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In which of the following scenarios is the Cost Approach most applicable and relevant?
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The period of time where a building is competitive in the real estate market is called _______.
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One issue with the Cost Approach is that it can be difficult to estimate ___________.
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The Cost Approach requires _______ and _________ costs.
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Application of the Cost Approach requires that the appraiser identify the type of _______ that is being estimated.
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How many acres are in a 654,987 square foot site?
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How many square feet are in 3.5 acres?
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True or False: Accrued Depreciation is the same as Diminished Utility.
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Which method is most commonly used when estimating land value?
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When utility and other characteristics are equal, the building site with the lowest price will attract the greatest demand. This is the Principle of ____________.
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The use that maximizes site value is called what?
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When selecting comparable sales in valuing land, it should be based on the highest and best use of _________________.
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A temporary use of a property until conditions allow it to be developed into its highest and best use is called __________.
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In developing the Highest and Best Use, what are the last two steps to take?
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Which class of construction is a concrete block warehouse?
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Which class of construction is a metal storage building?
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Requirements for construction methods and types of buildings are set by _________.
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A building that is built just enough to meet minimum code requirements is classified as _________.
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The general classification for a nursing home is _________.
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Which of the following is a Class S building?
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A building constructed to the highest quality with considerable regard to appearance is an example of which answer?
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Standards of performance and construction issues such as fire resistance are established by _____________.
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The total floor area of a residential building, excluding below grade space measured from the exterior walls is called _________________.
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To apply the current construction cost, the appraiser must estimate which of the following for the subject property?
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What type of construction is a wood frame single-family home?
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One of the tests for Highest and Best Use is _____________.
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High rise office buildings are normally considered to be what type of construction?
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The wages and salaries paid during the construction of the building are called _________.
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True or False: Appraisal fees are considered to be hard costs.
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“Equivalent utility” is a term that is used in estimating ___________.
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Constructing an exact replica of a building is ________________ cost.
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In what scenario should an appraiser verify cost service information with a local contractor?
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True or False: Estimates from cost services include financing costs.
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True or False: Estimates from cost services include entrepreneurial profit.
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Which of the choices below is an example of curable functional obsolescence.
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An example of economic external obsolescence is which of the following?
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An example of physical deterioration is __________________.
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The period of time over which a structure may be expected to perform the function for which is designed is its ____________.
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The term that describes the ability of the floor to support movable objects in the building is referred to as ___________.
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__________ is the difference between economic life and remaining economic life of the structure.
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True or False: An example of a long-lived building component are wall studs.
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True or False: An example of a short-lived building component is a water heater.
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Which off the following techniques best describes estimating site value by subtracting the depreciated cost of improvements from the sale price?
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Post and Beam Framing is mostly used in which of the following __________.
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In valuing a site, adjustments are primarily made _____________.
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The Cost Approach is best utilized in which of the following examples.
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Which of the following is the lease expensive foundation option for a ranch style home?
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A waste treatment plant is located directly behind a home. This is an example of _______.
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What term describes joining two or more parcels of land into one?
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True or False: External Obsolescence can be cured.
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A house you are appraising is 30 years old. It's estimated effective age is 20 years. The remaining economic life is 45 years. The estimated total economic life is 65 years.
What is the depreciation using the age-life method?
What is the depreciation using the age-life method?
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Extra land on a site that can be sold off separately from the improvements is called what?
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Which of the following cost estimate methods is the most accurate?
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_______ method establishes a ratio of site value to property value from comparable improved properties, and then utilizes those results to estimate the value of the subject property site?
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True or False: The last step of the Cost Approach is to add the estimated land value to the depreciated cost of the building.
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What is the accrued depreciation of a building that has a total economic life of 55 years, an effective age of 9 years, and a reproduction cost of $ 300,000?
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Which method of estimating 'cost new' is the most detailed?
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If a building has an estimated remaining economic life of 45 years, the appropriate recapture rate will be:
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Worn out flooring is an example of ________.
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Depreciation is caused by which of the following?
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In which approach to value is "Units of Comparison" used?
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True or False: In site analysis, an appraiser needs a deed description to determine if there are zoning issues.
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The number of years since a structure or building was originally built is referred to as:
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You are appraising a home that was built in 1950 but has recently been renovated. Which of the following is true?
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When estimating the value of a site, the most common method is the sales comparison approach.
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In the economic age-life method for estimating depreciation, depreciation from all causes uses the ratio of ______________?
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If the total economic life of a building is 40 years and the current construction cost is $450,000 what is the dollar amount of depreciation if the structure is 3 years old?
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An issue with estimating depreciation by the age-life method is that ________?
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True or False: The age of a property indicated by comparison to other buildings of the same age is called chronological age.
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If the total economic life of a building is 50 years and the current construction cost is $600,000 what is the dollar amount of depreciation if the structure is 10 years old?
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The building has a total economic life of 50 years and a remaining economic life of 15 years. What is the percent of depreciation?
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Spending $50,000 on a kitchen renovation in a market when most kitchen renovations cost $10,000 is an example of ___________________.
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External obsolescence can be classified as _____________.
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When value added does not equal or exceed the cost to cure, the component is
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An apartment property is situated on a busy street. Annual net rental income loss due to location is $9,200. An appropriate capitalization rate is 7%. Building value to total property value is 65%.The previous information is an example of what type of depreciation?
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General and subcontractor overhead is a ______________ cost item.
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According to the principle of _____________, value is created by the expectation of future benefits.
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Zoning regulations state that a site must have 15,000 square feet to develop. The site you are appraising has 35,000 square feet although the extra land can not be sold off due to easements running through the middle of the land. Which term best described the extra land?
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Principle of ___________ states that no prudent person would pay one million dollars when there is another one readily available that has the same use, design and income for five hundred thousand dollars, the lowest price one is preferred
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A 12-year-old building has a remaining economic life of 33 years. What is the indicated percent of depreciation?
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Last week, a 20-year old warehouse sold for $300,000. If built today, this warehouse would cost $500,000. For the purposes of this example, let's assume that the site value is $100,000. What is the indicated average annual depreciation rate?
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A parcel of land measures 1,120 feet x 892 feet. If research indicates that similar land is worth $16,500 per acre, what is the market value of the subject?
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A single family home is located in a neighborhood where the prices range from $125,000 to $150,000. The indicated contribution of site to total value for properties in this range is 20%. What is the lowest site value that one would expect to find in this neighborhood?
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What is the appropriate dollar adjustment for depth?
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What is the appropriate dollar adjustment for water front?
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A property on three acres recently sold for $300,000. It is improved with a 850 square foot home that has an as-is market value of $85.00 per square foot. What is the indicated square foot value of the site?
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What is the percent of value change of a property that sold for $325,000 last year and is worth $400,000 today?
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What is the indicated market value today if a site that sold 11 months ago for $155,000 in a market that is seeing appreciation of 14% per year?
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True or False: Effective age is the total economic life minus the actual age.
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Superadequacy is what type of depreciation?
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