Exam 9: Real Estate Appraisal

While making a rule of thumb appraisal of an apartment building, a broker estimated the price to be 10 times gross annual income. The broker is using a:

Licensed by the Office of Real Estate Appraisers to do only non-complex 1-4 residential property appraisals:

Accrued depreciation is used in what appraisal technique?

Real estate appraisers are needed to:

The acronym OREA stands for:

A loss in value because of a poor floor plan is an example of:

A loan made by a lender who intends to keep the loan until paid is a:

The most important consideration in an appraisal is the:

Capitalization is a process of:

In evaluating a house that has an actual age of 15 years, the appraiser assigned it an age of only 10 years because of the home's excellent condition. This is an example of:

Which government program carries a prepayment penalty if the loan is paid off in less than 5 years?

In a small country town, an appraiser was asked to place a value on the Town Hall. It was a beautiful building with unique Roman architecture. Which approach would the appraiser most likely emphasize?

Find the value by use of the income approach. (round to the nearest $100) 1) an older three-unit apartment rents for $1,000 per month per unit 2) vacancy factor of 5% 3) annual operating expenses $10,000 4) capitalization rate of 8%

Real estate loan payments and income tax depreciation deductions are not considered operating expenses.

The essentials of value include all of the following, except:

In the cost approach, the most difficult item to measure accurately is:

A secondary mortgage market is where:

All things being equal, the higher the cap rate, the:

With a gross monthly multiplier of 150, a duplex that rents one unit for $575 per month and the other for $625 should have an estimated value of:

The floor in the kitchen has a slight slope. The cost to fix it is estimated to be $20,000 and the value a level floor will add to the $350,000 home is projected to be $10,000. This is an example of: