BASIC APPRAISAL PROCEDURES FINAL EXAM
2023-2024 ACTUAL EXAM 250 QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) |AGRADE
Any interest in real estate one may have other than the full bundle of
rights. – ANSWER- Partial interest
A listing service whereby local member brokers agreed to share listings
and commissions on property sold jointly – ANSWER- Multiple listing
service
Analyzing the values derived from the different appraisal approaches to
arrive at the final opinion of value. – ANSWER- Reconciliation
The type and extent of research and analysis in an appraisal or appraisal
review assignment – ANSWER- Scope of work
Information that is relevant to the subject property. Two types of
specific data are subject property data and comparable data – ANSWERSpecific data
Data that includes information on the subject property site improvements
- ANSWER- Subject property data
Specific data that includes information about comparable sale properties,
as well as income and cost information – ANSWER- Comparative
purpose data
Professional appraisal standards promulgated by the appraisal
foundation and widely recognized throughout the United States as
accepted standards of appraisal practice – ANSWER- USPAP
The documentation necessary to support the appraiser’s analysis,
opinions, and conclusions – ANSWER- Workfile
Market Analysis, Highest and best use analysis – ANSWER- Data
Analysis
An easement the burdens one piece of land for the benefit of another –
ANSWER- Appurtenant easement
An exception that allows a property owner to legally deviate from
certain building codes or setback requirements – ANSWER- Area
variance
A limit on the number of buildings that maybe constructed within a
given space – ANSWER- Building density
A condition that exists in the real estate market when they’re slightly
more homes available than buyers – ANSWER- Balance
General swings in business, resulting in an expanded and contracting
activity during different phases of the cycle – ANSWER- Business
cycles
A land use the does not comply with the general zoning rules for the
zoning which is located, but is permitted because it benefits the public.
This is also called a special exception – ANSWER- Conditional
- A Contract
- A promise.
- A Guarantee
- A restrictive covenant
Seen in a document such as a deed or a lease. – ANSWER- Covenant
A person who has easement rights on anothers property; either the owner
of a dominant tenement or someone who has an easement in gross –
ANSWER- Dominant Tenant
A property that benefits from an easement – ANSWER- Dominant
Tenement
A right to use some part of another person’s real property for a particular
purpose. An easement is irrevocable and creates an interest in the
property. – ANSWER- Easement
An easement that benefits a person instead of a piece of land; there is a
dominant tenant but no dominant tenement – ANSWER- Easement in
Gross
The dimension across the access side of a parcel of land. When a lot size
is stated, the first number is lot frontage – ANSWER- Frontage
A legal description for land, referencing principal meridians and base
lines designated throughout the country – ANSWER- Government
Survey System
A pre-existing condition allowed to continue under old laws, even
though laws have since been changed – ANSWER- Grandfathered
A middle or inside lot – ANSWER- Inlot
A general pattern of four phases (growth, stability, decline, and
revitalization) which neighborhoods, districts and other market areas go
through – ANSWER- Life Cycles
Exact position of real estate – ANSWER- Location
The legal description that starts at a easily identifiable point of
beginning, that describes the property boundaries in terms of courses and
distances, ultimately returning to the point where started. – ANSWERMetes and bounds system