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Question 1 of 16
1. Question
Did you watch this section of lecture?
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Question 2 of 16
2. Question
The purpose of appraisal is to estimate value.
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Question 3 of 16
3. Question
Do you understand the many uses of appraisals?
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Question 4 of 16
4. Question
Can a fee for a real estate appraisal be based on a percentage of property value?
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Question 5 of 16
5. Question
The present worth of the future benefits of a property ownership is known as:
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Question 6 of 16
6. Question
What do you call the price someone paid for the property in actual transaction; sales price?
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Question 7 of 16
7. Question
Match the words to their definitions.
Sort elements
- Investment value
- Liquidation value
- Assessed value
- Insurable value
- Loan value
- Going concern value
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Value of property to particular investor with specific investment criteria.
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Assumes property must be sold in limited period of time; without reasonable exposure to market.
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Value set by state taxing authorities for purposes of assessing general real estate taxes.
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Value of property for purposes of reimbursement under insurance policy.
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Value assigned to property for purpose of determining the loan amount.
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Total value of a proven, ongoing business operation.
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Question 8 of 16
8. Question
Demographics, family size and attitudes about education are under which force that effects value?
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Question 9 of 16
9. Question
Did you watch this section of lecture?
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Question 10 of 16
10. Question
The best method for appraising single family homes is which method?
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Question 11 of 16
11. Question
Which factor has the greatest effect on a property’s value?
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Question 12 of 16
12. Question
Match the word to it’s appropriate definition.
Sort elements
- cost approach
- replacement cost
- reproduction cost
- depreciation
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Bases estimate of subject property's value on how much it would cost to build a replacement of improvements.
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cost to build improvements with same utility, using modern materials and construction methods
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Cost to build exact replica of improvements, using identical materials and methods.
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Loss in value due to any cause.
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Question 13 of 16
13. Question
Match the word to it’s appropriate definition.
Sort elements
- Deferred maintenance
- functional obsolescence
- External obsolescence
- effective age
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Physical deterioration that is curable.
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May be curable, depending on cost of modifications
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Never curable, because it's out of property owner's control.
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Reflects how much longer structure is likely to remain effective in it's current use.
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Question 14 of 16
14. Question
Match the word to it’s appropriate definition.
Sort elements
- Income approach
- Potential gross income
- effective gross income
- Net income
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Uses income generated by property to estimate its value to investor
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How much property would rent for in current rental market
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Potential gross income (economic rent) minus vacancy factor.
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Effective gross income minus operating expenses.
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Question 15 of 16
15. Question
Did you watch this section of lecture?
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Question 16 of 16
16. Question
Did you watch this section of lecture?