Report Writing Flashcards by Veronika Dvorak

A partially enclosed body of water where saltwater from the sea mixes with freshwater is a(n)
Wetlands
Flood Plain
Marsh
Estuary

Estuary

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According to USPAP, an appraisal report can be delivered:
Orally only
Written only
Either orally or written
Noe above

Either orally or written

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According to USPAP, whie following items can simply be stated in an Appraisal Report?
The appraiser’s name, any extraordinary assumptions, and a property sales history
The real property interest appraised, the effective date of the appraisal, the type of appraisal report
summae information analyzed, the appraisal methods and techniques employed, and the reasoning that supports the analyses
The scork, the problem to be solved, and any hypothetical conditions

The real property interest appraised, the effective dae appraisal, the typraisal report

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An appraiser is appraising a 3-unit residential property for a Fannie Mae lender. Which form should he use to report the result of this appraisal?
1004
1073
1025
Either 1004 or 1025

1025

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An appraiser receives an appraisal assignment from a lending institution, to be reported using the URAR form. The appraiser determines that the Cost Approach is necessary for the productiedible results. What should she do?
Not develop the Cost Approach because the form does not require it
Obtain the client’s permission to not develop the Cost Approach
Develop the Cost Approach and put it in the report
Develop the Cost approach but omit it from the report

Develop the Cost Approach and put it in the report

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Applying ?best practice?, where should a table of contents appear in an Appraisal Report?
In the scope of work section
After the transmittal letter
It is not necessary to have a table of contents
As an addendum to the report

After the transmittal letter

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As part of your ur appraisal scope of work rk, you decided not to perform certain research or take actions that you felt inappropriate, but that may be expected by an intended user. Where would you explain that in your narrative report?
In the scope of work
In the general assumptions and limiting conditions
In the economic analysis
In the transmittal letter

In the scope of work

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At a macro level, why should you always identify and describe the location and type of hospitals and medical centers in an area?
Because there are so few hospitals nationwide, many people fly in from other area of the e country to obtain medical care
Because that is a major consideration to mini-storage center tenants
Because that is an important consideration to industrial manufacturing buildings
Because no matter what type of property you are appraising residents, employers, non-resident employees, tenants and visitors will always be concerned about proximity to and availabilidical care

Because no matter what tyoperty you are appraising residents, employers, non-resident employees, tenants and visitors will always be concerned about proximity to and availabilidical care

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Before sending the Appraisal Report to the intended user, why should you always check the tabntents?
To make sure that you included one
To make sure that it reflects the inclusineral assumptions and limiting conditions
To avoid be accuseparing a careless appraisal report
To see that it is accurate and that you have placed the appraisal report pages in the correct order

To see that it is accurate and that you have placed the appraisal report pages in the correct order

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Before writing your conclusion about the present or future growth or decline of area, which of the following is a good question to ask yourself?
Will the area’s growth stop momentarily or continue into the foreseeable future?
Will the area’s tax rate increase or decrease?
Will the local professional sports team ever win a championship and financially benefit the area?
What impact will the next presidential election have on the community?

Will the area?s growth stop momentarily or continue into the foreseeable future?

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Communities are often influenced by the cities, counties or other communities they are near. When should such proximity be included in a location and surroundings section ?
Whenever it exists
When the nearby community includes comparable properties
When such proximity beneficially or adversely impacts the community in which the subject is located
When the nearby community is run by the same political party as the community in which the subject is located.

When such proximity beneficially or adversely impacts the community in which the subject is located

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Functional obsolescence is the impairment of functional capacity of improvements according to market _______________.
expectations
trends
tastes and standards.
value

tastes and standards.

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Geographic information systems (GIS) employ:
Layeformation
Topography simulations
3-D photography
Drones

Layeformation

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How is the access to the balcony or patio ar apartment typically provided?
Through a closet-like door off either the living room, den, dining room or bedroom
By sliding glass doors off either the living room, den, dining room or bedroom.
By climbing a ladder from the interior courtyard
Through a large, operable window off either the living room, den, dining room or bedroom

By sliding glass doors off either the living room, den, dining room or bedroom.

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How would you explain how the appraiser obtained a market-derived cap rate?
That the appraiser derived the cap rate from information obtained from recent appraised of other properties in the marketplace
That the appraiser derived the cap rate from opinions obtained from speaking with other appraisers and industry participants active in the current marketplace
That the appraiser derived the cap rate from information obtained from recent sales in the marketplace
That the appraiser derived the cap rate after speaking with local tax assessor and ascertaining what they are currently using in the marketplace

That the appraiser derived the cap rate from information obtained from recent sales in the marketplace

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If a site is located in a flood zone X how would you summarize that?
As outside the 500 years flood zone, an arnimal flooding and no concern
As an arbstantial flooding
As an area within the 100 year flood zone
As an area that requires flood insurance

As outside the 500 years flood zone, an arnimal flooding and no concern

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If Chinese drywall exists in a building why should it be summarized?
Because it was imported and implies a higher quality than American manufactured drywall
Because it is more sturdy and durable than American manufactured drywall
Because it can be glued to studs as opposed to being nailed or screwed
Because it has been known to pose a serious environmental concern and cost to remove and replace

