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If the land to building ratio is 1:5, then the land is ____________.
Correct!
Wrong!

The major premise behind the _______________ is that the future benefits of the income stream have value in the present time.
Correct!
Wrong!

After conducting a through investigation, the appraiser finds that a legal authority would in fact allow for a change in use. This can ___________________.
Correct!
Wrong!

A local developer is constructing a 3,400 SF commercial building. The cost to construct the building is $152 per square foot. The capitalization rate for the land is 9% and the capitalization rate for the building is 11%. The NOI for the entire property is $66,000 per year.
What is the value of the land using the land residual method?
What is the value of the land using the land residual method?
Correct!
Wrong!

A comparable property sold for $885,000. The replacement cost new (RCN) is an estimated $1,000,000 and the estimated accrued depreciation is 30% as of the date of the sale. What is the estimate of land/site value.
Correct!
Wrong!

Which order should percentage adjustments be made in?
Correct!
Wrong!

The range, variance, and standard deviation are measures of _______.
Correct!
Wrong!

What is the median of the following data set?
$156,$125,$177,$124,$125,$170,$150
$156,$125,$177,$124,$125,$170,$150
Correct!
Wrong!

True or False : The absorption rate refers to the amount of time over which it is estimated that the individual lots will sell.
Correct!
Wrong!

True or False: Referring to the steps in the appraisal process, Scope of Work comes after Management of the Assignment.
Correct!
Wrong!

The difference between the largest and the smallest values in a data set is the ______.
Correct!
Wrong!

The actual age of the improvements is also called the _________________.
Correct!
Wrong!

What is the first step in the appraisal process?
Correct!
Wrong!

An example of roof style is _______________.
Correct!
Wrong!

A local developer is constructing a 3,400 SF commercial building. The cost to construct the building is $152 per square foot. The capitalization rate for the land is 9% and the capitalization rate for the building is 11%. The NOI for the entire property is $66,000 per year.
What is the land income?
What is the land income?
Correct!
Wrong!

At the time of construction, the cost index was 146 and the total construction costs for the subject property were $155,000. Calculate the estimated cost of the subject if the current index is 275.
Correct!
Wrong!

In which of the following land value techniques is the gross sale price estimated and costs (such as construction, management, or developer’s profit) deducted to arrive at a net income.
This net income is then discounted to a present value estimate for the underlying land.
This net income is then discounted to a present value estimate for the underlying land.
Correct!
Wrong!

Examples of __________ costs are architectural, engineering, financing, and legal fees, and other pre and postconstruction expenses.
Correct!
Wrong!

The formula for income capitalization is _____________.
Correct!
Wrong!

True or False: Reproduction Cost is the cost of constructing new the existing building at today's construction standard using today's materials.
Correct!
Wrong!

The highest and best use analysis as if improved helps with the property management function of deciding among the following:
Correct!
Wrong!

A local developer is constructing a 3,400 SF commercial building. The cost to construct the building is $152 per square foot. The capitalization rate for the land is 9% and the capitalization rate for the building is 11%. The NOI for the entire property is $66,000 per year.
What is the building income?
What is the building income?
Correct!
Wrong!

Adjustments are always made to the _______________.
Correct!
Wrong!

True or False: The Modified Economic Age/Life Method breaks down the component parts of the structure into two categories and measures physical deterioration for each category separately. The two categories are Curable Physical Deterioration and Incurable Physical Deterioration.
Correct!
Wrong!

If the cost new is $300,000 and the expected life is estimated as 60 years, what is the annual amount of depreciation using the straightline method?
Correct!
Wrong!

Data that relates directly to the subject property is known as ________.
Correct!
Wrong!

The four tests for highest and best use are/are not required to be completed in sequential order.
Correct!
Wrong!

True or False : A market analysis is always separate from an appraisal.
Correct!
Wrong!

Similar to the Ground Rent Capitalization technique, this method converts the allocated portion of a property’s income that is attributable to the land, and again divides it by a land capitalization rate that is market derived.
What is the name of this technique?
What is the name of this technique?
Correct!
Wrong!

What site value technique(s) use the IRV formula?
Correct!
Wrong!

Data that is collected firsthand is known as _________.
Correct!
Wrong!

What is the range of the following set?
{66,55,77,66,52,80}
{66,55,77,66,52,80}
Correct!
Wrong!

The overall goal of the appraisal process is to produce ____________.
Correct!
Wrong!

_____________________ is realized when the improved property sells.
Correct!
Wrong!

The formula for the gross income multiplier is ________________.
Correct!
Wrong!

When there is a loss in value due to poor layout, the property is said to suffer from _______________.
Correct!
Wrong!

Race and religion are considered
Correct!
Wrong!

The principal amount of plus any accrued interest is the ________.
Correct!
Wrong!

A unit of comparison is calculated by which of the following formulas?
Correct!
Wrong!

The present value of $1 factor is also referred to as the _____ factor.
Correct!
Wrong!

Performing compounding and discounting calculations involves the variable of _______.
Correct!
Wrong!

Ten acres of raw land is to be subdivided into 15 residential lots. The total project cost including developer's profit is $175,000 per lot. The appraiser estimates the lots will sell for $250,000 each. Without discounting, what is the theoretical value of the raw land?
Correct!
Wrong!

A(n) __________ focuses on the profitability of a specific project.
Correct!
Wrong!

What is the order of the Highest and Best Use analysis?
Correct!
Wrong!

The amount of income produced by a piece of property, plus miscellaneous income, less vacancy costs and collection losses is called ___________.
Correct!
Wrong!

True or False: Replacement Cost is the cost of reproducing an exact duplicate of the existing building using the exact materials and the construction standards of the original improvement.
Correct!
Wrong!

The Cost Approach includes _____________________.
Correct!
Wrong!

If a ground lease generates an annual net income of $25,000 and the market shows a capitalization rate of 10%, the value of the IRV formula is _______.
Correct!
Wrong!

Generally, _________________ consist of making either percentage or dollar adjustments to account for the differences between the subject and the comparable sales.
Correct!
Wrong!

Extreme values in a data set are known as _____________.
Correct!
Wrong!
