Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Basic Appraisal Procedures > Chapter 2 > Flashcards

Chapter 2 Flashcards

1
Q

Data that relates to the four forces that affect real property values—social, economic, governmental, and environmental forces.

A

General Data

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

This type of data is usually not specific to any particular property but is applicable in many assignments of similar types of properties. Also known as

A

Macro-Level Data

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

General data concerns influences that are a little further ________ from a subject property.

A

Removed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

General data tends to influence all properties in an area ________

A

Equally

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

_______ interest rates or ________rates would tend to have an equal impact on properties in a region or market area. They are important in driving trends in general; however, when comparing two nearby properties the effects tend to cancel out as they have _______ influence.

A

Mortgage; unemployment; equal

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

The four main categories of external influences

A

social, economic, governmental, and environmental

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

______and more _______ influences exert the greatest pressure relating to the hierarchy of external forces

A

Closer; proximate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Details about the property being appraised, comparable sale and rental properties, and relevant local market characteristics.

A

Specific Data

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

______ _____ is more direct and applies specifically to the subject of your appraisal assignment.

A

Specific Data

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Sources of general data will vary from ____ to _____

A

area to area

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

_______ data sources are found on all levels of _______: national, state, county, and local.

A

government; government

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

This site is the portal to more than 200 federal agencies. If you want information but you’re not sure where to find it - this is a good starting point. For example, you could enter the phrase “inflation” in the search box at the top and be directed to the appropriate federal government web sites that would have information on that topic.

A

www.usa.gov

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

This website provides information used to analyze the economy.
They do provide statistics and analysis on an international, national and regional basis.

A

Bureau of Economic Analysis

www.bea.gov

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Website for the department of housing and urban development

A

www.HUD.gov

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

This is a website portal that can take you to information provided by over 100 federal agencies.

A

Fed Stats

https://nces.ed.gov/FCSM/index.asp

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

This trade association does extensive research on current construction trends and figures.

A

National Association of Homebuilders (NAHB)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

a trade association for real estate agents and brokers who subscribe to a code of ethics. They have timely information on governmental activities, technology, and consumer preferences.

A

National Association of Realtors

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

There are more that ___ professional appraisal organizations. These also cater primarily to their own _______, but do offer some limited reports and information free on their websites. Of course, this information is intended strictly for the _______community. They offer guidance for appraisers.

A

10; members; appraisal

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

The largest of the professional appraisal organizations

A

The Appraisal Institute

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

A great resource for information concerning construction trends. They keep track of building starts in all areas.

A

National Association of Homebuilders

NAHB

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

An independent subsidiary of NAHB that does research and provides lots of information on cutting-edge building materials, including sustainable (i.e., “green”) building materials and methods.

A

Home Innovation Research Labs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Offers rotating topics daily about realtors

A

Realtor.org

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Local ______ _______ can also be fruitful information sources. They are constantly studying trends in local market areas.
They are vitally interested in future growth trends. Their livelihood and profitability depend on it. They want to know:
-Are populations growing or shrinking?
-At what rates?
-What will the population be in two years? Five years? Ten years?

A

Utility Companies

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

______ ______are just as desirous of ascertaining future trends as utility companies. They need to project future student populations.
If they project 7,500 new residents in the next five years and 12% of them will be school age children, they know they will need more space.

A

School Districts

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Many _________ conduct studies on a regular basis. Part of this might be as a learning process for students in various disciplines such as economics, urban planning or government studies.

A

universities

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Every state has a ________ _ ___________. They study traffic patterns and are again involved with trying to predict patterns for the future. Where will the growth be for residences, commercial, and industrial properties?

A

Department of Transportation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

These agencies are on a regional level and some are on a county or local governmental basis. members may be appointed to a planning board or planning commission. They may meet on a regular or irregular basis. They have to likewise plan for the future and the future good of the community.

A

Planning Agencies

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

The ostensible purpose of this organization is to provide information about a locale. They may be a _______ __ ________ for a town, village, county, region, or state.

A

Chamber of Commerce

29
Q

This service provides the best source of information on residential real estate sales. Virtually all of these systems are internet-based. In many cases their data is updated in real time. As such, it is possible to perform very fast computerized searches according to specified parameters.

A

Multiple Listing Services (MLS)

30
Q

Many of these systems also routinely print monthly or quarterly and annual surveys that provide median or average sales prices for various types of properties. Also it is possible to obtain information concerning marketing times, seller concessions, and/or sale price trends.

A

Multiple Listing Services

MLS

31
Q

Even though appraisers can gain access to this information (typically for a fee), appraisers are not the primary intended users of ____. This information and data is generally formatted in a manner that is more useful for real estate agents and brokers.

A

Multiple Listing Services

MLS

32
Q

Which influences typically exert the greatest pressure on property values?

local influences
national influences
international influences
all influences are equal

A

Local Influences

33
Q

When completing an appraisal assignment, comparable sales information that the appraiser gathers would be considered _________ data.

secondary
general
specific
economic

A

Specific

34
Q

True or False: Government data sources for general data are found on a national level only.

A

False

35
Q

Information on employment and unemployment trends in an area would be considered

general data
specific data
governmental data
unimportant when appraising a single-family residence

A

General Data

36
Q

________ ____ is collected to key in on one particular property and see what value creating forces are at play. We need to examine our subject property and see what makes it tick. What about its particular lot, buildings, location, etc.?

A

Specific Data

37
Q

One of the prime sources of specific data about a property is the _____.