Because it has been known to pose a serious environmental concern and cost to remove and replace

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If public water and sewer is not currently available to the site, what should an appraiser investigate and (if appropriate) summarize?
If public water and sewer will ever be available in the near future
If the community has a municipal utilities authority or similar agency
The coch public water and sewer
The qualie drinking water that is supplied by the local water company

If public water and sewer will ever be available in the near future

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If within the location and surroundings section you explain that the subject property provides a shuttle service to connect with public transportation or to something else, where else will such service also need to be addressed in the Appraisal Report?
In the Cost Approach
In the Sales Comparison Approach
In the Income Approach
It does not need to be addressed anywhere else

In the Income Approach

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If you are explaining that parking income is included as additional income, what else is it prudent for an appraiser to investigate and discuss, in addition to stating the income from parking?
Establish its durability by reviewing the past 10 year?s history, verified by tax returns
Conduct a survat other developments or nearby public parking garages charge for parking and discuss if the subject?s charges are above, below or in line with the competition
Ascertain if the spaces are leased daily, monthly , semi-annually or annually and if the leases are guaranteed
Ascertain the numbaces and the current and historic applicable vacancy factor

Conduct a survat other developments or nearby public parking garages charge for parking and discuss if the subject?s charges are above, below or in line with the competition

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If you are writing a location and surroundings section using the techniqscribing the macro area, micro area and immediate vicinity, which should you describe objectively and from a ?high elevation”?
The immediate vicinity
Turn-by-turn directions from the subject property to the county courthouse
The macro area
The histoe area back to 1800

The macro area

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If you have been advised by your client to appraise the property as if it is free and cley environmental concerns because, such concerns are unknown at the tie appraisal, what must you summarize and provide in the appraisal report?
A disclaimer in your general assumptions and limiting conditions that you are not an environmental expert
The proper clear and conspicuous extraordinary assumption disclosure
The proper clear and conspicuous hypothetical condition disclosure
Nothing as long as you provided a disclaimer in your general assumptions and limiting conditions that you are not qualified to address such matters

The proper clear and conspicuous extraordinary assumption disclosure

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In a narrative appraisal report, why is it important to include an opinion about the property?s location?
Because the client may not actually read the report
Because the client might not be able to find the location map within the report
Because intended users value the appraiser?s opinion about the location
The premie question is incorrect; an appraiser must never express an opinion about the property’s location

Because intended users value the appraiser?s opinion about the location

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In a narrative Appraisal Report, why should you summarize the recreational and cultural facilities that serve an area?
Because the intended user is likely a golfer and will be interested in knowing if golf courses exist
Because they are major employment centers
Because they reflect on and give an impression about the quality of life within a community
Because the cointaining such facilities usually affects the local property tax rate

Because they reflect on and give an impression about the qualife within a community

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In a perfect environment what should a well-written narrative appraisal report do? It should convince a lender client to provide financing It should convince a potential purchaser to acquire the property It should tell the intended user where the property is located It should tell a story about the property and be designed to lead intended users to draw the same conclusion stated by the appraiser.

It should tell a story about the property and be designed to lead intended users to draw the same conclusion stated by the appraiser.

In an Appraisal Report on an improved property what two things do you explain that highest and best use is applied to? The height and use of the building Both the land as though vacant and to the property as if improved Demolition justification and replacement or reproduction cost Financial feasibility and comparismparables

Both the land as though vacant and to the property as if improved

Moe information necessary for problem identification can be obtained by the appraiser through communication with the Client Buyer Lender Assessor

Client

Navigable waters are owned and controlled by either the state or federal government the federal government the Coast Guard state government

either the state or federal government

Occasionally a lessor will write a lease stating that any rent will not begin until a month or more after occupancy. Such clause is usually given as an inducement to lease. This effectively reduces the actual average annual ree lease. Whie following terms would you use to denote such inducement? A lessee?s benefit A lessor?s incentive Free rent Nothing; I would just take it into consideration and apply the average rent in the income and expense analysis

Free rent

Our scope of work decisions are largely determined by the Client Intended use Intended user Highest and Best Use

Intended use

Overall plans that were created when the original zoning ordinances were implemented are called _____. Regional Plans Templates Municipal Ordinances Master Plans

Master Plans

scope of work is Decided in advance Always the same An on-going process Dictated by USPAP

An on-going process

Some leases contain clauses that are potentially harmful to a property?s income, such as an early termination option. If such clauses do exist in an apartment lease, whie following would you use to explain that they are usually not very significant? Because apartment leases are typically written for one year terms with no formal renewal options so such lease will end in a year or less effectively removing the potential harm Because apartment owners can often raise their rents more than once a year Because apartment owners take security deposits they can retain the security deposit to off set the hay such clause Because an apartment owner that would agree to a harmful clause usually negotiates some tyff set? in the lease to counteract the harm if caused

Because apartment leases are typically written for one year terms with no formal renewal options so such lease will end in a year or less effectively removing the potential harm

STANDARDPAP states that in appraising real property, an appraiser must communicate each analysis, opinion, and conclusion in a manner that is __________________. Definitive and convincing Not misleading Beyond reproach Well-written

Not misleading

The appraiser?s signed certification that is included in a real property Appraisal Report must comply with whie following? The requiremene Appraisal Institute The requiremene American Sociepraisers The requiremenPAP Standards Rule 2-3 The requiremee 13th editihe Appraisal Estate?

