PKG: BASIC REAL ESTATE APPRAISAL 8th Edition

All state licensed and certified appraisers must conform to USPAP regardless of the appraisal assignment. Answer: T Answer: T Answer: T The equity residual technique analyzes the cash flow, rather than the net operating income from an investment. Answer: T Answer: T Answer: T Under FIRREA, not every appraisal for a federally related transaction must comply

As a general term, value means the worth, usefulness, or utility of an object. Answer: T Answer: T Answer: T Accrued depreciation can be defined in appraisal terms as the total loss in value from all causes. Answer: T Answer: T Answer: T Tangible property can include both real property and personal property. Answer: T Answer: T Answer: T Sales

The criteria for estimating the highest and best use of land include all the following except a. Most or maximally productive b. Physically possible and legally permissible c. Economically feasible d. The typical use Answer: d Answer: d Answer: d The best test of functional utility in a structure is its a. Usefulness/attractiveness to buyers (users) b. Appeal to the

Land or site value estimates are important only in the appraisal of vacant properties. Answer: F Answer: F Answer: F Allowable deduction from book value is one of the four basic appraisal methods for measuring accrued depreciation. Answer: F Answer: F Answer: F Using "matched pairs" of comparable sales is considered an indirect method of estimating

USPAP requires that prior sales of the subject property be considered when they have occurred a. Within one year for one-to-four family residential b. Within 3 years for all other property c. Within 3 years d. None of the above Answer: c Answer: c Answer: c The cost of a new roof should be considered a a. Variable

To improve the quality of appraising, many professional appraisal groups require members to follow a code of ethics. Such codes typically require the appraiser to a. Have no undisclosed financial interest in the property appraised b. Keep the value conclusion confidential from everyone except the client c. Be able to support the value

The age-life method of estimating accrued depreciation suggests that a. The age of the building depends on its life b. Annual value loss is proportional to the total life expectancy c. All buildings depreciate at the same rate d. Loss in value depends on market studies Answer: b Answer: b Answer: b The net income attributed or

Which of these methods would be used to appraise a single-residential site in a built-up neighborhood where no vacant land sales are found? a. The abstraction method b. The land residual method c. The land development method d. None of the above Answer: a Answer: a Answer: a An appraiser should have no undisclosed financial interest in