------------------------------------------------------------------
2) A house oriented for maximum sunlight in winter will face:
b. south.
--------------------------------------------------------------------------------
3) A two-story house benefits economically because:
a. plumbing can be lined up.
b. less ground area is required.
c. both (a) and (b)
--------------------------------------------------------------------------------
4) A colorless, odorless, tasteless radioactive gas that comes from the natural breakdown of uranium is called:
b. radon.
--------------------------------------------------------------------------------
5) The most common type of framing for both 1 and 2-story houses is:
a. platform frame construction.
--------------------------------------------------------------------------------
6) The measure of the effectiveness of insulation is its:
c. R-value.
--------------------------------------------------------------------------------
7) Which type of insulation should be used?
d. neither(a) nor (b)
--------------------------------------------------------------------------------
8) The overhang of a pitched roof that extends beyond the exterior walls of the building is called the:
d. eave.
--------------------------------------------------------------------------------
9) Hollow and solid core refer to:
b. flush doors.
--------------------------------------------------------------------------------
10) The distribution panel for a home's electrical system is the:
d. circuit breaker box.
1) Economic base refers to:
c. the level of business activity in a community.
--------------------------------------------------------------------------------
2) Which of the following terms refers to the stages that a neighborhood goes through over time?
b. revitalization
--------------------------------------------------------------------------------
3) The period in which property values generally increase is:
a. growth.
--------------------------------------------------------------------------------
4) The effects of ordinary wear and tear are considered:
c. physical deterioration.
--------------------------------------------------------------------------------
5) A house with four bedrooms and one bathroom is an example of:
b. functional obsolescence.
--------------------------------------------------------------------------------
6) An expressway is built near a residential neighborhood resulting in very high traffic noise. This is an example of:
d. external obsolescence.
--------------------------------------------------------------------------------
7) As a general rule, the sales comparison approach is the most reliable approach with:
b. single-family residences.
--------------------------------------------------------------------------------
8) Varying financing terms may be compensated for when considering comparable properties by using the:
a. cash equivalency technique.
--------------------------------------------------------------------------------
9) What term is used for a transaction in which all parties to the transaction are dealing from equal bargaining positions?
c. arm's-length
--------------------------------------------------------------------------------
10) Which of the following would not be likely to prevent an arm's-length transaction?
c. Owner planning to move up to more expensive house.
1) Which of the following would normally not require a site to be valued separately from the structures on it?
b. use of the sales comparison approach
--------------------------------------------------------------------------------
2) The highiest and best use of real estate is its:
c. most profitable legally and physically permitted use.
--------------------------------------------------------------------------------
3) Residential property in an area rezoned for commercial use is an example of a(n):
b. nonconforming use.
--------------------------------------------------------------------------------
4) When a site's highest and best use is forecast to change in the near future, the present use is considered a(n):
b. interim use.
--------------------------------------------------------------------------------
5) Land value of an improved property can be found using the:
c. allocation method.
--------------------------------------------------------------------------------
6) Building net income is a consideration in finding land value by the:
d. land residual method.
--------------------------------------------------------------------------------
7) Sales of similar vacant sites are analyzed and compared in the:
d. sales comparison method.
--------------------------------------------------------------------------------
8) Land value is treated as a proportion of the total value of improved property in the:
b. allocation method.
--------------------------------------------------------------------------------
9) The value of all improvements (less depreciation) is subtracted from total sales prices to find site value in the:
b. abstraction method.
--------------------------------------------------------------------------------
10) The value of 100 acres of land best suited for high-density residential use may be found using the:
a. subdivision development method.
1) Accrued depreciation is not caused by which of the following?
c. accelerated depreciation.
--------------------------------------------------------------------------------
2) An outmoded room layout in a home is an example of:
a. functional obsolescence.
--------------------------------------------------------------------------------
3) Useful life is the same as:
b. economic life.
--------------------------------------------------------------------------------
4) The simplest method used to compute depreciation is the:
c. age-life or straight line method.
--------------------------------------------------------------------------------
5) The period from the date of appraisal in which a building should be useful for its oniginally intended purpose is its:
b. remaining econormic life.
--------------------------------------------------------------------------------
6) The__________ method is used when an appraiser estimates the loss in value for curable and incurable items of depreciation.
d. observed condition
--------------------------------------------------------------------------------
7) An item of depreciation that can be easily and economically restored or replaced is considered:
c. curable.
--------------------------------------------------------------------------------
8) Deferred maintenance usually results in which of the following?
b. curable physical deterioration.
--------------------------------------------------------------------------------
9) What type of depreciation is generally not curable?
c. external obsolescence.
--------------------------------------------------------------------------------
10) Deterioration of building foundation, walls and ceilings is considered:
d. long-lived incurable.
3) A special type of land use that allows a mixture of different land uses or densities is referred to as:
b. planned unit development.
In appraising special-purpose property, such as a school, greatest weight will probably be given to the value reached by the:
b. cost approach.
Tables, charts, photographs, maps and other supporting data are included in the:
b. addenda to an appraisal.
The capitalization method which would be most appropriate for an office building leased by a public utility company for a term of 25 years is the:
d. annuity method.
The band of investment technique is used to develop the:
d. overall capitalization rate.
The varying investment expectations of mortgage and equity holders on the same property are taken into account in the:
a. band of investment method.
a property's vacancy and collection losses are subtracted from the property's potential gross income
??
sales price of a property is divided by its gross monthly rent?
break-even formula is:
c. operating expenses plus annual debt service divided by potential gross income.
operating expense ratio = OPErating expenses/ effective gross income
effective gross income – expenses = net operating income
sales price / gross monthly rent = gross rent multiplier
In using the sales comparison approach, the appraiser concludes that the location of Sale #1 is inferior to the location of the subject property but is superior to the location of Sale #2. The correct entry would be to adjust:
a. both sales up to the subject property.
outmoded room layout in a home is an example of:
a. functional obsolescence.
Building net income is a consideration in finding land value by the:
d. land residual method.
Varying financing terms may be compensated for when considering comparable properties by using the:
a. cash equivalency technique.
When using the cost approach to value:
b. improvements are depreciated.
CHECK THE FOLLOWINGS TERMS
nonconforming use
allocation method.
land residual method.
Matched pairs analysis
remaining econormic life.
= from the date of appraisal in which a building should be useful for its oniginally intended purpose is its:
a. reversion method.
b. straight-line method.
c. cash flow method.
annuity method.
a. yield rate.
b. mortgage rate.
c. reversion rate.
d. overall capitalization rate.
a. band of investment method.
b. market extraction method.
c. straight-line method of recapture.
d. cash flow method.
Capital recapture
operating expense ratio =
miss that need memorized
Which of the following is the most in-depth and detailed of the commonly used processes for estimating costs? ==The quantity survey method.
MISTAKEN PLEASE MEMORIZE
Significant components of a replacement cost improvement include all of the following, except: ====== ans: landscapping
hint Replacement cost considers the significant components of an improvement when calculating the costs.
Significant components start at the bottom, with the foundation.
Then the type of wall structure, roof structure and covering, interior walls, and key subsystems === plumbing, electrical, heating and air conditioning.
MISTAKEN PLEASE MEMORIZE
Credible and reliable cost data to formulate the cost approach can be acquired from all of the following, except: ===discussions with the local tax assessor
hint Appraisers need to rely upon credible and reliable cost data in order to formulate the cost approach.