The requiremenPAP Standards Rule 2-3

The Comment to STANDARDPAP says the form, format, and styreport are functioe nee__________________. Government agencies who use appraisals Clients only Borrowers Intended users and appraisers

Intended users and appraisers

The definitions used by accountants and appraisers are different so, which of the following would you use to summarize depreciation as employed by appraisers? The annual percentage decline in the cost new that was expended to create the building The difference between the contributory value of a improvement and its cost at the time of the appraisal The amount of decline that can be applied to the book cost of a property for income tax purposes The annual percentabuilding?s original cost by dividing the original cost by its estimated life (in years) and taking that amount as a tax deduction

The difference between the contributory value of a improvement and its cost at the time of the appraisal

The exclusion any of the three Approaches must be explained stated summarized cited

explained

The Fannie Mae 1004 form (the URAR form) may be used to report an appraisal on: All of these answers units in planned unit developments co-op units condominium units

units in planned unit developments

The SCORK RULE applies to ________ assignments? all only appraisal only Appraisal Review only Appraisal and Appraisal Review

only Appraisal and Appraisal Review

There are three traditional techniques that appraisers use to estimate the cost of creating a structure; comparative-unit, unit-in place and quantity survey. Why is it NOT necessary to describe all three in a narrative Appraisal Report? Because the intended user only needs to know which method was employed. Explaining the other two is of no benefit to the intended user Because most intended users already know about the three traditional techniques and do not need the appraiser to explain them in the appraisal report Because the scope of work did not specifically explain that the three traditional methods would be investigated and only one selected for use by the appraiser Because the intended user wants to know that the method employed was as good as or better than using one of the other two techniques to secure the estimates of cost.

Because the intended user only needs to know which method was employed. Explaining the other two is of no benefit to the intended user

To illustrate population and similar trends, what can an appraiser include in their report to visually aid the intended user?s understanding? Street-level photographs A grid showing the statistical data and trends Aerial photographs A link to the Census Bureau's website, so the intended user can do his/her own research

A grid showing the statistical data and trends

Under SR 2-3, the appraiser must certify they have no _________interest in the subject property. present unrevealed present or prospective present or past

present or prospective

Under the USPAP definitisignment results, __________are not assignment results. Market studies Opinion letters Physical characteristics External market factors

Physical characteristics

USPAP says that in an Appraisal Report you must ____________ the Intended Use. summarize provide identify state

state

Wetlands and waterways regulation and permitting falls under U.S. Army Corgineers FEMA U.S. Fish and Wildlife NOAA

U.S. Army Corgineers

What appraisal term is defined as "The most probable price, specified date, in cash, or in terms equivalent to cash, or in other precisely revealed terms, for which the specified property rights should sell after reasonable exposure in a competitive market under all conditions requisite for a fair sale, with the buyer and seller each acting prudently, knowledgeably, and for self interest, and assuming that neither is under undue duress"? Investment value Market value Property rights value Book value

Market value

What appraisal terms is defined as: ?The process of deriving a value indication for the subject property by comparing similar properties that have recently sold with the property being appraised, identifying appropriate unit of comparison and making adjustments to the sale prices (or unit prices) as appropriate comparable properties based on relevant, market derived elements of comparison?? The sales comparison approach The cost approach The income approach The investor?s approach

The sales comparison approach

What are you summarizing when you state that this is ?the process in which a value indication is derived in the Sales Comparison Approach and may employ quantative or qualitative techniques either separately or in combination?? The highest and best use analysis The process of reconciliation The process of comparative analysis The process of correlation

The process of comparative analysis

What benefit can you explain that the impanewly constructed commuter rail station location can have on a community? None It might add a few local jobs That they can and usually do stimulate the constructiw housing developments and commercial buildings in reasonable proximity to the station. That while desirable they usually do not stimulate the constructiw housing developments and commercial buildings in reasonable proximity to the station

That they can and usually do stimulate the constructiw housing developments and commercial buildings in reasonable proximity to the station.

