412. It would be perfectly ethical for an appraiser to do which of the following: - PowerPoint PPT Presentation

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412. It would be perfectly ethical for an appraiser to do which of the following:
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412. It would be perfectly ethical for an appraiser to do which of the following:

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  1. 412. It would be perfectly ethical for an appraiser to do which of the following: • Pay a commission or fee to another party for obtaining the appraisal assignment; • Appraise a property in which the appraiser's employment is made contingent upon reporting a minimum value; • Base the appraiser's compensation on a percentage of the value estimate arrived at; • Appraise a property in which the appraiser has an interest, provided the appraiser first discloses his interest.

  2. 412. It would be perfectly ethical for an appraiser to do which of the following: • Pay a commission or fee to another party for obtaining the appraisal assignment; • Appraise a property in which the appraiser's employment is made contingent upon reporting a minimum value; • Base the appraiser's compensation on a percentage of the value estimate arrived at; • Appraise a property in which the appraiser has an interest, provided the appraiser first discloses his interest. Appraiser – Disclose interest

  3. 413. In arriving at an estimate of value, an appraiser would be most interested in the date: • The purchase contract was signed; • The deed was recorded; • The sale went into escrow; • The escrow was closed.

  4. 413. In arriving at an estimate of value, an appraiser would be most interested in the date: • The purchase contract was signed; • The deed was recorded; • The sale went into escrow; • The escrow was closed. Appraiser – Date contract was signed

  5. 414. A real estate appraisal is limited to what period of time: • A given date; • Until the next appraisal; • For the financing period; • A given year.

  6. 414. A real estate appraisal is limited to what period of time: • A given date; • Until the next appraisal; • For the financing period; • A given year. Appraiser – The given date

  7. 628. Property should be valued at its highest and best use. If an appraiser is appraising a parcel which has a building on the land that is no asset, he should: • Add the salvage value to his appraisal; • Establish the value by use of the cost approach; • Ignore the building in the appraisal; • Deduct the demolition cost from his appraisal.

  8. 628. Property should be valued at its highest and best use. If an appraiser is appraising a parcel which has a building on the land that is no asset, he should: • Add the salvage value to his appraisal; • Establish the value by use of the cost approach; • Ignore the building in the appraisal; • Deduct the demolition cost from his appraisal. Building of no value – deduct demolition

  9. 754. An appraiser who does not use generally accepted appraisal methods in order to influence an FSLIC or FDIC insured lender may be guilty of: • Acting unethically; • Breaking the Rules and Regulations of the Department of Real Estate; • A misdemeanor; • A felony.

  10. 754. An appraiser who does not use generally accepted appraisal methods in order to influence an FSLIC or FDIC insured lender may be guilty of: • Acting unethically; • Breaking the Rules and Regulations of the Department of Real Estate; • A misdemeanor; • A felony. Unacceptable methods – Felony

  11. 751. An appraiser's primary concern when analyzing residential property is: • Marketability and acceptability; • Functional utility; • Operating and fixed expenses; • Square foot area.

  12. 751. An appraiser's primary concern when analyzing residential property is: • Marketability and acceptability; • Functional utility; • Operating and fixed expenses; • Square foot area. Appraiser – Marketability and acceptability

  13. 813. When an appraiser is appraising a property he usually considers all of the following except: • The property identification: • A definition of value; • The property rights to be valued; • The assessed value.

  14. 813. When an appraiser is appraising a property he usually considers all of the following except: • The property identification: • A definition of value; • The property rights to be valued; • The assessed value. Appraiser – Not assessed value

  15. 892. What type of an appraisal license is required to appraise a commercial strip mall valued at $500,000: • Certified residential license; • Residential real estate license; • Certified general license; • General purpose appraisal license.

  16. 892. What type of an appraisal license is required to appraise a commercial strip mall valued at $500,000: • Certified residential license; • Residential real estate license; • Certified general license; • General purpose appraisal license. Strip Mall – Certified General License

  17. 718. An appraiser's narrative appraisal report probably would contain no reference to: • The appraiser's qualifications; • The neighborhood amenities; • The buyer's financial condition; • The site analysis.

  18. 718. An appraiser's narrative appraisal report probably would contain no reference to: • The appraiser's qualifications; • The neighborhood amenities; • The buyer's financial condition; • The site analysis. Narrative report – Not buyer’s financial condition

  19. 718.Which of the following items is not normally found in a narrative appraisal report on a single-family residence: • Estimate of the value of the improvements; • The qualifications of the appraiser; • Site analysis; • Type of financing readily available in the community.

  20. 718.Which of the following items is not normally found in a narrative appraisal report on a single-family residence: • Estimate of the value of the improvements; • The qualifications of the appraiser; • Site analysis; • Type of financing readily available in the community. Narrative report – Not financing

  21. 851. Where in a standard narrative appraisal report would one likely find the type of value being estimated: • The declaration of restrictions; • The property description; • The statement of purpose; • The neighborhood analysis.

  22. 851. Where in a standard narrative appraisal report would one likely find the type of value being estimated: • The declaration of restrictions; • The property description; • The statement of purpose; • The neighborhood analysis. Type of value – Statement of purpose

  23. Which of the following would define a fee appraiser: • A person who is employed by a lending institution to do its appraisals; • A person who appraises property for the state of California; • A person who appraises property for the federal government • An appraiser who is self-employed and charges a fee.