These include: construction contracts for buildings that are similar to the one being appraised, computer assisted cost estimation programs, discussions with builders and cost estimators, and appraiser-maintained records that include costs of the various kinds of buildings they have appraised.
The appraiser must be able to understand __________ in order to complete a tract construction assignment in a competent manner. ==answer: construction, financing, sales, and marketing
hint The appraiser must be able to understand construction, financing, sales, and marketing in order to complete a tract construction assignment in a competent manner.
Most often, a system of piers and beams is used inside the perimeter to provide support.
Of the following, only __________ is not a soft cost. answer; == contractor's profit
hint See Direct Costs and Indirect Costs chart. Direct costs are those that include expenditures for labor and materials used in construction of the improvements. They are also known as hard costs. Indirect costs are all the costs related to a project, other than land costs, that are not direct costs of construction and materials. These are also known also as soft costs.
Which statement about the unit-in-place method is true? answer: ==segregated cost method.//mix between the quantity survey and the square foot methods.//breaks down the cost of building into the cost of its component parts
hint The unit-in-place method is somewhat of a mix between the quantity survey and the square foot methods.
It is known also as the segregated cost method.
Although it is more precise overall than the square foot method, it is also more time-consuming.
This method breaks down the cost of a building into the cost of its component parts.
Steps in an appraiser’s inspection: inspect the exterior, measure every improvement, inspect every room, inspect all units on a property with one to four units, and include a log of the inspection in the work file for future reference.
An accurate application of the cost approach gives the client a good explanation of all the factors that can affect the property—physical, functional, and external.
Entrepreneurial profit is required to compensate the developer for both the coordination of the project and the risk associated with the project.
Most often, a system of piers and beams is used inside the perimeter to provide support.
A final estimate of value includes summing all of the following, except comparable cost breakdown.
final estimate of value chart ==subject site value. + physical, functional, and external depreciation. + cost of improvements new.
Rounding to the nearest $100 is a little optimistic and overstates the accuracy of the calculations performed. A more realistic approach would be to round the final value to the nearest $1,000.
Subject is in a housing tract, completed 15 years ago in which there are no empty sites available for sale or properties recently sold. In this case, the sales comparison approach to site value cannot be used. The next best technique for site valuation is abstraction.
Checklists are completed during an inspection of the interior and exterior of the subject property to provide the detailed information necessary to complete the cost approach.
Appraisal Subcommittee ==oversees state appraisal agencies.
S&L Crisis occurs, Tax Reform Act complicates investment property taxes, and FIRREA passes.
== correctly lists the order of events in appraisal regulation?
certified appraiser is required for federally related appraisals of residential property valued at = +$1m
licensed appraiser may handle federally related appraisals of complex 1-4 unit residential property valued at less than == $-250
example of collateral == single family residence
superadequacy == over improvement
Complex 1-4 unit residential property” refers to a situation where == form / mkt condition/ property
ASB = part of A foundation funding
AQB = mini quali + and foundation
a dispute about fixtures and it is not clear who is right, courts usually favor the == tenant > landlord + lender > borrower + buyer > seller
metes-and-bounds description of land starts at = well mark point at beginning [not monumnent]
the lot, block, and tract system.= subdivision map
baseline and meridian used in gov't survey sys
purpose of recording a deed is to == protect title's chain [not make deed valid]
trustees of the Jelly Donut Corporation purchased real estate. What type of ownership == severalty
==
less money available for individuals to make real estate purchase == upon high income tax
transferability = rights associated with ownership.
overwhelming majority of appraisals are concerned == mkt value
availability of high-paying jobs in an area == up property value
==
my mistake
According to USPAP, “price_________ to the value that might be ascribed to that property by others.” ==
amount of money that it took to build a house represents the ____ of the house. == cost [not price]
When additional investments no longer add value in proportion to the amount invested, the principle of _____ applies. == [not pofS&D]
The principle of substitution is the basis for all three approaches to value. In which approach is substitution utilized when determining capitalization rates and gross rent multipliers? == [not sale approach]
MISTAKEN PLEASE MEMORIZE
Significant components of a replacement cost improvement include all of the following, except: ====== ans: landscapping
hint Replacement cost considers the significant components of an improvement when calculating the costs.
Significant components start at the bottom, with the foundation.
Then the type of wall structure, roof structure and covering, interior walls, and key subsystems === plumbing, electrical, heating and air conditioning.
MISTAKEN PLEASE MEMORIZE
Credible and reliable cost data to formulate the cost approach can be acquired from all of the following, except: ===discussions with the local tax assessor
hint Appraisers need to rely upon credible and reliable cost data in order to formulate the cost approach.
These include: construction contracts for buildings that are similar to the one being appraised, computer assisted cost estimation programs, discussions with builders and cost estimators, and appraiser-maintained records that include costs of the various kinds of buildings they have appraised.
The appraiser must be able to understand __________ in order to complete a tract construction assignment in a competent manner. ==answer: construction, financing, sales, and marketing
hint The appraiser must be able to understand construction, financing, sales, and marketing in order to complete a tract construction assignment in a competent manner.
Most often, a system of piers and beams is used inside the perimeter to provide support.
Of the following, only __________ is not a soft cost. answer; == contractor's profit
hint See Direct Costs and Indirect Costs chart. Direct costs are those that include expenditures for labor and materials used in construction of the improvements. They are also known as hard costs. Indirect costs are all the costs related to a project, other than land costs, that are not direct costs of construction and materials. These are also known also as soft costs.
Which statement about the unit-in-place method is true? answer: ==segregated cost method.//mix between the quantity survey and the square foot methods.//breaks down the cost of building into the cost of its component parts
hint The unit-in-place method is somewhat of a mix between the quantity survey and the square foot methods.
It is known also as the segregated cost method.
Although it is more precise overall than the square foot method, it is also more time-consuming.
This method breaks down the cost of a building into the cost of its component parts.
Steps in an appraiser’s inspection: inspect the exterior, measure every improvement, inspect every room, inspect all units on a property with one to four units, and include a log of the inspection in the work file for future reference.
An accurate application of the cost approach gives the client a good explanation of all the factors that can affect the property—physical, functional, and external.
Entrepreneurial profit is required to compensate the developer for both the coordination of the project and the risk associated with the project.
Most often, a system of piers and beams is used inside the perimeter to provide support.
A final estimate of value includes summing all of the following, except comparable cost breakdown.
final estimate of value chart ==subject site value. + physical, functional, and external depreciation. + cost of improvements new.
Rounding to the nearest $100 is a little optimistic and overstates the accuracy of the calculations performed. A more realistic approach would be to round the final value to the nearest $1,000.
Subject is in a housing tract, completed 15 years ago in which there are no empty sites available for sale or properties recently sold. In this case, the sales comparison approach to site value cannot be used. The next best technique for site valuation is abstraction.
Checklists are completed during an inspection of the interior and exterior of the subject property to provide the detailed information necessary to complete the cost approach.
Appraisal Subcommittee ==oversees state appraisal agencies.
S&L Crisis occurs, Tax Reform Act complicates investment property taxes, and FIRREA passes.
