The "price" of money is
an interest rate
The public restriction on property rights that allows the government to place a lien on a property is
taxation
The area associated with a subject property that contains its direct competition" is the definition of
market area
A drainage easement is an example of a(n)
negative easement
The appraisal standards and qualification criteria that are published by The Appraisal Foundation achieve legal authority by adoption, citation or implementation by
government agencies with the power to regulate or administrate
When estimating the value of a fireplace in a single-family home, the most important principle is the principle of
contribution
_________ is a computerized mapping system for encoding, retrieving, analyzing and presenting geographic or spatial data.
GIS
Which entity is responsible for monitoring state appraiser licensing and certification agencies?
the Appraisal Subcommittee
For real property, a personal, unassignable, and typically revocable privilege or permit to perform some activity on the land of another without obtaining an interest in the property" is the definition of
license
The current number of appraisal education hours required for Certified General Appraiser applicants is ______ hours.
300
Your house is valued at $186,000. You want to insure it for 80% of value. Insurance will cost $6.00 per thousand per year. How much will your insurance cost per month?
$48.90
$74.40
A rectangular property measures 320 feet by 574.45 feet, and it sold for $263,750. How much did it sell for per acre?
$62,500
How is the Appraisal Subcommittee funded?
through a National Registry fee charged to each appraiser
Public limitations on private property rights include all of the following EXCEPT
CC&Rs
taxation
eminent domain
escheat
CC&Rs
A rancher owns six full sections plus three quarter sections. How many acres is that?
4,320
Low interest rates encourage __________, while high interest rates encourage _________.
borrowing, saving
Which system of legal descriptions uses townships?
rectangular survey
The total dollar expenditure to develop an improvement" is the definition of
price
value
production cost
cost
cost
The most prominent federal agency in the environmental arena is
EPA
Which is NOT a characteristic of tenancy in common?
there is a right of survivorship
The four agents of production are land, ________, capital, and _____________.
labor, entrepreneurial coordination
A right or interest in property" is a(n)
estate
Who retains final authority over revisions to USPAP?
the Appraisal Standards Board
You want to buy a house for $216,500. You can get a loan for 90% of value. You will also have to pay 1.5 points on the loan. How much will you have to put down at the closing?
$24,572.75
Which is NOT a partial estate?
life estate
leased fee estate
fee simple estate
leasehold estate
fee simple estate
Which is NOT true concerning the highest and best use of land as though vacant
this analysis can only be applied if there are no existing improvements
The right of government that gives the state titular ownership of a property when its owner dies without a will or any ascertainable heirs is called
escheat
Police power would include all of the following EXCEPT
taxation
All of the following would be considered to be economic influences on value EXCEPT
interest rates
zoning
unemployment rates
Consumer Price Index
zoning
The AQB and the ASB were created for the express purpose of promoting and maintaining a high level of ____________
public consciousness
education for appraisers
public trust
professionalism
public trust
Which statement is TRUE?
Price and value are always the same.
Price and cost have the same definition.
Price and value can be the same in some situations.
Cost and value mean the same thing.
Price and value can be the same in some situations.
Short term money instruments are traded on the
money market
An agreement of parties to a contract to substitute a new contract for the old one is called
novation
Two years ago, you bought a property for $264,500. Values increased in that area by 5% the first year and 7% the second year. How much is your property worth today?
$297,166
In residential properties, which would NOT be a factor in demand analysis?
population trends
standing stock
wage levels
mortgage information
standing stock
A facade easement is a type of_______________ easement.
drainage
historic preservation
conservation
affirmative
historic preservation
Which entity is responsible for making periodic changes to USPAP?
Appraisal Standards Board
Appraiser Qualifications Board
Appraisal Practices Board
Appraisal Subcommittee
Appraisal Standards Board
The ETHICS RULE of USPAP is the ________ of five Rules.
fifth
third
first
second
first
A chain contains 100 links, which measures _______ feet.
66
Which of the following would NOT be considered a negative easement?
access right of way
conservation easement
drainage easement
historic preservation easement
access right of way
The federal financial institutions regulatory agencies directly involved in fair lending include all of the following EXCEPT
ASB
FDIC
OCC
FRB
ASB
The first appraiser organizations were formed in the
1930s
Real estate includes all of the following EXCEPT
land
buildings
property rights
trees
property rights
A deed that conveys to the grantee title to the property free and clear of all encumbrances, except those specifically set forth in the document" is the definition of a _______________ deed.
bargain and sale
warranty
tax
quitclaim
warranty
The ______ publishes "other information" in the form of Advisory Opinions and USPAP FAQs.
AQB
Appraisal Subcommittee
ASB
Board of Trustee
ASB
A lease that provides for specified changes in the amount of rent at one or more points during the lease term" is called a(n) ____________ lease.
percentage
graduated rental
net
gross
graduated rental
The amount stated in a deed is called the
bargain and sale
fee
consideration
tender
consideration
A freehold (ownership interest) where the possessory interest has been granted to another party by creation of a contractual landlord-tenant relationship " is the definition of
mortgagor interest
life estate
leased fee interest
leasehold interest
leased fee interest
A property is owned as tenancy in severalty. How many owners are there?
1
2
3
1
A leasehold interest belongs to the
mortgagor
mortgagee
tenant
landlord
tenant
The government uses the process of condemnation to carry out its power of
escheat
taxation
police power
eminent domain
eminent domain
Which is NOT a requirement of a valid real estate contract?
consideration
in writing and signed
description of the parties
lawful objective
description of the parties
The four components of the Appraiser Qualification Criteria are:
qualifying education, examination, experience, continuing education
Which valuation approach relies most heavily on the principle of substitution?
cost
income
sales comparison
gross rent multiplier
sales comparison
USPAP defines _________ as the amount asked, offered, or paid for a property.
value
price
cost
market value
price
Under the current education criteria, an applicant for Appraiser Trainee must have completed ___ creditable hours of experience.
0