advanced residential app and case studies

advanced residential app and case studies Complex properties are always identified by the appraiser and/or the client before the assignment is accepted. Correct Answer: F John leases a house to Sarah. Sarah's inte ...

advanced residential app and case studies Complex properties are always identified by the appraiser and/or the client before the assignment is accepted. Correct Answer: F John leases a house to Sarah. Sarah's interest is best described as a Correct Answer: Leasehold interest What happens if you are appraising a property and you find there aren't any suitable comparable sales? Correct Answer: You may be able to develop the cost and/or income approaches What does the course author mean by the statement "you must be a thinking appraiser"? Correct Answer: It is more important to think than it is to move fast A home with a relatively unusual type of construction, such as a berm home (built into a hill) is Correct Answer: Sometimes a complex property Sally, the owner, leases a house to Peter, on a long-term lease. What type of interest does Peter now hold in the property? Correct Answer: Leasehold interest Which of these properties would likely be considered complex? Correct Answer: A house constructed to resemble a shoe A 5,000 square foot home in a neighborhood of 2,000 square foot homes A typical single-family home with a leaking oil storage tank on the property (all) Market conditions which might make a property complex include Correct Answer: Values increasing at an exceptional rate Values decreasing at an exceptional rate No sales due to a depressed local economy (any) What does the course author mean by the statement "you must be a glass half full appraiser when dealing with complex properties"? Correct Answer: You must concentrate on the data you have, rather than the data you do not have Which of these is NOT a factor that can make a property complex? Correct Answer: Assessed value An appraiser is valuing a truly unique property for a mortgage lender. The appraiser is careful to follow the lender's guidelines and using only recent sales that are located nearby, even though the properties are not necessarily similar. What is the most likely result of the appraiser's actions? Correct Answer: A bad appraisal Which of these is likely to be considered a complex property? Correct Answer: A home with unfinished construction A home located in a transitional neighborhood A home located on a mountaintop with a view of three states (any) Ramon owns a home. He grants his Aunt Marie, the right to live in and occupy the home as long Ramon's father is still alive. This right is best described as a Correct Answer: Life estate pur autre vie State enforcement agencies report that one of the most common violations of USPAP is Correct Answer: Failure to properly complete the appraisal of a 2-4 unit property If an appraiser determines he or she lacks necessary knowledge or experience to competently complete an assignment, the appraiser Correct Answer: May still accept the assignment According to the Scope of Work Rule, for each appraisal or appraisal review assignment, an appraiser must: Correct Answer: Identify the problem to be solved Determine and perform the scope of work necessary to develop credible assignment results Disclose the scope of work in the report In the appraisal of a complex property, who is responsible for making appropriate decisions necessary to produce a credible appraisal? Correct Answer: The appraiser How is the credibility of assignment results measured? Correct Answer: Within the context of the intended use What rule requires the appraiser to use methods and techniques that are recognized by appraisers and users of appraisal service? Correct Answer: Standards Rule 1-1 Scope of work includes Correct Answer: The extent of the property inspection The type and extent of data research The type and extent of analyses applied What is an appraiser's best source for information about conventional residential mortgage underwriting guidelines? Correct Answer: Fannie Mae A large detached garage costs $80,000 to construct, but it only adds $25,000 to the value of the property. This is an example of the principle of Correct Answer: Contribution Which type of classification applies to the appraisal of one to four residential units without regard to transaction value or complexity? Correct Answer: The Certified Residential Real Property Appraiser Classification If an appraisal assignment cannot be completed competently Correct Answer: The appraiser must turn down or withdraw from the assignment An appraiser might overcome a lack of necessary knowledge or experience by Correct Answer: Seeking the assistance of another appraiser If the appraiser determines that he/she cannot complete an assignment competently, the appraiser must: Correct Answer: Withdraw from the assignment. The appraiser's scope of work is acceptable when it meets or exceeds what his/her peers' actions would be in performing Correct Answer: The same or similar assignment The SCOPE OF WORK RULE states that each appraiser must: Correct Answer: identify the problem to be solved determine and perform the scope of work necessary to develop credible assignment results disclose the scope of work in the report (all) You are appraising a single-family home for a local mortgage lender. When inspecting the property, you discover that the inside of the home has been gutted down to the studs. When should you notify your client about the condition of the property? Correct Answer: as soon as you discover it The scope of work is acceptable when it meets or exceeds: Correct Answer: The expec