What can you explain as the MOST COMMON reasons why local residents desire convenient public transportation? Because they want convenient access to a central business district, to access employment centers, to access major medical facilities, to access educational institutions and to access retail facilities Because they are looking for less expensive transportation than u need to own a car Because public transportation allows them to travel hundreles in a single day Because they enjoy commuting as it gives them the opportunity to speak with others, is less stressful than driving and affords the opportuniading the daily newspaper

Because they want convenient access to a central business district, to access employment centers, to access major medical facilities, to access educational institutions and to access retail facilities

What does ?best practice? suggest an appraiser should do concerning summarizing a property?s compliance with the Americans With Disabilities Act? Ignore the ADA requirements stating within the general assumptions and limiting conditions that the appraiser is not qualified to address them To investigate the property for compliance and where appropriate, explain and discuss it in the appraisal report Discuss the potential for ?grandfathering? that can eliminate any concern about making future improvements to bring the property into compliance Check to see if the lavatories, halls, elevators and parking comply with the ADA guidelines and if so declare the building in compliance a concern

To investigate the property for compliance and where appropriate, explain and discuss it in the appraisal report

What does USPAP requie appraiser concerning any extraordinary assumptions or hypothetical conditions used in an Appraisal Report? They must be clearly and conspicuously disclosed They must appear in multiple places in the Appraisal Report There must be multiple indicatiolue developed and reported They must be included in the transmittal letter and the signature page

They must be clearly and conspicuously disclosed

What is a good way to begin a site summary? By u introductory sentence that summarizes the property?s current owner and reason for the appraisal By u introductory sentence that summarizes the property?s primary characteristics and physical location By u introductory sentence that summarizes the appraisal problem to be solved and how that relates to the site By u introductory sentence that summarizes the property?s buildings and whether they are owner-occupied or tenant-occupied

By u introductory sentence that summarizes the property?s primary characteristics and physical location

What is a good way to begin writing an immediate neighborhood or vicinity description? By identifying and summarizing what immediately adjoins the subject north, south, east and west By identifying the subject?s address By identifying the street the subject has its largest frontage or exposure to By identifying if it is in a residential or commercial neighborhood

By identifying and summarizing what immediately adjoins the subject north, south, east and west

What is a good way to enhance your summary to the intended use rental market survey you conducted and the comparables you relied upon? By providing a spreadshel of the sales in the market area, with the comparable sales you used highlighted in yellow By including a comparative gre information, supplement by photogrape comparables and a map showing their respective locations By including copie appropriate pagy national surveys By including a photograph, aerial photograph and site ple subject

By including a comparative gre information, supplement by photogrape comparables and a map showing their respective locations

What is a good way to show and explain the various terms of a commercial lease of a building you are appraising to the intended user? To photograph the front page of each ch lease and include it in the report, so the intended user will know that you read them By including a rent roll By including exact copies of each ch lease in the report?s addendum To create and include lease summaries that detail the important terms of each ch lease

To create and include lease summaries that detail the important terms of each lease.

What is the benefit of a community of having a diverse economy? It provides different level of employment and wage levels It provides more employment stability than an economy concentrated in one or two industries It can accommodate educated as well as uneducated individuals It provides ?second job? opportunities for military families

It provides more employment stability than an economy concentrated in one or two industries

What is the best way to explain how the appraiser’s highest and best analysis leads to the conclusion of what improvements a buyer would make to a site to maximize its value? Separately discuss financial feasibility, zoning, utility availability and procurement of rents Separately discuss reproduction or replacement cost, availability of building permits and financial feasibility Separately discuss, explain and expound on each of the four test criteria Separately discuss the availability of equity capital, the potential to obtain a zoning approval and the cost of creating the building and improvements

Separately discuss, explain and expound on each of the four test criteria

What is the sournctional obsolescence? Functional obsolescence comes from increased vacancy due to the functioe tenants being terminated Functional obsolescence comes from soe building?s equipment (HVAC, elevators, etc) not functioning properly and needing repairs Functional obsolescence comes from a physical wearing awe building and improvements Functional obsolesence comes from a flaw in the property such as a design, materials other thing that adversely affects the utility

Functional obsolesence comes from a flaw in the property such as a design, materials other thing that adversely affects the utility

What is typically the first thing that a client sees in the Appraisal Report? The definitirket value An index The appraiser?s resume The title page

The title page

What should you include when summarizing the balconi apartment building? The tynstruction (concrete, wood, etc.), if they are rail enclosed, if they have a floor covering and how they are accessed. If they are attractive, if they are landscaped and if they permit use for grilling/barbecuing If they are included in the rent or if there is an extra charge, if they act as a fire exit and if they are treated with a non-slip surface Are awning covers permitted, if a mechanical room adjoins and if a storage closet adjoins

The tynstruction (concrete, wood, etc.), if they are rail enclosed, if they have a floor covering and how they are accessed.

What should you use the phrase ?hourship? to describe? Houses where people can congregate That religious facilitie various faiths and denominations, i.e more than one specific faith or religion, exist That different typusing exist in the area That houses as opposed to tents or other facilities are used for religious congregating purposes.