== correctly lists the order of events in appraisal regulation?
certified appraiser is required for federally related appraisals of residential property valued at = +$1m
licensed appraiser may handle federally related appraisals of complex 1-4 unit residential property valued at less than == $-250
example of collateral == single family residence
superadequacy == over improvement
Complex 1-4 unit residential property” refers to a situation where == form / mkt condition/ property
ASB = part of A foundation funding
AQB = mini quali + and foundation
a dispute about fixtures and it is not clear who is right, courts usually favor the == tenant > landlord + lender > borrower + buyer > seller
metes-and-bounds description of land starts at = well mark point at beginning [not monumnent]
the lot, block, and tract system.= subdivision map
baseline and meridian used in gov't survey sys
purpose of recording a deed is to == protect title's chain [not make deed valid]
trustees of the Jelly Donut Corporation purchased real estate. What type of ownership == severalty
==
less money available for individuals to make real estate purchase == upon high income tax
transferability = rights associated with ownership.
overwhelming majority of appraisals are concerned == mkt value
availability of high-paying jobs in an area == up property value
==
my mistake
According to USPAP, “price_________ to the value that might be ascribed to that property by others.” ==
amount of money that it took to build a house represents the ____ of the house. == cost [not price]
When additional investments no longer add value in proportion to the amount invested, the principle of _____ applies. == [not pofS&D]
The principle of substitution is the basis for all three approaches to value. In which approach is substitution utilized when determining capitalization rates and gross rent multipliers? == [not sale approach]
contractor license exam 100 question
contractor license exam 100 question
http://www.contractorslicense.com/0-330-302a-PracticeTests.htm
1. How many apartments, dwelling units, or portion of a
building define an "apartment house"?
(a) 8 units
(b) 4 units
(c) 3 units
(d) 2 units
2. "Dwelling" means any portion of a building other than an
apartment or hotel that contains less than how many dwelling
units?
(a) 2 units
(b) 3 units
(c) 4 units
(b) 20 units
3. There should be at least one room in every dwelling unit,
which shall not have less than, how many square feet of
floor area.
(a) 120 square feet
(b) 50 square feet
(c) 90 square feet
(d) 180 square feet
4. The requirements specified in the state housing laws are all:
(a) optional
(b) maximum
(c) minimum
(d) recommended
5. Which of the following should you contact before beginning
work along railroad tracks?
(a) the local city or county engineer
(b) the railroad agent at the nearest depot
(c) the California Public Utilities Commission
(d) the Railroad Engineering Department
6. Every hallway and corridor for an apartment house,
hotel, or dwelling, shall have a minimum ceiling height of:
(a) 7-1/2 feet
(b) 8-1/2 feet
(c) 7 feet
(d) 8 feet
7. "Hotel," defines any building containing guest rooms in
excess of:
(a) 3 guest rooms
(b) 4 guest rooms
(c) 5 guest rooms
(d) 10 guest rooms
8. If you discover a measurement error in a project plan, a job
you contracted and have been working on, what should you do?
(a) notify the owner within 20 days
(b) before doing any work to the error, notify the architect
(c) correct the error according to your own professional
judgment
(d) record a mechanics' lien within 60 days
9. The minimum uniform load support capability in residential
buildings are:
(a) 30 pounds per square foot
(b) 20 pounds per square foot
(c) 8O pounds per square foot
(d) 40 pounds per square foot
10. The minimum live load must be sustained by a roof with
a slope less than 4 in 12, how many pounds
per square foot:
(A) 5 pounds per square foot
(B) 10 pounds per square foot
(C) 15 pounds per square foot
(D) 20 pounds per square foot
11. When there is a heat loss through windows and doors it is
known as:
(a) transmittance
(b) infiltration
(c) convection
(d) conduction
12. Material is usually measured by_____ when referring to
excavation.
(a) tons
(b) square feet
(c) cubic feet
(d) cubic yards
13. The square inches of a circle with a 10-inch diameter is:
(a) 79 square inches
(b) 99 square inches
(c) 157 square inches
(d) 52 square inches
14. When planning work within the railroad right of way, how
much advance notice is required?
(a) 7 to14 days
(b) 24 hours
(c) 48 hours
(d) none is required
15. How close can a vehicle be parked to a railroad track?
(a) 8-1/2 feet from the center line of the track
(b) 6 feet from the nearest rail
(c) 7-1/2 feet from the nearest rail
(d) even with the edge of a standard boxcar
16. When working on masonry, what is the best kind of
drill bit to use?
(a) high-carbon steel bit
(b) auger-type bit
(c) carbide-tipped bit
(d) all of the above
17. Who sets the standards for both construction materials and
practices?
(a) ANSI (American National Standards Institute)
(b) ASTM (American Society for Testing and Materials)
(c) UL (Underwriters' laboratories)
(d) UBC (Uniform Building Code)
18. Inspections determine if work has been done according to:
(a) plans
(b) code
(c) the contract
(d) specifications
19. What should a wooden girder be fastened with when
installed on top of a steel post?
(a) a saddle
(b) a flat screw
(c) nails
(d) a cap screw
20. What should a steel girder be fastened with when
installed on top of a wood post?
(a) channel cap
(b) nails
(c) screws
(d) saddle
21. What method should be used when attaching sill plates to
footings?
(a) nailed
(b) screwed
(c) glued
(d) bolted
22. Your plans specify that the joists should be 36 inches
on center when building a deck. What plywood sheathing
would be best?
(a) 48/12 interior plywood
(b) 48/24 exterior plywood
(c) 36/12 exterior plywood
(d) 32/16 interior plywood
23. A one-car garage door opening has a standard width of?
(a) 7 feet
(b) 8 feet
(c) 9 feet
(d) 10 feet
24. According to the UBC, the minimal width of a footing
for a 3-story building is?
(a) 12 inches
(b) 16 inches
(c) 18 inches
(d) 26 inches
25. What is cap flashing used on?
(a) a valley
(b) a ridge
(c) a footing
(d) a chimney
26. In public areas, handicapped accessible doorways
are required a width of no less than
(a) 4 feet
(b) 3 feet
(c) 32 inches
(d) 29 inches
27. In a commercial building, a metal window frame
requires kraft paper to be placed:
(a) over the frame and over lath
(b) under the frame and over lath
(c) over the frame and under lath
(d) under the frame and under lath
28. "Dead load" means: The vertical load due to the
weight of a building, "live load" means:
(a) an additional load due to use and occupancy
(b) "live load" is an electrical term, not a structural term
(c) addition load due to the stress of wind and snow
(d) additional load due to wind or snow
29. The maximum possible strength when laying plywood
would be?
(a) diagonally to the joists
(b) parallel to the joists
(c) perpendicular to the joists
(d) at 55 degrees off parallel to joists
30. When the water level gauge on a steam boiler reads "empty"
(a) add water carefully
(b) it will shut off automatically.
(c) "shut off the boiler"
(d) recalibrate the gauge then test for an accurate reading
31. Cabinets should have a standard depth:
(a) 10 inches
(b) 18 inches
(c) 12 inches
(d) 26 inches
32. When cutting with a portable circular saw, the finished
side should be:
(a) down
(b) up
(c) both sides are finished
(d) never cut finish plywood with a portable circular saw
33. The standard width of an interior door?
(a) 3 1/2 feet
(b) 3 feet
(c) 2 feet 8 inches
(d) 2 1/2 feet
34. A
(a) a circular saw
(b) a jigsaw
(c) a hacksaw
(d) none of the above
35. What does "the run" mean in roof framing?
(a) the distance between the double plate and the outside edge.
(b) the angle that the roof surface makes
(c) a 12 inch unit
(d) an imaginary line going lengthwise from the ridge.
