BASIC APPRAISAL PROCEDURES FINAL EXAM -

BASIC APPRAISAL PROCEDURES FINAL EXAM -

CORRECT DETAILED ANSWERS (VERIFIED

ANSWERS) |AGRADE

Any interest in real estate one may have other than the full bundle of rights. - ANSWER- Partial interest

A listing service whereby local member brokers agreed to share listings and commissions on property sold jointly - ANSWER- Multiple listing service

Analyzing the values derived from the different appraisal approaches to arrive at the final opinion of value. - ANSWER- Reconciliation

The type and extent of research and analysis in an appraisal or appraisal review assignment - ANSWER- Scope of work

Information that is relevant to the subject property. Two types of specific data are subject property data and comparable data - ANSWER- Specific data

Data that includes information on the subject property site improvements

• ANSWER- Subject property data

Specific data that includes information about comparable sale properties, as well as income and cost information - ANSWER- Comparative purpose data

Professional appraisal standards promulgated by the appraisal foundation and widely recognized throughout the United States as accepted standards of appraisal practice - ANSWER- USPAP

The documentation necessary to support the appraiser's analysis, opinions, and conclusions - ANSWER- Workfile

Market Analysis, Highest and best use analysis - ANSWER- Data Analysis

An easement the burdens one piece of land for the benefit of another - ANSWER- Appurtenant easement

An exception that allows a property owner to legally deviate from certain building codes or setback requirements - ANSWER- Area variance

A limit on the number of buildings that maybe constructed within a given space - ANSWER- Building density

A condition that exists in the real estate market when they're slightly more homes available than buyers - ANSWER- Balance

General swings in business, resulting in an expanded and contracting activity during different phases of the cycle - ANSWER- Business cycles

A land use the does not comply with the general zoning rules for the zoning which is located, but is permitted because it benefits the public.This is also called a special exception - ANSWER- Conditional

• A Contract
• A promise.
• A Guarantee
• A restrictive covenant

Seen in a document such as a deed or a lease. - ANSWER- Covenant

A person who has easement rights on anothers property; either the owner of a dominant tenement or someone who has an easement in gross - ANSWER- Dominant Tenant

A property that benefits from an easement - ANSWER- Dominant Tenement

A right to use some part of another person's real property for a particular purpose. An easement is irrevocable and creates an interest in the property. - ANSWER- Easement

An easement that benefits a person instead of a piece of land; there is a dominant tenant but no dominant tenement - ANSWER- Easement in Gross

The dimension across the access side of a parcel of land. When a lot size is stated, the first number is lot frontage - ANSWER- Frontage

A legal description for land, referencing principal meridians and base lines designated throughout the country - ANSWER- Government Survey System

A pre-existing condition allowed to continue under old laws, even though laws have since been changed - ANSWER- Grandfathered

A middle or inside lot - ANSWER- Inlot

A general pattern of four phases (growth, stability, decline, and revitalization) which neighborhoods, districts and other market areas go through - ANSWER- Life Cycles

Exact position of real estate - ANSWER- Location

The legal description that starts at a easily identifiable point of beginning, that describes the property boundaries in terms of courses and distances, ultimately returning to the point where started. - ANSWER- Metes and bounds system

• Methods of Adjustments (SCA)

Comparative analysis, Paired data analysis

• types of Assignment Conditions

extraordinary assumption, hypothetical condition

• types of Cost Estimates

Direct cost, Indirect cost

• Types of Roof Framing