That religious facilitie various faiths and denominations, i.e more than one specific faith or religion, exist

What term can be applied to summarize the dock shelters, load levelers, trailer restraints, bollards and bumpedustrial buildings? Loading dock appointments Quality improvements Building appendages Tenant improvements

Loading dock appointments

What typundry facilities are typically featured and summarized in an apartment complex? None unless brought into the unit and owned by the tenant $20 monthly credit at a nearby laundromat Either in unit washers and dryers or coin operated washers and dryer located in common/central laundry rooms Laundry tubs in the basement for hand-washing iteothing

Either in unit washers and dryers or coin operated washers and dryer located in common/central laundry rooms

What tyre departments are usually found in a township? A "trainee" fire department One with a paid full-time police department where the officers also serve as the fire department Either a volunteer or paid full-time department One with four engines and a hook and ladder

Either a volunteer or paid full-time department

When a commercial lease requires the tenant to pay and or perform and pay for ae property?s real estate taxes and operating expenses, whie following terms would you use to denote such a lease? A gross lease A gross plus lease A net, net, net or fully net lease A landlord?s lease

A net, net, net or fully net lease

When a new tenant is leasing space in an office building whie following is something they always want to know? What tynant finish is provided by the landlord How many parking spaces will be specifically designated for them What tyergy efficient insulation the building features What are the building?s management agent?s office hours

What tynant finish is provided by the landlord

When a Sales Comparison Approach is applicable to an appraisal assignment, USPAP requires an appraiser to analyze comparable sales data as are available to indicate a value conclusion. In that context how would you explain what USPAP meant by the ue word ?sales data?? Any agreemenle, options and listine comparable properties that occurred prior to the effective date Any agreemenle, options and listine subject property that expired prior to the effective date Any agreemenle, options and listine subject property that were proposed by never executed prior to the effective date All agreemenle, options and listine subject property current e effective date

Any agreemenle, options and listine comparable properties that occurred prior to the effective date

When an on site swimming pool, clubhouse and/or tennis courts are featured at an apartment complex, aside from providing a basic physical description, what else should an appraiser be sure to also explain about each? If they are free to tenants and their guests or if there are charges If they are available 365 days a year Any repairs that have been made to the pool or tennis court within the prior five years If swimming and tennis lessons are available to residents

If they are free to tenants and their guests or if there are charges

When and why would you use the descriptive term ?saw toothed? loading docks to summarize the loading doc of a industrial building? When the building cannot accommodate ?straight in? truck loading and the loading docks were created on a 45 degree angle. When the architect used the edhandsaw to sketch in the loading docks When the concrete of the loading docks was cut in with a power saw When the loading docks were created by cutting holes in the sie building with a gasoline-powered saw

When the building cannot accommodate ?straight in? truck loading and the loading docks were created on a 45 degree angle.

When appraising an industrial building, why is important to summarize the ceiling height under beam? Because it affects how high an occupant?s product can be stacked and therefore it also affects rent and leasing Because the building plans may not clearly show the various heights under beam. Because it can benefit the appraiser?s ability to forecast the market rent Because the appraiser is legally required to measure and report the ceiling height to within 1 inch

Because it affects how high an occupant?s product can be stacked and therefore it also affects rent and leasing

When appraising an industrial or flex style industrial-office building why is it important to summarize the amouace that is finished as office space? Because the building plans may not clearly show the actual amouace currently finished as office space Because it will affect the way the appraiser develops and analyzes the rental income in the income approach as it is affected by the percentanished office space Because it will enable the appraiser to be able to separately summarize the office and warehouse or shop finishes This is not important; the amounished office space does not matter in the apprais industrial or flex building

Because it will affect the way the appraiser develops and analyzes the rental income in the income approach as it is affected by the percentanished office space

When creating a narrative appraisal it is ?best practice? to have what follow the title page? An index An aerial photograe market area A cover letter or transmittal letter A me subject and comparables

A cover letter or transmittal letter

When describing a site?s access in an appraisal report, whie following are additional things to consider and summarize? If the street has curbing If the street is patrolled by police If the street is a divided highway with a median strip in froe subject and/or if the subject has 4 way highway access If the street is properly striped

If the street is a divided highway with a median strip in froe subject and/or if the subject has 4 way highway access

When describing an industrial or flex style building, if they exist, why should knock out panels be summarized? Because their existence shows good planning and foresight Because they afford leasing flexibility as they can be easily knocked out to accommodate the installatiditional truck dock doors or access ways between adjoining spaces Because the failure to explain their existence would be misleading , because these panels double the constructie building Because they are a safety feature as they make it easier to exit the building in the evefire

Because they afford leasing flexibility as they can be easily knocked out to accommodate the installatiditional truck dock doors or access ways between adjoining spaces

When describing the road or highway network of township or local community, what should the appraiser be conscious of avoiding? Including the daily traffic count of the road that serves the subject Overdoing the description by explaining how they each are individually connected to each other as that is generally assumed. Failing to state if the road surfaces are blacktop, brick or something else Describing who is responsible for maintaining the roads

Overdoing the description by explaining how they each are individually connected to each other as that is generally assumed.

When discussing when one or moe three traditional approaches to value is inapplicable, what might you say to explain when the Cost Approach becomes unreliable? It becomes unreliable and often is not used when appraising an income producing property that has aged or was constructed with somewhat unique physical characteristics that make it difficult to estimate its income and expenses It becomes unreliable and often is not used when appraising a proposed property or a property that is being constructed with somewhat unique physical characteristics that make it difficult to estimate its income It becomes unreliable and often is not used when a property has aged or was constructed with somewhat unique physical characteristics that make it difficult to estimate its cost new or estimate its depreciation accurately It becomes unreliable and often is not used when a property is brand new and was constructed with somewhat unique physical characteristics that make it easy to estimate its cost new

It becomes unreliable and often is not used when a property has aged or was constructed with somewhat unique physical characteristics that make it difficult to estimate its cost new or estimate its depreciation accurately

When explaining and summarizing the steps appraisers take to develop a Sales Comparison Approach, which is the first step you would explain that they do? Verify the information Select a unmparison Research the market for comparable sales, listings, etc. Write a draft narratie sales comparison approach

Research the market for comparable sales, listings, etc.

When explaining highest and best use, what are the four ?tests? that you need to explain about the property?s use? Legally permissible, physically possible, financially feasible, maximally productive Legally permissible, appropriately supported, socially acceptable, uniquely profitable Height, best use, leverage, optimturn Zoning, financing, utility availability, availabiliuity

Legally permissible, physically possible, financially feasible, maximally productive

When explaining the kitchen featured in an apartment unit, what should the appraiser summarize? Just the appliances and if the cooking is gas or electric Ae appliances, if the cooking is gas or electric, the cabinetry, the countertops and back splash, the sink and faucet Ae appliances, if the cooking is gas or electric and if a fan/light fixture is provided Ae appliances, if the cooking is gas or electric and if a washer and dryer are provided are they located in the kitchen and if the dryer is gas or electric powered

Ae appliances, if the cooking is gas or electric, the cabinetry, the countertops and back splash, the sink and faucet

When explaining your scope of work in an Appraisal Report, what should avoid doing? Providing extensive detail Simply stating the information Using more than one page Providing lengthy descriptions

Simply stating the information

When identifying a subject property in a photograph or on a map, what is the color that should be used to outline or indicate the subject property? Orange Green Blue Red

Red

When performing a shopping center appraisal, whie following location items would ecial interest to an owner, their tenants, and accordingly the intended user, as they can affect the rents? The location and proximity to grocery shopping The location and proximity to a public swimming pool The location and proximity to a shipping port The per capita income and retail purchasing powe population within a 3 to 5 mile radius

The per capita income and retail purchasing powe population within a 3 to 5 mile radius

When performing an apartment or mobile home park appraisal, whie following location items would ecial interest to an owner, their tenants, and accordingly the intended user, as they can affect the rents? The location and proximity printing establishments The location and proximity to grocery shopping The location and proximity to a shipping depot The location and proximity to a truck stop

The location and proximity to grocery shopping

When performing an apprais?flag? hotel in a central business district, whie following would the intended user be interested in knowing about such property?s location? The per-capita income and retail purchasing powe population within a 3 to 5 mile radius The qualie local public school system The location and proximity to a convention center The location and proximity to support services such as copy centers and a post office

The location and proximity to a convention center

When performing an apprais?flag? hotel occupying a suburban highway location, whie following would the intended user likely be interested in knowing about such property?s location? The location and proximity to support services such as copy centers and a post office The location and proximity to a new housing development The location and qualie local public school system The visibility and eacess from the highway

The visibility and eacess from the highway

When performing an appraisnursing home, whie following would the owner, potential occupants and accordingly the intended user be most interested in knowing about the property?s location? The locatid proximity to public transportation The locatid proximity to a limousine service The locatid proximity to a convention center The locatid proximity to a hospital

The locatid proximity to a hospital

When performing an appraisrecreational or resort hotel location, whie following would the intended user be most interested in knowing about the property?s location? The location and proximity to public schools or housrship The location and proximity to a limousine service The location and proximity to public transportation The location and proximity to the recreational area they provide or are close to

The location and proximity to the recreational area they provide or are close to

When performing an office building appraisal, whie following location items would ecial interest to an owner, their tenants, and accordingly the intended user, as they can affect the rents? The location and proximity to grocery shopping The location and proximity to a public swimming pool The location and proximity to support services such as copy centers and a post office The location and proximity to a good public school system

The location and proximity to support services such as copy centers and a post office

When providing a summae subject site, what should the appraiser be sure to do? Include ae meaningful aspects associated with the subject?s parcnd Include an aerial photograe site Include a surface area photograe site Provide turn-by-turn directions from the airport to the subject property, so an out-of-town intended user can fly into town to personally observe the property

Include ae meaningful aspects associated with the subject?s parcnd

When providing an aerial photograph, photograe subject building, or map as a visual aid to show the subject, how should you always identify the subject? Outlined in red or with a red colored arrow pointing to it With a letter tied to an index With a yellow sticky note With a typed label

Outlined in red or with a red colored arrow pointing to it

When summarizing a roof what will the intended user want to know? What it looks like, so be sure to photograph it when you are at the property, or include an aerial photo in the report How recently it has been repaired and if it leaks If it has solar panels, and do they protect the roof The style or type of the materials, age, condition and warranty information.

The style or type of the materials, age, condition and warranty information.

When summarizing a site?s zoning whie following should be stated and/or explained? If the site is surrounded by other sites with the same zoning classification If the ordinance requires the preservatiy open space. When the property was approved and the zoning classification at the time The current zoning classification, if the subject received any variances, if the site complies with current zoning and if it is a legal conforming or legal non-conforming use.

The current zoning classification, if the subject received any variances, if the site complies with current zoning and if it is a legal conforming or legal non-conforming use.

When summarizing an industrial building that features a railway siding that goes into the building what benefit can an appraiser attribute to such inside loading? The loading area will always benefit from the building?s interior lighting Shipping by train is less efficient than shipping by truck, so this offers no benefit It allows more direct supervision by the foreman it prevents loe building?s HVAC and provides ?secured? loading and unloading

it prevents loe building?s HVAC and provides ?secured? loading and unloading

When summarizing public rail transportation that is interconnected with public bus service whie following terms can be used to summarize such bus service? A feeder bus route A surface bus route An inter-connector route A rail support route

A feeder bus route

When summarizing the windows in a building, what is important to summarize? Their size and shape, and whether or not they are tinted Their condition, if they are operable, if they are single or double pane insulated glass, and (as appropriate) if they have screens. If they are the original windows The manufacture windows, how clear they are, and whether they have bars

Their condition, if they are operable, if they are single or double pane insulated glass, and (as appropriate) if they have screens.

When the Cost Approach is necessary for credible appraisal assignment results, what does USPAP require the appraiser to do? Develop an opinion of site value by an appropriate appraisal method or technique Analyze such comparable sales data as are available to indicate a value conclusion Use a hypothetical condition in developing an indication of value lue Develop and estimate of building replacement cost by unational cost service publication

Develop an opinion of site value by an appropriate appraisal method or technique

When the lease of a retail tenant contains a co-tenancy and/or non-compete clause in its lease, why is it important to explain and summarize the existence of such a clause? Because the appraiser is expected to develop an opinion of the legality and enforceability of the lease documents Because they can potentially have a negative impact on a property’s future income and value Because the client may not have informed you that such clauses existed Because they will lead to the tenant’s filing a bankruptcy lead to the tenant?s filing a bankruptcy

Because they can potentially have a negative impact on a property?s future income and value

When they exist, how would you explain a ?super flat floor? in an industrial building? A super flat floor is one that was especially designed for construction on steeply sloping sites A super flat floor is just thicker and more highly broom finished than typical industrial building floors Super? flat (concrete) floors are required for high ceiling buildings (e.g., 40' or higher clear under beam) to support high racks for very high stackioduct As the flool industrial buildings are basically flat, you would simply summarize them as not any different than normal flat floors

Super? flat (concrete) floors are required for high ceiling buildings (e.g., 40' or higher clear under beam) to support high racks for very high stackioduct

When writing a county summary why can it be meaningful to identify and include the county seat? Because that is usually where the county government is seated and conducts its business To explain to the intended user what a county seat is, in case he/she does not know To show that you understand what a county seat is Because they are a significant if not major focus of business and commerce within a county

Because they are a significant if not major focus of business and commerce within a county

When writing a location and surroundings sectinarrative appraisal report, why should you try to summarize and minimize the location information while maintaining its integrity? Because the lenge description is up to you as the appraiser and if you are not careful it could consume way too many pages So that the information does not mislead and/or bore the intended user It demonstrates good writing skill It will consume far too much time to write everything in detail

So that the information does not mislead and/or bore the intended user

When writing a location and surroundings section, if you have discovered and discussed that a new competing facility is being constructed, where else in the appraisal report will you also need to address and discuss that? In the cost approach In the sales comparison approach In the rental market study portie income approach Nowhere else

In the rental market study portie income approach

When writing a micro area description (i.e., a township description), while it should be objective and generic what should it focus on? It should focus on and discuss more about the national and international trends that affect the subject It should focus on and expound more about the location aspects that have a more direct effect on the subject property The qualie public school system as well as nearby institutiogher learning The population growe state, county, and any nearby city

It should focus on and expound more about the location aspects that have a more direct effect on the subject property

When writing a micro area description whie following will you most likely need to address? If no growth is occurring and explain why as that would be misleading The numbudent jobs historically available for summer employment The historic numbliday season temporary jobs typically available The coing public transportation, i.e, daily bus or commuter rail service

If no growth is occurring and explain why as that would be misleading

When writing about most community?s road network or highway system (including any significant bridges) what is important to summarize? The roads that materially contributed to the past, present and future growth of the community Their age, any repairs needed, and if repairs are federally or locally funded The driving time to other nearby communities A lie most traveled roads, with their interstate, state and local road numbers

The roads that materially contributed to the past, present and future growe community

When writing an immediate neighborhood or vicinity description, what do you specifically want to summarize about the subject?s access? How it can be accessed on weekends and holidays Specifically how the subject is connected to the road/highway network. How pedestrians can access it via a concrete or brick pavers type sidewalk If there is a helicopter port on the ronearby building

Specifically how the subject is connected to the road/highway network.