36. A well-known force applied to concrete is?
(a) stress
(b) pressure
(c) tension
(d) compression
37. ASTM (The American Society for Testing and Materials) for C31
concrete, allocates the standards for:
(a) compression testing
(b) slump testing
(c) pressure testing
(d) consistency testing
38. When pouring concrete underwater, the process is called?
(a) gunite
(b) cold-pour
(c) tremie
(d) aquaform
39.
(a) repair defects in the tie-bar
(b) hold rebar in place when pouring
(c) increase the strength of the bars
(d) to determine the square footage
40. When concrete has just been poured, you remove the excess
concrete by?
(a) floating
(b) screeding
(c) trowelling
(d) hatching
41. When concrete has been mixed it must be on site and
poured in no less than:
(a) 60 minutes
(b) 90 minutes
(c) one day
(d) two hours
42. What would be the advantage in adding calcium chloride to a
mixture of cement?
(a) it increases the setting
(b) it adds color to the concrete
(c) it dissolves the aggregate when added
(d) it reduces the setting time
43. The flat chute is not the best tool to use for placing concrete
because:
(a) it causes segregation in the mix
(b) it must have an extension
(c) does not pour accurately
(d) the height of the discharge increases
44. When do you use type III
(a) when the climate is hot
(b) early strength is required
(c) when the heat of hydration is necessary
(d) in moderate heat of hydration
Copyright © 2005 , 11/09/05
1
45. When dealing with concrete, the slump test reports:
(a) its consistency
(b) its potential strength
(c) its alkali level
(d) all of the above
46. If you have a concrete slab "1ft x 15ft x 15ft," How many cubic
yards of concrete are there?
(a) 20
(b) 8.3
(c) 25
(d) 35
47. A common size of a concrete mixer is:
(a) 2 cubic feet
(b) 8 cubic yards
(c) 16 cubic feet
(d) 32 cubic feet
48. At which angle degree does a hooked concrete reinforcing bar
bend?
(a) 40, 90, and 180 degrees
(b) 60,120, and 180 degrees
(c) 90,120, and 180 degrees
(d) 90,135, and 180 degrees
49. When applying drywall, what "type of nail" is preferred
by the state:
(a) deformed or chemically etched shank
(b) cement or concrete coated
(c) rust resistant or water repellent
(d) plasterboard nail
50. If the ground is spongy after excavation is complete, you should:
(a) compact the soil
(b) pour the foundation slab before the earth dries completely
(c) wait for the ground to dry completely
(d) lay in gravel
51. When digging a trench along a roadside in a populated
area, what machine is best?
(a) front-end loader
(b) power shovel
(c) trencher
(d) backhoe
52. How many 90-degree bends are allowed in conduit between
outlets
(a) 3
(b) maximum 4
(c) only 2
(d) no more than 6
53. When splicing an outlet how many extra inches of
wire should be available?
(a) 3 inches
(b) 4 inches
(c) 5 inches
(d) 6 inches
54. The maximum temperature at which (type THW)
conductors are used?
(a) 75 degrees Centigrade
(b) 60 degrees Centigrade
(c) 85 degrees Centigrade
(d) 100 degrees Centigrade
55. What type of lamp, does a "40W/T12/RS/CW" specification
define?
(a) a 40 watt, bi-pin, rapid start, cool white, fluorescent lamp
(b) a 40 watt, type 12, reflector spot, clear white, incandescent lamp
(c) a 40 watt, single-pin, relay start, code white, fluorescent lamp
(d) a type 12, medium base, recessed spot, clear white, incandescent lamp
56. Which of the following numbers are the smallest wire size?
(a) 1
(b) 6
(c) 10
(d) 0
57. When using a group of switches, where a switch controls
several rows of fluorescent fixtures, what switches should
be used.
(a) mercury switches
(b) "T" switches
(c) switches at twice the required load
(d) knife switches
58. An Erickson coupling is used for?
(a) connecting two sections of rigid conduit when they cannot be turned
(b) joining sections of EMT
(c) connecting EMT to flexible conduit
(d) a substitute for threads
59. The problem with plastic coated non metallic
electrical cable it is
(a) hard to strip
(b) not able to be embedded in masonry
(c) subject to mechanical damage
(d) not available with three wires
60. Which wire carries the load in a two-wire circuit?
(a) the ground wire
(b) the black wire
(c) the white wire
(d) all of the above
61. A 240-volt, three phase system is most often used for:
(a) lighting
(b) industrial motors
(c) processing units
(d) none of the above
62. What is the advantage of non metallic cable compared to BX
cable?
(a) BX cable has three wires
(b) non metallic cable is moisture-resistant
(c) non metallic cable is not subject to mechanical damage
(d) non metallic cable can be placed in masonry
63. Smoke detectors should be installed
(a) above every door opening
(b) as close as possible to the center of a ceiling
(c) at the high end of a sloped ceiling
(d) b and c
64. Which design type would be the best when installing
a forced air heating system in a crawlspace or attic?
(a) an upflow highboy
(b) a downflow model
(c) a horizontal furnace
(d) an upflow lowboy
65. On a forced-air heating system ,should the warm air
registers be near:
(a) the windows and close to the ceiling
(b) the interior walls and close to the floor
(c) anywhere close to the ceiling
(d) the outside walls and close to the floor
66. How do you determine which size air conditioning
unit to use for a house?
(a) the total window area
(b) the total interior wall area
(c) the total exterior wall area
(d) the type of roof
67. The maximum horizontal footage permitted for a
3 inch vent pipe?
(a) 148 feet
(b) 212 feet
(c) 24 feet
(d) 100 feet
68. Urethane foam insulation has it's drawbacks:
(a) it is flammable
(b) it is only available in boards
(c) it has a low R value
(d) all of the above
Copyright © 2005 , 11/09/05
69. Laying batt insulation in studded walls should:
(a) be butted up against any vent openings
(b) have insulation at least 1 inch from any vent openings
(c) be insulated at least 12 inches away from a vent openings
(d) be laid over the vent openings
70. Batt insulation under a floor and over a crawl space should be
placed:
(a) under the joists with vapor barrier between the insulation and the floor
(b) between the joists with vapor barrier between insulation and crawl space
(c) over the joists with vapor barrier between the insulation and crawl space
(d) between the joist with vapor barrier between the insulation and the floor
71. The use of cellulose insulation is a problem because:
(a) without proper treatment, it is a fire hazard
(b) it is difficult to install
(c) it has a low R-value
(d) it is very costly
72. What are used for lintels to support block over openings
when dealing with concrete block foundation walls?
(a) metal rods
(b) metal lath
(c) steel angles
(d) all of the above
73. Why would you leave the vertical steel sticking out
of the top after grouting a foundation wall?
(a) to count the bars
(b) to tie in the upper tier
(c) rebar should not extend above the top
(d) the inspector needs to see that the wall is reinforced
74. On masonry, the best kind of drill bit is?
(a) high-carbon steel bit
(b) auger-type bit
(c) carbide-tipped bit
(d) none of the above
75. You installed a concrete block masonry wall in
dry weather. you should:
(a) wet the blocks while installing
(b) never wet the blocks
(c) wet the blocks after installing
(d) wet the blocks before installing
76. Before any grout is poured in a hollow unit masonry wall,
an inspector checks to make sure that:
(a) rebar is in place
(b) no obstructions are in the cells
(c) it is level and plumb
(d) all of the above
77. What type mortar option is best for interior non
load bearing walls?