A

Deed

38
Q

A deed will provide you with:

A 
The legal description of the property
The owners of record
Easements of record
Deed restrictions
Chain of title (when the property was purchased and from whom)
39
Q

______ will be filed at the appropriate municipal office. Typically, it’s the county courthouse. You can always go there and obtain a copy; however more and more county deed records are being made available on line, which may save you time and effort. In many cases, you will be able to view and print out a copy of the subject property deed without leaving your desk.

A

Deeds

40
Q

It is common in appraisal reports to include a ___ that shows the location of the subject property and the comparable sales. You can photocopy a section from a highway map or utilize various internet-based ______ services.

A

map; mapping

41
Q

________ maps may be employed when appraising vacant land or when the topography of the property is of particular concern.

A

Topographic

42
Q

Here is where we can get topographic maps of any location in all 50 states.

A

Topozone

www.trails.com

43
Q

Each municipality has ____ maps. These are prepared and maintained by the assessor’s office. In some locations, these maps are organized on a county level.
They show each individual ___ parcel on a map.

A

tax; tax

44
Q

______ maps are prepared by the Federal Emergency Management Agency (FEMA). They detail areas that are prone to periodic flooding.

A

Flood

45
Q

If a property lies in a ______ _____ ________ ____ (____) as designated by FEMA, the property cannot be mortgaged unless the property owner procures flood insurance. When an appraisal is done, the appraiser is usually asked to state whether or not the subject property, or any part of it, lies in a ______ _____ ______ ____

A

Special Flood Hazard Area (SFHA); Special Flood Hazard Area

46
Q

FEMA maps are vague in some areas, and sometimes it is hard to determine whether a property is in or out of a _____ zone, even after looking at the map.

A

flood

47
Q

Property ________ is part of the necessary research when obtaining specific data about a property.

A

zoning

48
Q

The first step is to locate the property on the map and see which particular ___1___ it is in. The maps typically will have areas carrying designations such as B1 or R-2. Once you know which ____2____ the property is in, then you can read the ____3____ ordinance to discover the requirements and restrictions in that particular __4___.

A
  1. zone
  2. zone
  3. zoning
  4. zone
49
Q

The ______ _______ is the document that details the permitted uses in each zone. It is just as important as the zoning map.

A

Zoning Ordinance

50
Q

The ______1_______also will stipulate the _____2____ lot size for a particular zone. Usually there will be additional details such as minimum setback __3_____. For example, a structure may not be built closer than 15 feet from a side property line and 20 feet from a rear property line. There also may be restrictions on the height of buildings.

A
  1. zoning ordinance
  2. minimum
  3. requirements
51
Q

These can be a valuable sources of general data. They can also be utilized to obtain specific data about a subject property or comparable sales.

A

Multiple Listing Services

52
Q

Drawbacks of Multiple Listing Services

A
  1. Inaccurate/misleading information

2. Concentration on single family residences

53
Q

Which zones are identified by FEMA as Special Flood Hazard Areas?

zones A and D
zones A and V
zones Z and W
zones A, B, and C

A

zones A and V

54
Q

It is important for an appraiser to research and understand what when doing an appraisal?

the zoning map
the zoning ordinance
both the zoning map and the ordinance

A

both the zoning map and the ordinance

55
Q

FEMA stands for

Federated Environmental Marshlands Association
Federal Endangered species Monitoring Agency
Forest, Elevated, or Mountainous Area
Federal Emergency Management Agency

A

Federal Emergency Management Agency

56
Q

In residential mortgage lending appraisals, it is more common for lenders and AMCs to ask for _________ maps to be included in appraisal reports.

road
demographic
aerial
toxic hazard

A

Aerial

57
Q

The zoning of a property is _____________ data.

specific
general
either specific or general
demographic

A

specific

58
Q

Which of these is the best source for traffic count information?

Chamber of Commerce
Department of Energy
Department of Environmental Conservation
Department of Transportation

A

Department of Transportation

59
Q

BEA stands for

Board of Economic Advisors
Bureau of Economy Advisors
British Educational Academics
Bureau of Economic Analysis

A

Bureau of Economic Analysis

60
Q

Comparable sale and rental properties would be considered ________ data.

general
specific
prime
demographic

A

Specific

61
Q

Which would NOT be considered a source for specific data?

title companies
flood maps
U.S. Census Bureau
tax maps

A

U.S. Census Bureau

62
Q

Which would NOT be a possible source of general data?

trade association
university
deed
department of transportation

A

Deed

63
Q

“Data that relates to the four forces that affect real property values—social, economic, governmental, and environmental forces. This type of data is usually not specific to any particular property but is applicable in many assignments of similar types of properties. Also known as macro-level data” is the definition of

market data
specialized data
generalized data
general data

A

General Data

64
Q

The external forces that exert the most pressure are generally at the __________level.

neighborhood
state
national
international

A

Neighborhood

65
Q

Which of these organizations is responsible for preparing flood maps for U.S. communities?

FEMA
HUD
Fannie Mae
NAHB

A

FEMA

66
Q

Local and regional multiple listing services typically concentrate on ____________ properties.

2-4 unit
Commercial
Vacant land
Single unit residential

A

Single Unit Residential

67
Q

The Google web site can give you _________ maps.

street maps only
aerial maps only
underground mining maps only
both street maps and aerial maps

A

Both street maps and aerial maps

68
Q

Who is the primary intended user for MLS information?

appraisers
agents and brokers
buyers and sellers
tax assessing bodies

A

Agents and brokers

69
Q

The largest repository of demographic information in the U.S. is the

Bureau of Labor statistics
Department of Interior
Bureau of Economic Indicators
Census Bureau

A

Census Bureau

Basic Appraisal Procedures (12 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions