inCORpoREAL right = intangible / non possessory right eg easement
levy = to assess / collect a tax
subRoGation =
habendUM clause == to HAVE and to HOLD (define / limit exact interest in estate
hypothecate condition / Extraoridinary Assumption / Judisdictional Exception
obligEE vs ObligOR
pro RATA / PUR AUTRE VIE = life estate / profit a prendre = eg topsoil or mineral
sinking fund = installment of fund deposit periodically to replace the asset
margin = difference btn interest rate and index
proprietary lease == co-operative
cURtesy ? curtilage ? dower (widow right to have husb property)
defeasible clause = all obligation fulfilled
levy = to assess / collect a tax
subRoGation =
habendUM clause == to HAVE and to HOLD (define / limit exact interest in estate
hypothecate condition / Extraoridinary Assumption / Judisdictional Exception
obligEE vs ObligOR
pro RATA / PUR AUTRE VIE = life estate / profit a prendre = eg topsoil or mineral
sinking fund = installment of fund deposit periodically to replace the asset
margin = difference btn interest rate and index
proprietary lease == co-operative
cURtesy ? curtilage ? dower (widow right to have husb property)
defeasible clause = all obligation fulfilled
thoroughfare?
A thoroughfare is a place of transportation intended to connect one location to another. Highways, roads, and trails are examples of thoroughfares used by a variety of general traffic. On land a thoroughfare may refer to anything from a rough trail to multi-lane highway with grade separated junctions; on water a thoroughfare may refer to a strait, channel or waterway. The term may also refer to the legal right to use a particular way as distinct from the way itself.
A thoroughfare is a place of transportation intended to connect one location to another. Highways, roads, and trails are examples of thoroughfares used by a variety of general traffic. On land a thoroughfare may refer to anything from a rough trail to multi-lane highway with grade separated junctions; on water a thoroughfare may refer to a strait, channel or waterway. The term may also refer to the legal right to use a particular way as distinct from the way itself.
1 According to the COMPETENCY RULE, possessing the knowledge and experience to complete an appraisal assignment is: a. a pre-assignment condition. b. only necessary for assignments concerning residential property. c. not mandatory for multi-use properties. d. not mandatory for income producing properties.
2 A critical component in the economic or financial feasibility analysis of highest and best use is: a. local zoning regulations. b. the topography of the subject property. c. entrepreneurial profit. d. existence of special assessments.
3 When determining the highest and best use of a property, what type of study is necessary if no improvements exist on the land and if zoning regulations allow for multiple uses? a. Market trend analysis b. Feasibility study c. Grading d. Gross rent multiplier calculation
4 In order to collect data to perform a rent survey, an appraiser: a. reads local newspapers. b. asks a title insurance company. c. asks tenants what the local rental levels are. d. do both (a) and (c).
5 Tara is performing a neighborhood analysis for an appraisal assignment. She notices that this particular neighborhood has shared facilities such as a trail that contains different natural obstacles for exercise. This is called a: a. golf course. b. par course. c. far course. d. treadmill.
6 According to USPAP, an appraiser must not rely on unsupported conclusions relating to: a. religion. b. familial status. c. age. d. all of the above.
7 When analyzing the marketplace of a subject property, which of the questions below should not be asked by the appraiser? a. What is the growth rate? b. Is the neighborhood predominantly of one ethnicity? c. Are values increasing, decreasing, or staying about the same? d. Is there a balance of supply and demand?
8 Which of the following topics is included in the USPAP Standards Rule 1-1? a. Data collection, analysis, and verification given the scope of work b. Error of omission that affects an appraisal c. ETHICS Rule d. Identification of the scope of work
9 Before sending the report to the client, the most important thing(s) an appraiser can do is: a. be prepared to support and defend the results of the report. b. read the report for accuracy. c. be certain the client reaches the same conclusions as the appraiser. d. all of the above. 1
0 Effective critical thinking in the appraisal process involves: a. accepting every appraisal assignment inquiry. b. asking the right questions. c. ensuring that the lender hits their target value. d. the justification of an inflated value without evidence.
2 A critical component in the economic or financial feasibility analysis of highest and best use is: a. local zoning regulations. b. the topography of the subject property. c. entrepreneurial profit. d. existence of special assessments.
3 When determining the highest and best use of a property, what type of study is necessary if no improvements exist on the land and if zoning regulations allow for multiple uses? a. Market trend analysis b. Feasibility study c. Grading d. Gross rent multiplier calculation
4 In order to collect data to perform a rent survey, an appraiser: a. reads local newspapers. b. asks a title insurance company. c. asks tenants what the local rental levels are. d. do both (a) and (c).
5 Tara is performing a neighborhood analysis for an appraisal assignment. She notices that this particular neighborhood has shared facilities such as a trail that contains different natural obstacles for exercise. This is called a: a. golf course. b. par course. c. far course. d. treadmill.
6 According to USPAP, an appraiser must not rely on unsupported conclusions relating to: a. religion. b. familial status. c. age. d. all of the above.
7 When analyzing the marketplace of a subject property, which of the questions below should not be asked by the appraiser? a. What is the growth rate? b. Is the neighborhood predominantly of one ethnicity? c. Are values increasing, decreasing, or staying about the same? d. Is there a balance of supply and demand?
8 Which of the following topics is included in the USPAP Standards Rule 1-1? a. Data collection, analysis, and verification given the scope of work b. Error of omission that affects an appraisal c. ETHICS Rule d. Identification of the scope of work
9 Before sending the report to the client, the most important thing(s) an appraiser can do is: a. be prepared to support and defend the results of the report. b. read the report for accuracy. c. be certain the client reaches the same conclusions as the appraiser. d. all of the above. 1
0 Effective critical thinking in the appraisal process involves: a. accepting every appraisal assignment inquiry. b. asking the right questions. c. ensuring that the lender hits their target value. d. the justification of an inflated value without evidence.
note
Market value = objective value or value in exchange.
Appraisal Test Samples
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DATA has 4 type:
guess timation = guestimation data = guessing data copycat data == copy other data conditional data cost data == building-cost.net for residence and garage what is accrued (PAID) INTEREST ? == INTEREST earned on both p and AI is CI COMPOUND INTEREST restitution == |
what is these??
fudged ? triple checked? or rounded? cost index trending is estimate original cost in reproduction approach breakdown method = estate amount of each type of dep separately is an item has a life span that is less than expected life of building == short lived component? three-quarter bath ›== a bathroom with a water closet, a lavatory, and a shower, but no bathtub. |
