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Residential Appraiser Site Valuation and Cost Approach Exam - Q & A

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Residential Appraiser Site Valuation and Cost Approach Exam - Q & A Appraisal fees would be included in the _________ costs. Indirect Reproduction cost estimates the cost to construct a building emb... odying all the ____________ of the subject building. deficiencies superadequacies obsolescences all of the above Direct costs would include all of the following EXCEPT Building permits Labor Materials Advertising The most popular cost service among residential appraisers is Marshall & Swift Entrepreneurial incentive comes from _______________. Market Which type of cost estimate eliminates functional obsolescence? Replacement Cost (When replacement cost is used, it eliminates any functional obsolescence that may be present in the structure and replaces it with functional utility that is acceptable in the marketplace today.) A one story house is rectangular and the dimensions are 22' x 60'. How many lineal feet are there? 164 Trees growing on wooded property in a nature preserve would be part of the Land Land includes the surface of the earth and Anything attached to it by nature or mankind The highest and best use of a site as though vacant may be different from the highest and best use of the whole property, as presently improved. True of False? True Which of the following would NOT be considered a site improvement? Curbs and gutters Municipal water Fill Mineral deposits "A description of land that identifies the real estate according to a system established or approved by law; an exact description that enables the real estate to be located and defined" is the definition of Legal Description All areas are platted. True False Which method of legal description is found primarily in along the East Coast? Metes and Bounds In the Government Survey System, each township is divided into ____ sections. 36 How many feet are in a chain? 66 ft How many links are in a chain? 100 A triangular shaped lot contains .65 acres and sold for $37,500. How much did it sell for per square foot? 1.32 Each section contains _____ acres. 640 "In law, the solid surface on the earth, as distinguished from water" is the definition of Land Which unit of measure is the longest? Pole Chain Furlong Rod A map or sketch of an individual property that shows property lines and may include features such as soils, building locations, vegetation, and topography that can also serve as an official legal description is called a? Plot The highest and best use would be the one that would bring the highest value to the site. True False Which statement is true of land rights? They cannot be separated from the land They can be sold but not leased They can be leased but not sold They can be sold or leased A triangular shaped lot contains .65 acres and sold for $37,500. How much did it sell for per square foot? $1.32 Which of the following items would NOT be considered a site improvement? Water rights Site plan Fill Permits Which method of legal description is the earliest? Government Survey Lot and Block Rectangular Survey Metes and Bounds Land is best described as a _____________ element. Physical The most accurate and understandable method of site valuation is the _____________ method. Sales Comparison Which is a true statement regarding adjustments in the sales comparison method? [Show More]

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