Chapter 16 - Product Knowledge

Question 1

What is a corner lot?

Answer 1

Bounded with streets on two sides

Question 2

What is an interior lot?

Answer 2

Bounded on each side by another lot

Question 3

What is a T-intersection lot?

Answer 3

Interior lots that suffer from their location at the end of a T intersection

Question 4

What is a cul-de-sac lot?

Answer 4

Occurs when a street is open at one end only and it has a circular turn-around at the other end

Question 5

What is a flag lot?

Answer 5

Lots with a long access road or driveway back to the main part of the lot

Question 6

What are key lots?

Answer 6

Lots that are generally long skinny lots similar to the shaft of a key that are often bounded by as many as five or six lots

Question 7

What is a pier?

Answer 7

Column of masonry; four or more piers are used to support a structure
They lift the structure above ground level to allow a crawl space below the surface

Question 8

What is slab-on-grade?

Answer 8

Involves pouring a concrete slab directly on the ground; the slab is reinforced with steel mesh, and the ground is covered with a plastic, waterproof vapor barrier

Question 9

What is a platform?

Answer 9

Each floor is built separately, with the first floor providing a work platform for the structure above

Question 10

What is balloon construction?

Answer 10

The studs extend continuously to the ceiling of the second floor, providing a smooth unbroken wall surface at each floor level

Question 11

What is post-and-beam?

Answer 11

Sturdy posts support beams that are spaced up to eight feet apart and covered with 2-inch planks that serve to form the floor, ceiling, and roof deck

Question 12

What is the pitch of the roof?

Answer 12

Its slope

Question 13

What are the roof styles?

Answer 13

Gable
Hip
Saltbox
Shed
Flat
Gambrel
Mansard

Question 14

What are gable roofs?

Answer 14

Use a single truss design

Peak at center ridge and extend downward on two opposite sides

Question 15

What are hip roofs?

Answer 15

Peak at the center ridge but extend downward on four opposite sides

Question 16

What are saltbox roofs?

Answer 16

Characterized by what appears to be a gable roof that then slopes steeply on one side

Question 17

What are shed roofs?

Answer 17

Consist of a single steep plane

Question 18

What are flat roofs?

Answer 18

Commonly referred to as built-up roofs because of the way they are constructed in layers of tar and gravel

Question 19

What are gambrel roofs?

Answer 19

Characterized by the American barn style of roof

Question 20

What are mansard roofs?

Answer 20

The shingles come down the walls of the top floor

Question 21

Years ago, voltage entering houses was rated at ______ and _____ volts.

Answer 21

110 and 220 volts

Question 22

What has the voltage entering houses been increased to?

Answer 22

120 and 240 volts

Question 23

What is the purpose of a cold water main?

Answer 23

Carries water to the water heater and to all cold-water-using fixtures

Question 24

Mechanical components include:

Answer 24

Air cooling and heating systems

Question 25

What is the most common type of heat distribution system?

Answer 25

A ducted system (distributes warm air through ducts to each room of the house)

Question 26

What are air-conditioning systems rated in?

Answer 26

BTUs or tons

Question 27

_______ BTUs are equivalent to a one-ton capacity.

Answer 27

12,000 BTUs

Question 28

The efficiency of electric air-conditioning systems is measured by a:

Answer 28

Seasonal Energy Efficiency Ratio (SEER)

Question 29

What is the national minimum standards for central air conditioners?

Answer 29

SEER of 13

Question 30

The higher the SEER rating:

Answer 30

The more energy efficient the equipment

Question 31

What are the styles of windows?

