Basic Principles Final Exam questions and answers 100% correct

Basic Principles Final Exam questions and answers 100% correct How many acres are in a section? Correct Answer: 640 acres Eric pays $35,000 to have an inground swimming pool constructed in his back yard. When he sel ...

Basic Principles Final Exam questions and answers 100% correct How many acres are in a section? Correct Answer: 640 acres Eric pays $35,000 to have an inground swimming pool constructed in his back yard. When he sells the property, he only receives $10,000 more for his property than what similar property sold for without a pool. This is an example of the principle of Correct Answer: contribution The oldest system of legal descriptions for real estate is: Correct Answer: metes and bounds The appraisal standards and qualification criteria promulgated by the boards of The Appraisal Foundation achieves legal authority by adoption, citation or implementation by Correct Answer: government agencies Which valuation approach relies most heavily on the principle of substitution? Correct Answer: sales comparison An appraisal is best described as Correct Answer: an opinion of value A client asks an appraiser to omit the client's identity from the appraisal report. What can the appraiser do? Correct Answer: omit the client's identity from the report but identify the client in the workfile Which entity is responsible for monitoring state appraiser licensing and certification agencies? Correct Answer: The Appraisal Subcommittee The general rule of contracting with minors is that a contract with a minor is Correct Answer: voidable at the minor's option "The interaction of buyers and sellers who trade long-term or intermediate-term money instruments" is the definition of the _____________ market. Correct Answer: capital "The party or parties who engage, by employment or contract, an appraiser in a specific assignment" is the definition of Correct Answer: client A circle contains _______ degrees. Correct Answer: 360 Can an offer may never be revoked once delivered to the offeree? Correct Answer: No Rules about Revoking an offer Correct Answer: 1. Can be revoked at any time prior to communication of the acceptance of the offer. 2. Can be revoked by the maker of the offer, by giving notice of revocation to the person to whom the offer was made. 3. Can be revoked by the lapse of time set forth in the offer. Supply and demand move in a(n) ____________ relationship. Correct Answer: inverse "The geographic region from which a majority of demand comes and which the majority of the competition is located" is the definition of Correct Answer: market area The ETHICS RULE of USPAP is the ________ of five Rules in USPAP. Correct Answer: first What type of property ownership is characterized by the purchase of shares of stock in a corporation, which provides a proprietary lease to occupy an apartment unit? Correct Answer: cooperative Under the current education criteria, an applicant for Appraiser Trainee must have completed ___ creditable class hours as specified in the required Core Curriculum Appendix. Correct Answer: 75 In analyzing a real estate purchase contract, you should be able to find all of the following items Correct Answer: sale price legal description date of sale In analyzing a real estate purchase contract, is property taxes included? Correct Answer: Nope Requirement(s) of a valid real estate contract? Correct Answer: consideration in writing and signed lawful objective A homeowner fears the construction of a factory nearby will decrease the value of her property. This illustrates the principle of Correct Answer: externalities Real estate includes what? Correct Answer: trees, Buildings, Land Does Real Estate or real property include property rights? Correct Answer: Real Property The real property market is generally classified as a(n) __________ market. Correct Answer: imperfect In USPAP, the word "Ethics" is defined Correct Answer: Nowhere "The sum of values for a variable in a sample or population divided by the number of items in the sample or population" is the definition of Correct Answer: mean The _____ has oversight authority over state appraisal boards. Correct Answer: ASC How many sf in an acre? Correct Answer: 43560 SF "The right held by the lessee to use and occupy real estate for a stated term and under the conditions specified in the lease" is the definition of Correct Answer: leasehold estate In a particular market, there is a demand for 500 houses per year, and there are currently 1,500 houses for sale. What does this most likely indicate? Correct Answer: there is a three-year supply of homes currently for sale An appraisal is defined as the act or process of developing an ________ of _______. Correct Answer: opinion, value A neighborhood characterized by homogeneous land use, e.g., apartment, commercial, industrial, agricultural" is the definition of Correct Answer: District "A gathering of people for the buying and selling of things" is the definition of Correct Answer: Market The nationally-recognized ethical and performance standards for appraisers are known as Correct Answer: USPAP Which entity is responsible for making periodic changes to USPAP? Correct Answer: Appraisal Standards Board The _______ maintains a national registry of state certified and licensed appraisers who are eligible to perform appraisals in federally related transactions. Correct Answer: Appraisal subcommittee Appraisal subcommittee Correct Answer: maintains a national registry of state certified and licensed appraisers who are eligible to perform appraisals in federally related transactions. The strongest form of deed is the __________ deed. Correct Answer: warranty Unfortunately, with real property, the ______ side of the equation is relatively fixed and slow to change whereas the ______ side of the equation can change quickly. Correct Answer: supply, demand What is NOT a characteristic of land? Correct Answer: Mobility What is a characteristic of land? Correct Answer: unique location durability finite supply An appraiser pays a fee for the procurement of an assignment. Where in the appraisal report does this payment have to be disclosed? Correct Answer: in the certification and transmittal letter where conclusions are stated The principle of supply and demand states that the price of a commodity, good, or service varies __________, but not necessarily _____________, with demand. Correct Answer: directly, proportionately Electronic Data Interchange for transmitting appraisal reports becam