RE CH.16 Flashcards - referring to...The number of years since improv...

RE CH.16 Flashcards When an appraiser uses the phrase "effective age,' he is referring to...The number of years since improvements were made.The age of the property based on its condition.The estimated total life of an improvement.The number of years during which the property will yield a worthwhile return on investment.The age of the property based on its condition The first step in an appraisal is to...compare sell properties.To find the problem.Analyze the neighborhood.Gather data.Defined the problem The gross rent multiplier uses...Sale price and monthly rental rates. Sale price and depreciation.Sale price and budget costs.Sale price, monthly rental rates and fixed cost.Sale price and monthly rental rates The three distinct boards of TAF are...Appraisal qualification board, appraisal standards board, appraisal practice board.Appraisal certification team, temporary certified appraisers, appraisal communications committee.Appraiser, appraiser qualifier, appraiser law.Appraisal brokers, appraisal oversight, and appraisal training.Appraisal qualification board, appraisal standards board, appraisal practice board The decision to convert a two family residential home into a commercial office, housing a real estate firm, and insurance company is an example of what appraisal principal?Plottage increments.Highest and best use.Anticipation.Regression and progression.Highest and best use.External obsolescence in a property is generally...A result of poor maintenance.Due to architectural faults.A type of depreciation that is incurable.Caused by the aging process.A type of depreciation that is incurable Peeling paint on a home is an example of...Inferior Product Selection.Economic ObsolescenceFunctional ObsolescencePhysical Deterioration Physical deterioration Which best describes the principle that a home maintains its highest value by being in a neighborhood with similar type housing?Competition.Highest and best use.Regression and progression. Conformity.Conformity Which principle is the market data approach based on?Conformity.Change.Anticipation.Substitution.Substitution A property valuation provided to the lending institution for distressed properties on the market is a...real estate appraisal.broker's price opinion.short sale analysis.All of the above.Broker's price opinion

Market value is defined by all except...The assumption that the buyer and seller are sufficiently informed.The allowance of a reasonable time for market exposure.The relation to the price for which the property should sell in the open market.The consideration of the price for which the property was last sold The consideration of the price for which the property was last sold