(a) K = low compressive and bond strength or N = medium strength, high exposure
(b) M = high compressive and bond strength or S = medium high compressive and bond strength
(c) N = med. strength, high exposure or O = medium low compressive strength limited exposure
(d) S = med. high compressive and bond strength or N = medium strength, high exposure
78. What is terrazzo and what is it used for?
(a) an Italian style terrace for exterior exposure
(b) a brand of stucco for exterior walls
(c) marble chips are embedded in mortar, used for flooring
(d) a brand for a form of BX cable used for refrigeration
79. When should clay brick require wetting?
(a) when water absorbs within one minute of applying test droplets
(b) if it flakes due to lack of moisture
(c) clay brick does not require wetting
(d) only concrete brick requires wetting
80. "Alligator" or crawl are terms when paint reacts from:
(a) applying a hard finish coat over a soft priming surface
(b) applying a soft finish coat over a hard priming coat
(c) applying paint to a raw surface
(d) moisture in the air
81. The next step after sandblasting a metal building?
(a) wash with an alkaline cleaner
(b) paint a sealer
(c) paint the same day
(d) all of the above
82. When painting with latex, paint brushes should
be cleaned with:
(a) turpentine
(b) soap and water
(c) solvent
(d) thinner
83. When installing wallpaper your best surface is:
(a) a sanded finish
(b) plywood
(c) metal
(d) plaster
84. Which protective coating is the most scratch
and chip resistant?
(a) lacquer
(b) polyurethane
(c) latex paint
(d) oil-based paint
85. What is a notable drawback of a natural bristle brush?
(a) it leaves brush strokes
(b) it has flag ends
(c) it does not last as long as synthetic bristle brushes
(d) it's hard to clean
86. Excavation for drainage pipe may be done at what
distance from any footing?
(a) 8 feet
(b) 3 feet
(c) no less than the depth of the excavation
(d) as far from the edge as the height of the wall
87. Is it possible for PVC piping to go through or be
embedded in concrete?
(a) no, rigid copper pipe only
(b) no, galvanized pipe only
(c) yes
(d) yes, but only outside the building
88. For stucco, the required setting time between the
(scratch) or setting coat and the brown coat is:
(A) no more than 9 days
(B) 7 days
(C) 4 days
(D) 2 days
89. What type of plaster should you use when working
with a surface such as concrete:
(a) neat
(b) bond
(c) wood fiber
(d) gauging
90. The length used for sizing water piping, is measured
from the located water meter to:
(a) a remote outlet
(b) the first branch
(c) the water heater location
(d) the first flushometer branch
91. Cleanouts under floors shouldn't be more
than ___ feet from a crawl hole or access door
(a) 5 ft
(b) 10 ft
(c) 15 ft
(d) 20 ft
Copyright © 2005 , 11/09/05
1
92. The drain and sewer for a residential building should be:
(a) on the same lot
(b) below the finish grade
(c) inside only
(d) outside only
93. What do you join a copper and galvanized pipe with?
(a) threading them together
(b) a brass adaptor fitting
(c) soldering them together
(d) the scoring of the copper pipe
94. You must test waste and vent piping with a:
(a) 5 foot head of water
(b) 10 foot head of water
(c) running test
(d) any of the above
95. Gas pipe which joins more than one building on any
premise must have:
(a) individual meters
(b) earthquake valves
(c) separate shutoff valves
(d) only one meter
96. What should you connect different sized pipes with a?
(a) bell reducer
(b) union
(c) bushing
(d) nipple
97. What valve should be used to connect a main to
a residential system if the pressure in a water supply
main is over 80 pounds (psi)?
(a) reducing valve
(b) check valve
(c) globe valve
(d) gate valve
98. When on an asphalt shingle roof, what is the best kind
of shoe to wear?
(a) steel-toed boots
(b) leather-soled boots
(c) knee-high boots
(d) rubber-soled shoes
99. The point where the roof of a gable dormer meets
the main part of the roof is called a ?
(a) ridge
(b) hip
(c) dormer
(d) valley
100. When covering a shingle roof, what is the first step?
(a) install the underlayment
(b) install valley flashing
(c) install eaves flashing along the rakes
(d) seal the wood sheathing
101. How are asphalt shingles laid?
(a) from both rakes to the center
(b) from right rake to left rake
(c) from the eaves to the ridge
(d) from the ridge to the eaves
102. Liquid solar installation may result in "freezing up"
due to:
(a) leaky gaskets
(b) inadequate pipe insulation
(c) poorly soldered joints
(d) use of inferior materials
103. In liquid solar collectors small passages may:
(a) leak
(b) act as a pressure drop component
(c) make it easy to drain
(d) become plugged
104. The water storage tank in a thermosiphon solar
heating system is located:
(a) no more than 1 foot above the collector
(b) no more than 2 foot above the collector
(c) only according to the season
(d) 2 feet below the collector
105. Individual collectors assembled in a group:
(a) must be vented to filling
(b) must be soldered to piping
(c) must be fitted by individual mountings
(d) must be attainable for replacement
106. Solar collectors on the ground must be:
(a) set on concrete pads
(b) laminated
(c) facing the sun
(d) set on secure palettes
107. For billing purposes structural steel is ordered by the:
(a) lineal foot
(b) pounds.
(c) bundle
(d) 100 pounds
108. On a shower floor the ceramic tile should be installed:
(a) to a wood subfloor
(b) to a concrete subfloor
(c) to a portland mortar bed
(d) b or c
109. With 120 tiles per box, how many boxes of tile will be
needed to cover a wall 6 feet by 10 feet using 6 inch
square tiles :
(a) 2 boxes
(b) 4 boxes
(c) 6 boxes
(d) 8 boxes
Back
Copyright © 2005 , 11/09/05
http://www.contractorslicense.com/0-330-302a-PracticeTests.htm
1. How many apartments, dwelling units, or portion of a
building define an "apartment house"?
(a) 8 units
(b) 4 units
(c) 3 units
(d) 2 units
2. "Dwelling" means any portion of a building other than an
apartment or hotel that contains less than how many dwelling
units?
(a) 2 units
(b) 3 units
(c) 4 units
(b) 20 units
3. There should be at least one room in every dwelling unit,
which shall not have less than, how many square feet of
floor area.
(a) 120 square feet
(b) 50 square feet
(c) 90 square feet
(d) 180 square feet
4. The requirements specified in the state housing laws are all:
(a) optional
(b) maximum
(c) minimum
(d) recommended
5. Which of the following should you contact before beginning
work along railroad tracks?
(a) the local city or county engineer
(b) the railroad agent at the nearest depot
(c) the California Public Utilities Commission
(d) the Railroad Engineering Department
6. Every hallway and corridor for an apartment house,
hotel, or dwelling, shall have a minimum ceiling height of:
(a) 7-1/2 feet
(b) 8-1/2 feet
(c) 7 feet
(d) 8 feet
7. "Hotel," defines any building containing guest rooms in
excess of:
(a) 3 guest rooms
(b) 4 guest rooms
(c) 5 guest rooms
(d) 10 guest rooms
8. If you discover a measurement error in a project plan, a job
you contracted and have been working on, what should you do?