Answer 31

``` Fixed Awning Casement Jalousie Sliding Hopper Center pivot Double or single-hung ```

Question 32

What are fixed windows?

Answer 32

Also called picture windows; they do not open; have sealed edges

Question 33

What are awning windows?

Answer 33

Typically fixed at the top and tilt out with the aid of a crank to provide ventilation but have a limited open space

Question 34

What are casement windows?

Answer 34

Consist of one or more sashes hinged at the side like a door, swinging horizontally out or in, usually with the aid of a crank

Question 35

What are jalousie windows?

Answer 35

Glass louvers that overlap one another from the panes; operated with a crank or turn-screw, the glass louvers tilt to open, permitting airflow

Question 36

What are sliding windows?

Answer 36

Horizontal sliding windows move back and forth on tracks; usually only one of the sashes moves and the other is fixed

Question 37

What are hopper windows?

Answer 37

Hinged at the bottom and opens into the room

Question 38

What are center pivot windows?

Answer 38

Window pivots from a point at the center of the frame

Question 39

What are double-hung windows?

Answer 39

Open by sliding the bottom half of the window up or sliding the top half down

Question 40

What are single-hung windows?

Answer 40

Similar to double-hung, but only the lower sash is movable

Question 41

A type of foundation that is used in low-lying coastal areas is called:

Answer 41

Pier foundation

Question 42

A type of frame construction that allows for large spans between supporting side walls is:

Answer 42

Post-and-beam construction

Question 43

If you were to build a commercial structure and because of limited ground space wanted to install the mechanical equipment on the roof, which roof design would be most appropriate?

Answer 43

Flat

Question 44

In areas near water in kitchens and bathrooms, building codes require special electrical outlets referred to as:

Answer 44

Ground-fault-interrupters

Question 45

You want to replace a ceiling fan and have removed the old fixture. The wiring to the old fixture consists of three wires: a black wire, a white wire, and a green wire. Which wire is the ground wire?

Answer 45

Green

Question 46

The pipe that carries water to the hot water heater is referred to as a:

Answer 46

Cold water main

Question 47

The purpose of a U-shaped trap under a kitchen sink is to:

Answer 47

Prevent combustible gases from entering the home

Question 48

An electrical cable stamped with the words "6/2 with ground" is most appropriate for wiring to a:

Answer 48

Window air conditioner

Question 49

You are interested in adding roof installation to your home to reduce your monthly electrical bill. Which government agency establishes minimum recommended R-values specific to your local area?

Answer 49

Department of Energy

Question 50

You are walking through a seller's contemporary-design home. There are windows set high into a loft area, that are not designed to be opened. They function simply to bring light into the loft. What window type does this describe?

Answer 50

Fixed

Question 51

Which type of lot provides an open view down the street but may also suffer from vehicular headlights shining into the windows?

Answer 51

T-intersection

Question 52

Which type of lot is bounded by five or six other lots?

Answer 52

Key

Question 53

What is the income approach?

Answer 53

``` "Pick Violets Every Other Night" P - V = E E - O = N Potential Gross Income Vacancy and Collection Losses Effective Gross Income Operating Expenses Net Operating Income ```

Question 54

The first step in an appraisal is:

Answer 54

Define the problem

Question 55

What are the assumptions of market value?

Answer 55

The seller can provide a marketable title Both buyer and seller are well informed and not related to each other Neither buyer or seller aer under duress, menace or undue influence Market value refers to a specific date The property is on the open market and exposed for a reasonable time The terms are cash or its equivalent

Question 56

The decision to convert a two-family residential home into a commercial office, housing a real estate firm, and an insurance company is an example of what appraisal principle?

Answer 56

Highest and best use

Question 57

What best describes the principle that a home maintains its highest value by being in a neighborhood with similar-type housing?

Answer 57

Conformity

Question 58

What principle is the market data approach based on?

Answer 58

Substitution

Question 59

External obsolescence in a property is generally:

Answer 59

A type of depreciation that is incurable

Question 60

When an appraiser uses the phrase "effective age", he is referring to:

Answer 60

The age of the property based on its condition

Question 61

A man owns a building with six apartments. Three of the 6 apartments net him $200 per month, and the other three net him $150 per month. For what amount should he sell the building to net the same profit if he invests his money in a 9% savings account?

Answer 61

``` $140,000 3 x 200 = 600 x 12 = 7,200 3 x 150 = 450 x 12 = 5,400 7,200 + 5,400 = 12,600 12,600 / .09 = 140,000 ```

Question 62

The gross rent multiplier uses:

Answer 62

Sale price and monthly rental rates

Question 63

Peeling paint on a home is an example of:

Answer 63

Physical deterioration

Question 64

The three distinct boards of TAF are:

Answer 64

Appraisal Qualification Board Appraisal Standards Board Appraisal Practices Board