  24. Which of the following would define a fee appraiser: • A person who is employed by a lending institution to do its appraisals; • A person who appraises property for the state of California; • A person who appraises property for the federal government • An appraiser who is self-employed and charges a fee. Fee appraiser – Self-employed

  25. 415. When appraising real property, the appraiser attempts to estimate the value. The value arrived at by the appraiser is: • Based upon the replacement cost; • Based upon an analysis of facts as of a specific date; • Derived from income data covering at least the preceding six months; • Projected from original cost less depreciation and adjusted for inflation.

  26. 415. When appraising real property, the appraiser attempts to estimate the value. The value arrived at by the appraiser is: • Based upon the replacement cost; • Based upon an analysis of facts as of a specific date; • Derived from income data covering at least the preceding six months; • Projected from original cost less depreciation and adjusted for inflation. Appraisal – Analysis of facts

  27. 417. Which of the following factors contributes most to the maintenance of value in a well-planned residential community: • Conformity to proper land use objectives; • The prevention of major street construction through the community; • Deed restrictions; • Variances which allow highest and best use of every parcel.

  28. 417. Which of the following factors contributes most to the maintenance of value in a well-planned residential community: • Conformity to proper land use objectives; • The prevention of major street construction through the community; • Deed restrictions; • Variances which allow highest and best use of every parcel. Stability of value – Conformity

  29. 423. To an appraiser, a definition of value is: • A relationship between desirous persons and things desired; • The ability of one commodity to command other commodities in exchange; • The present worth of future benefits arising out of ownership of a property; • Any of the above.

  30. 423. To an appraiser, a definition of value is: • A relationship between desirous persons and things desired; • The ability of one commodity to command other commodities in exchange; • The present worth of future benefits arising out of ownership of a property; • Any of the above. Market value – Present worth, ability of 1 commodity

  31. 424. Definitions of market value are least concerned with: • Material cost; • Value in exchange; • Objective value; • An open market.

  32. 424. Definitions of market value are least concerned with: • Material cost; • Value in exchange; • Objective value; • An open market. Market value – Not cost

  33. 801. The value of a parcel of real property is best measured by which of the following groups of characteristics: • Utility, scarcity, depreciation, and demand; • Cost, demand, utility, and transferability; • Scarcity, utility, feasibility, and cost; • Demand, scarcity, transferability and utility.

  34. 801. The value of a parcel of real property is best measured by which of the following groups of characteristics: • Utility, scarcity, depreciation, and demand; • Cost, demand, utility, and transferability; • Scarcity, utility, feasibility, and cost; • Demand, scarcity, transferability and utility. Market value – Demand, utility, scarcity, transferability (DUST)

  35. 426. Which of the following is not one of the four important elements of value: • Scarcity; • Appreciation; • Utility; • Transferability.

  36. 426. Which of the following is not one of the four important elements of value: • Scarcity; • Appreciation; • Utility; • Transferability. Market value – Demand, utility, scarcity, transferability (DUST)

  37. 431. An owner of a 20-unit apartment house is considering installing a swimming pool and asks an appraiser for his opinion. The appraiser's opinion would be based on the principle of: • Regression; • Contribution; • Integration; • Substitution.

  38. 431. An owner of a 20-unit apartment house is considering installing a swimming pool and asks an appraiser for his opinion. The appraiser's opinion would be based on the principle of: • Regression; • Contribution; • Integration; • Substitution. Contribution – Swimming pool

  39. 454. Wolfe is considering an extensive modernization program for an older apartment building she owns. Her decision should give most emphasis to: • The cost involved; • The history of vacancy; • Potential increase in real property taxes; • Net effect on net income.

  40. 454. Wolfe is considering an extensive modernization program for an older apartment building she owns. Her decision should give most emphasis to: • The cost involved; • The history of vacancy; • Potential increase in real property taxes; • Net effect on net income. Contribution – Effect on net income

  41. 580. In analyzing a parcel of vacant land to estimate its value, what is the first thing necessary to determine. • Price at which it should be listed; • Price at which it was purchased; • Highest and best use of the land; • Prices of comparable properties.

  42. 580. In analyzing a parcel of vacant land to estimate its value, what is the first thing necessary to determine. • Price at which it should be listed; • Price at which it was purchased; • Highest and best use of the land; • Prices of comparable properties. Highest and best use – First step for vacant land

  43. 433. In the definition of highest and best use, you would most likely find the phrase: • Net return; • Gross income; • Depreciation; • Integration.

  44. 433. In the definition of highest and best use, you would most likely find the phrase: • Net return; • Gross income; • Depreciation; • Integration. Highest and best use – Net return

  45. 771. The primary purpose that an appraiser would use a site analysis is to determine the: • Application of zoning laws; • Soil conditions; • Highest and best use; • Ocean views.

  46. 771. The primary purpose that an appraiser would use a site analysis is to determine the: • Application of zoning laws; • Soil conditions; • Highest and best use; • Ocean views. Highest and best use – Site analysis

  47. 891. In situations where the highest and best use of a property is expected to change, the property's current use is properly termed: • The nonconforming use; • The interim use; • The obsolete use; • The proprietary use.

  48. 891. In situations where the highest and best use of a property is expected to change, the property's current use is properly termed: • The nonconforming use; • The interim use; • The obsolete use; • The proprietary use. Highest and best use – If temporary, interim use

  49. 434. “No prudent person would pay more for a parcel of real property than the price of a reasonably close alternative which is available without undue delay” refers most nearly to the Principle of: • Balance; • Conformity; • Substitution; • Intervention.

  50. 434. “No prudent person would pay more for a parcel of real property than the price of a reasonably close alternative which is available without undue delay” refers most nearly to the Principle of: • Balance; • Conformity; • Substitution; • Intervention. Principle of substitution – No prudent person