(a) notify the owner within 20 days
(b) before doing any work to the error, notify the architect
(c) correct the error according to your own professional
judgment
(d) record a mechanics' lien within 60 days
9. The minimum uniform load support capability in residential
buildings are:
(a) 30 pounds per square foot
(b) 20 pounds per square foot
(c) 8O pounds per square foot
(d) 40 pounds per square foot
10. The minimum live load must be sustained by a roof with
a slope less than 4 in 12, how many pounds
per square foot:
(A) 5 pounds per square foot
(B) 10 pounds per square foot
(C) 15 pounds per square foot
(D) 20 pounds per square foot
11. When there is a heat loss through windows and doors it is
known as:
(a) transmittance
(b) infiltration
(c) convection
(d) conduction
12. Material is usually measured by_____ when referring to
excavation.
(a) tons
(b) square feet
(c) cubic feet
(d) cubic yards
13. The square inches of a circle with a 10-inch diameter is:
(a) 79 square inches
(b) 99 square inches
(c) 157 square inches
(d) 52 square inches
14. When planning work within the railroad right of way, how
much advance notice is required?
(a) 7 to14 days
(b) 24 hours
(c) 48 hours
(d) none is required
15. How close can a vehicle be parked to a railroad track?
(a) 8-1/2 feet from the center line of the track
(b) 6 feet from the nearest rail
(c) 7-1/2 feet from the nearest rail
(d) even with the edge of a standard boxcar
16. When working on masonry, what is the best kind of
drill bit to use?
(a) high-carbon steel bit
(b) auger-type bit
(c) carbide-tipped bit
(d) all of the above
17. Who sets the standards for both construction materials and
practices?
(a) ANSI (American National Standards Institute)
(b) ASTM (American Society for Testing and Materials)
(c) UL (Underwriters' laboratories)
(d) UBC (Uniform Building Code)
18. Inspections determine if work has been done according to:
(a) plans
(b) code
(c) the contract
(d) specifications
19. What should a wooden girder be fastened with when
installed on top of a steel post?
(a) a saddle
(b) a flat screw
(c) nails
(d) a cap screw
20. What should a steel girder be fastened with when
installed on top of a wood post?
(a) channel cap
(b) nails
(c) screws
(d) saddle
21. What method should be used when attaching sill plates to
footings?
(a) nailed
(b) screwed
(c) glued
(d) bolted
22. Your plans specify that the joists should be 36 inches
on center when building a deck. What plywood sheathing
would be best?
(a) 48/12 interior plywood
(b) 48/24 exterior plywood
(c) 36/12 exterior plywood
(d) 32/16 interior plywood
23. A one-car garage door opening has a standard width of?
(a) 7 feet
(b) 8 feet
(c) 9 feet
(d) 10 feet
24. According to the UBC, the minimal width of a footing
for a 3-story building is?
(a) 12 inches
(b) 16 inches
(c) 18 inches
(d) 26 inches
25. What is cap flashing used on?
(a) a valley
(b) a ridge
(c) a footing
(d) a chimney
26. In public areas, handicapped accessible doorways
are required a width of no less than
(a) 4 feet
(b) 3 feet
(c) 32 inches
(d) 29 inches
27. In a commercial building, a metal window frame
requires kraft paper to be placed:
(a) over the frame and over lath
(b) under the frame and over lath
(c) over the frame and under lath
(d) under the frame and under lath
28. "Dead load" means: The vertical load due to the
weight of a building, "live load" means:
(a) an additional load due to use and occupancy
(b) "live load" is an electrical term, not a structural term
(c) addition load due to the stress of wind and snow
(d) additional load due to wind or snow
29. The maximum possible strength when laying plywood
would be?
(a) diagonally to the joists
(b) parallel to the joists
(c) perpendicular to the joists
(d) at 55 degrees off parallel to joists
30. When the water level gauge on a steam boiler reads "empty"
(a) add water carefully
(b) it will shut off automatically.
(c) "shut off the boiler"
(d) recalibrate the gauge then test for an accurate reading
31. Cabinets should have a standard depth:
(a) 10 inches
(b) 18 inches
(c) 12 inches
(d) 26 inches
32. When cutting with a portable circular saw, the finished
side should be:
(a) down
(b) up
(c) both sides are finished
(d) never cut finish plywood with a portable circular saw
33. The standard width of an interior door?
(a) 3 1/2 feet
(b) 3 feet
(c) 2 feet 8 inches
(d) 2 1/2 feet
34. A
(a) a circular saw
(b) a jigsaw
(c) a hacksaw
(d) none of the above
35. What does "the run" mean in roof framing?
(a) the distance between the double plate and the outside edge.
(b) the angle that the roof surface makes
(c) a 12 inch unit
(d) an imaginary line going lengthwise from the ridge.
36. A well-known force applied to concrete is?
(a) stress
(b) pressure
(c) tension
(d) compression
37. ASTM (The American Society for Testing and Materials) for C31
concrete, allocates the standards for:
(a) compression testing
(b) slump testing
(c) pressure testing
(d) consistency testing
38. When pouring concrete underwater, the process is called?
(a) gunite
(b) cold-pour
(c) tremie
(d) aquaform
39.
(a) repair defects in the tie-bar
(b) hold rebar in place when pouring
(c) increase the strength of the bars
(d) to determine the square footage
40. When concrete has just been poured, you remove the excess
concrete by?
(a) floating
(b) screeding
(c) trowelling
(d) hatching
41. When concrete has been mixed it must be on site and
poured in no less than:
(a) 60 minutes
(b) 90 minutes
(c) one day
(d) two hours
42. What would be the advantage in adding calcium chloride to a
mixture of cement?
(a) it increases the setting
(b) it adds color to the concrete
(c) it dissolves the aggregate when added
(d) it reduces the setting time
43. The flat chute is not the best tool to use for placing concrete
because:
(a) it causes segregation in the mix
(b) it must have an extension
(c) does not pour accurately
(d) the height of the discharge increases
44. When do you use type III
(a) when the climate is hot
(b) early strength is required
(c) when the heat of hydration is necessary
(d) in moderate heat of hydration
Copyright © 2005 , 11/09/05
1
45. When dealing with concrete, the slump test reports:
(a) its consistency
(b) its potential strength
(c) its alkali level
(d) all of the above
46. If you have a concrete slab "1ft x 15ft x 15ft," How many cubic
yards of concrete are there?
(a) 20
(b) 8.3
(c) 25
(d) 35
47. A common size of a concrete mixer is:
(a) 2 cubic feet
(b) 8 cubic yards
(c) 16 cubic feet
(d) 32 cubic feet
48. At which angle degree does a hooked concrete reinforcing bar
bend?
(a) 40, 90, and 180 degrees
(b) 60,120, and 180 degrees
(c) 90,120, and 180 degrees
(d) 90,135, and 180 degrees
49. When applying drywall, what "type of nail" is preferred
by the state:
(a) deformed or chemically etched shank
(b) cement or concrete coated
(c) rust resistant or water repellent
(d) plasterboard nail
50. If the ground is spongy after excavation is complete, you should:
(a) compact the soil
(b) pour the foundation slab before the earth dries completely
(c) wait for the ground to dry completely
(d) lay in gravel
51. When digging a trench along a roadside in a populated
area, what machine is best?
(a) front-end loader
(b) power shovel
(c) trencher
(d) backhoe
52. How many 90-degree bends are allowed in conduit between
outlets
(a) 3
(b) maximum 4
(c) only 2
(d) no more than 6
53. When splicing an outlet how many extra inches of
wire should be available?
(a) 3 inches
(b) 4 inches
(c) 5 inches
(d) 6 inches
54. The maximum temperature at which (type THW)
conductors are used?
(a) 75 degrees Centigrade
(b) 60 degrees Centigrade
(c) 85 degrees Centigrade
(d) 100 degrees Centigrade
55. What type of lamp, does a "40W/T12/RS/CW" specification
define?
(a) a 40 watt, bi-pin, rapid start, cool white, fluorescent lamp
(b) a 40 watt, type 12, reflector spot, clear white, incandescent lamp
(c) a 40 watt, single-pin, relay start, code white, fluorescent lamp
(d) a type 12, medium base, recessed spot, clear white, incandescent lamp
56. Which of the following numbers are the smallest wire size?
(a) 1
(b) 6
(c) 10
(d) 0
57. When using a group of switches, where a switch controls
several rows of fluorescent fixtures, what switches should
be used.
(a) mercury switches
(b) "T" switches
(c) switches at twice the required load
(d) knife switches
58. An Erickson coupling is used for?
(a) connecting two sections of rigid conduit when they cannot be turned
(b) joining sections of EMT
(c) connecting EMT to flexible conduit
(d) a substitute for threads
59. The problem with plastic coated non metallic
electrical cable it is
(a) hard to strip
(b) not able to be embedded in masonry
(c) subject to mechanical damage
(d) not available with three wires
60. Which wire carries the load in a two-wire circuit?
(a) the ground wire
(b) the black wire
(c) the white wire
(d) all of the above
61. A 240-volt, three phase system is most often used for:
(a) lighting
(b) industrial motors
(c) processing units
(d) none of the above
62. What is the advantage of non metallic cable compared to BX
cable?
(a) BX cable has three wires
(b) non metallic cable is moisture-resistant
(c) non metallic cable is not subject to mechanical damage
(d) non metallic cable can be placed in masonry
63. Smoke detectors should be installed
(a) above every door opening
(b) as close as possible to the center of a ceiling
(c) at the high end of a sloped ceiling
(d) b and c
64. Which design type would be the best when installing
a forced air heating system in a crawlspace or attic?
(a) an upflow highboy
(b) a downflow model
(c) a horizontal furnace
(d) an upflow lowboy
65. On a forced-air heating system ,should the warm air
registers be near:
(a) the windows and close to the ceiling
(b) the interior walls and close to the floor
(c) anywhere close to the ceiling
(d) the outside walls and close to the floor
66. How do you determine which size air conditioning
unit to use for a house?
(a) the total window area
(b) the total interior wall area
(c) the total exterior wall area
(d) the type of roof
67. The maximum horizontal footage permitted for a
3 inch vent pipe?
(a) 148 feet
(b) 212 feet
(c) 24 feet
(d) 100 feet
68. Urethane foam insulation has it's drawbacks:
(a) it is flammable
(b) it is only available in boards
(c) it has a low R value
(d) all of the above
Copyright © 2005 , 11/09/05
69. Laying batt insulation in studded walls should:
(a) be butted up against any vent openings
(b) have insulation at least 1 inch from any vent openings
(c) be insulated at least 12 inches away from a vent openings
(d) be laid over the vent openings
70. Batt insulation under a floor and over a crawl space should be
placed:
(a) under the joists with vapor barrier between the insulation and the floor
(b) between the joists with vapor barrier between insulation and crawl space
(c) over the joists with vapor barrier between the insulation and crawl space
(d) between the joist with vapor barrier between the insulation and the floor
71. The use of cellulose insulation is a problem because:
(a) without proper treatment, it is a fire hazard
(b) it is difficult to install
(c) it has a low R-value
(d) it is very costly
72. What are used for lintels to support block over openings
when dealing with concrete block foundation walls?
(a) metal rods
(b) metal lath
(c) steel angles
(d) all of the above
73. Why would you leave the vertical steel sticking out
of the top after grouting a foundation wall?
(a) to count the bars
(b) to tie in the upper tier
(c) rebar should not extend above the top
(d) the inspector needs to see that the wall is reinforced
74. On masonry, the best kind of drill bit is?
(a) high-carbon steel bit
(b) auger-type bit
(c) carbide-tipped bit
(d) none of the above
75. You installed a concrete block masonry wall in
dry weather. you should:
(a) wet the blocks while installing
(b) never wet the blocks
(c) wet the blocks after installing
(d) wet the blocks before installing
76. Before any grout is poured in a hollow unit masonry wall,
an inspector checks to make sure that:
(a) rebar is in place
(b) no obstructions are in the cells
(c) it is level and plumb
(d) all of the above
77. What type mortar option is best for interior non
load bearing walls?
(a) K = low compressive and bond strength or N = medium strength, high exposure
(b) M = high compressive and bond strength or S = medium high compressive and bond strength
(c) N = med. strength, high exposure or O = medium low compressive strength limited exposure
(d) S = med. high compressive and bond strength or N = medium strength, high exposure
78. What is terrazzo and what is it used for?
(a) an Italian style terrace for exterior exposure
(b) a brand of stucco for exterior walls
(c) marble chips are embedded in mortar, used for flooring
(d) a brand for a form of BX cable used for refrigeration
79. When should clay brick require wetting?
(a) when water absorbs within one minute of applying test droplets
(b) if it flakes due to lack of moisture
(c) clay brick does not require wetting
(d) only concrete brick requires wetting
80. "Alligator" or crawl are terms when paint reacts from:
(a) applying a hard finish coat over a soft priming surface
(b) applying a soft finish coat over a hard priming coat
(c) applying paint to a raw surface
(d) moisture in the air
81. The next step after sandblasting a metal building?
(a) wash with an alkaline cleaner
(b) paint a sealer
(c) paint the same day
(d) all of the above
82. When painting with latex, paint brushes should
be cleaned with:
(a) turpentine
(b) soap and water
(c) solvent
(d) thinner
83. When installing wallpaper your best surface is:
(a) a sanded finish
(b) plywood
(c) metal
(d) plaster
84. Which protective coating is the most scratch
and chip resistant?
(a) lacquer
(b) polyurethane
(c) latex paint
(d) oil-based paint
85. What is a notable drawback of a natural bristle brush?
(a) it leaves brush strokes
(b) it has flag ends
(c) it does not last as long as synthetic bristle brushes
(d) it's hard to clean
86. Excavation for drainage pipe may be done at what
distance from any footing?
(a) 8 feet
(b) 3 feet
(c) no less than the depth of the excavation
(d) as far from the edge as the height of the wall
87. Is it possible for PVC piping to go through or be
embedded in concrete?
(a) no, rigid copper pipe only
(b) no, galvanized pipe only
(c) yes
(d) yes, but only outside the building
88. For stucco, the required setting time between the
(scratch) or setting coat and the brown coat is:
(A) no more than 9 days
(B) 7 days
(C) 4 days
(D) 2 days
89. What type of plaster should you use when working
with a surface such as concrete:
(a) neat
(b) bond
(c) wood fiber
(d) gauging
90. The length used for sizing water piping, is measured
from the located water meter to:
(a) a remote outlet
(b) the first branch
(c) the water heater location
(d) the first flushometer branch
91. Cleanouts under floors shouldn't be more
than ___ feet from a crawl hole or access door
(a) 5 ft
(b) 10 ft
(c) 15 ft
(d) 20 ft
Copyright © 2005 , 11/09/05
1
92. The drain and sewer for a residential building should be:
(a) on the same lot
(b) below the finish grade
(c) inside only
(d) outside only
93. What do you join a copper and galvanized pipe with?
(a) threading them together
(b) a brass adaptor fitting
(c) soldering them together
(d) the scoring of the copper pipe
94. You must test waste and vent piping with a:
(a) 5 foot head of water
(b) 10 foot head of water
(c) running test
(d) any of the above
95. Gas pipe which joins more than one building on any
premise must have:
(a) individual meters
(b) earthquake valves
(c) separate shutoff valves
(d) only one meter
96. What should you connect different sized pipes with a?
(a) bell reducer
(b) union
(c) bushing
(d) nipple
97. What valve should be used to connect a main to
a residential system if the pressure in a water supply
main is over 80 pounds (psi)?
(a) reducing valve
(b) check valve
(c) globe valve
(d) gate valve
98. When on an asphalt shingle roof, what is the best kind
of shoe to wear?
(a) steel-toed boots
(b) leather-soled boots
(c) knee-high boots
(d) rubber-soled shoes
99. The point where the roof of a gable dormer meets
the main part of the roof is called a ?
(a) ridge
(b) hip
(c) dormer
(d) valley
100. When covering a shingle roof, what is the first step?
(a) install the underlayment
(b) install valley flashing
(c) install eaves flashing along the rakes
(d) seal the wood sheathing
101. How are asphalt shingles laid?
(a) from both rakes to the center
(b) from right rake to left rake
(c) from the eaves to the ridge
(d) from the ridge to the eaves
102. Liquid solar installation may result in "freezing up"
due to:
(a) leaky gaskets
(b) inadequate pipe insulation
(c) poorly soldered joints
(d) use of inferior materials
103. In liquid solar collectors small passages may:
(a) leak
(b) act as a pressure drop component
(c) make it easy to drain
(d) become plugged
104. The water storage tank in a thermosiphon solar
heating system is located:
(a) no more than 1 foot above the collector
(b) no more than 2 foot above the collector
(c) only according to the season
(d) 2 feet below the collector
105. Individual collectors assembled in a group:
(a) must be vented to filling
(b) must be soldered to piping
(c) must be fitted by individual mountings
(d) must be attainable for replacement
106. Solar collectors on the ground must be:
(a) set on concrete pads
(b) laminated
(c) facing the sun
(d) set on secure palettes
107. For billing purposes structural steel is ordered by the:
(a) lineal foot
(b) pounds.
(c) bundle
(d) 100 pounds
108. On a shower floor the ceramic tile should be installed:
(a) to a wood subfloor
(b) to a concrete subfloor
(c) to a portland mortar bed
(d) b or c
109. With 120 tiles per box, how many boxes of tile will be
needed to cover a wall 6 feet by 10 feet using 6 inch
square tiles :
(a) 2 boxes
(b) 4 boxes
(c) 6 boxes
(d) 8 boxes
Back
Copyright © 2005 , 11/09/05
Real Estate Appraisal Quiz 7 1 Which of the following would be considered an example of improvements? a. A lot that is uniformly level, but does not yet have any buildings b. A retail building that has been permanently attached to the land c. A portable modular building d. None of the above
2 Which step of the appraisal process includes applying the relevant approaches to value? a. Defining the problem b. Determining the scope of work c. Collecting, verifying, and analyzing information d. Reconciling the information analyzed
3 Which of the following is used to determine the present value of a property’s future earnings? a. Gross income b. Net operating income c. Capitalization rate d. Cost
4 Total annual income received before any expenses are deducted is: a. gross income. b. net operating income. c. potential income. d. deductible income.
5 A lender is seriously considering providing a construction loan to a homebuilding company which plans to build a new subdivision. However, the lender wants an estimate of what the properties’ values might be once they were built. Which kind of appraisal would be most appropriate for this situation? a. Prospective appraisal b. Retrospective appraisal c. Appraisal of present-day value d. None of the above
6 Which of the following should give a potential buyer most cause for concern? a. A home’s price is moderately lower than its appraised value. b. A home’s price is the same as its appraised value. c. A home’s price is moderately higher than its appraised value. d. A home’s appraised value has changed since its last appraisal four years ago.
7 Which of the following is true regarding a competitive market analysis (CMA)? a. May provide a “ballpark estimate” of a property’s value, but does not carry the weight of a comprehensive appraisal report. b. Used by real estate brokers to help determine an appropriate listing price for a seller’s house. c. May be referred to as a “broker price opinion”. d. All of the above
8 In a typical appraisal assignment, the lender hires the appraiser, but the prospective buyer pays for the appraisal. Who is the appraiser’s client in this situation? a. Appraiser b. Lender c. Buyer d. Seller
9 A cluster of buildings in a regional medical center need to be appraised. Which appraisal approach would be most appropriate for this situation? a. Sales comparison approach b. Income approach c. Cost approach d. All of the above approaches would be equally appropriate.
10 In regards to reconciling for an appraisal, which of the following is true? a. The reconciliation process can be used to help identify which appraisal approach provides the most reliable indication of value. b. Reconciling can be used within individual appraisal approaches to determine which data provides the most reliable indication of value. c. The results of using the reconciliation process will vary depending on various factors involved in specific appraisals. d. All of the above
2 Which step of the appraisal process includes applying the relevant approaches to value? a. Defining the problem b. Determining the scope of work c. Collecting, verifying, and analyzing information d. Reconciling the information analyzed
3 Which of the following is used to determine the present value of a property’s future earnings? a. Gross income b. Net operating income c. Capitalization rate d. Cost
4 Total annual income received before any expenses are deducted is: a. gross income. b. net operating income. c. potential income. d. deductible income.
5 A lender is seriously considering providing a construction loan to a homebuilding company which plans to build a new subdivision. However, the lender wants an estimate of what the properties’ values might be once they were built. Which kind of appraisal would be most appropriate for this situation? a. Prospective appraisal b. Retrospective appraisal c. Appraisal of present-day value d. None of the above
6 Which of the following should give a potential buyer most cause for concern? a. A home’s price is moderately lower than its appraised value. b. A home’s price is the same as its appraised value. c. A home’s price is moderately higher than its appraised value. d. A home’s appraised value has changed since its last appraisal four years ago.
7 Which of the following is true regarding a competitive market analysis (CMA)? a. May provide a “ballpark estimate” of a property’s value, but does not carry the weight of a comprehensive appraisal report. b. Used by real estate brokers to help determine an appropriate listing price for a seller’s house. c. May be referred to as a “broker price opinion”. d. All of the above
8 In a typical appraisal assignment, the lender hires the appraiser, but the prospective buyer pays for the appraisal. Who is the appraiser’s client in this situation? a. Appraiser b. Lender c. Buyer d. Seller
9 A cluster of buildings in a regional medical center need to be appraised. Which appraisal approach would be most appropriate for this situation? a. Sales comparison approach b. Income approach c. Cost approach d. All of the above approaches would be equally appropriate.
10 In regards to reconciling for an appraisal, which of the following is true? a. The reconciliation process can be used to help identify which appraisal approach provides the most reliable indication of value. b. Reconciling can be used within individual appraisal approaches to determine which data provides the most reliable indication of value. c. The results of using the reconciliation process will vary depending on various factors involved in specific appraisals. d. All of the above