When writing the summae building(s) and improvements, in addition to summarizing the construction details, what is the entire bour summary also going to do for the intended user? Convey a senality about the building and improvements Explain the age and efficiene building and improvements Demonstrate your levowledge about construction Instill confidence that you adequately inspected and measured the buildings

Convey a senality about the building and improvements

When you are writing a conclusion to a micro area description portiur location and surroundings, whie following is a good question to ask yourself to help develop your conclusory paragraph? How will the community?s projected growth, stagnant growth or decline impact the subject? What will the current tax rate be How will the area?s existing public transportation affect the subject How will the area?s changing weather climate affect the subject?

How will the community?s projected growth, stagnant growth or decline impact the subject?

When you identify trends in your Appraisal Report, what additional information will the intended user want to know about these trends? If the appraiser can ignore them in developing his/her opinions and conclusions If they affect the subject property?s relationship with its neighboring communities If they affect the subject?s deferred maintenance costs If they are temporary or long term and if they may or will be reversed

If they are temporary or long term and if they may or will be reversed

Where can an appraiser find the information to summarize a site?s flood plain location/classification? From the revi old appraisal on a nearby property From a visual inspection By obtaining or reviewing a FEMA flood plain map By asking the client or property owner

By obtaining or reviewing a FEMA flood plain map

Where they exist and are meaningful to address within a location and surroundings, why might shipping ports be important and need to be addressed? Because they are employment centers and often also offer recreational cruises. Because they exist they should be described to show that you have performed adequate research Because many bring crude oil to local refineries and periodically require dredging the waterway that adds temporary employment Because rail transportation is no longer viable, so consumer goods have to be sent by ship

Because they are employment centers and often also offer recreational cruises.

Which Fannie Mae form would be used to report an appraisal on a condominium unit? 1004C 1073 1025 2055

1073

Which is NOT true of radon? It can be found in water It is found naturally in the ground It smells like sulphur It is extremely toxic

It smells like sulphur

Which is NOT true about the Coastal Barrier Resource System (CBRS) It applies to certain ocean front areas It applies to fresh water areas It applies to the great Lakes It applies to all 50 states

It applies to all 50 states

Which statement is TRUE regarding the 1004 MC addendum form? It is still required by Fannie Mae but not Freddie Mac. It is no longer required by Fannie Mae or Freddie Mac. It is an outdated form and should never be used. The Departmeterans Affairs (VA) still requires its use in 2-4 family appraisal reports.

It is no longer required by Fannie Mae or Freddie Mac.

Which typreciation is generally incurable? Physical deterioration Deferred maintenance External obsolescence Functional obsolescence

External obsolescence

Whie following (if true) can be described as a natural advantaretail site?s location? That the site has an ?a-cell and d-cell? lane in front. That the property sits back from the highway and has no visibility That it offers excellent visibility that provides a free advertising advantage That it is connected to a public water and sewer system

That it offers excellent visibility that provides a free advertising advantage

Whie following are ?special finishes? that, if they exist, you should summarize? Smoke detectors, fire extinguishers, and carbon monoxide detectors. Water coolers, conference rooms and reception areas Standard ceiling lights, electrical outlets, floor moldings In suite kitchens, baths, extra sinks, cabinets, lead walls, lab hoods and exhaust vents

In suite kitchens, baths, extra sinks, cabinets, lead walls, lab hoods and exhaust vents

Whie following are important to every community and should be discussed in a location and surroundings section? Employment stability and job growth The nearest national park or other tourist attraction The numbmmercial properties in the community The numbtail facilities in the community

Employment stability and job growth

Whie following are some meaningful things you should investigate and include in an immediate neighborhood or vicinity description, irrespectie property type being appraised? Proximity to a fire station, the locatie nearest bus or commuter rail station Proximity to a river and an auto repair shop Proximity to gas stations and card and gift shops Proximity to garden nursery and a clothing store

Proximity to a fire station, the locatie nearest bus or commuter rail station

Whie following can be used to summarize the definitiosite?s ingress and egress? How the site is accessed by pedestrians Ingress describes the access onto the site while egress describes the access off or oe site Ingress is the rent generated by the site, while egress is the amouoperty taxes paid Ingress is how the property is accessed during the day, while egress is how the site is accessed after dark

Ingress describes the access onto the site while egress describes the access off or oe site

Whie following explains the purpoe transmittal letter in an Appraisal Report? To highlight and summarize key aspece appraisal that the intended user will be most interested in To support and submit the appraiser?s bill To thank the client for selecting the appraiser for the assignment To detail the time the appraiser expended in preparing each individual sectie report

To highlight and summarize key aspece appraisal that the intended user will be most interested in

Whie following is a USPAP requirement that applies to all typitten real property Appraisal Reports? The appraiser must perform a Cost Approach The appraiser must use at least three comparable sales The appraiser must clearly and accurately set forth the appraisal in a manner that will not be misleading The appraiser must provide the report in a concise manner, using bullet points if possible

The appraiser must clearly and accurately set forth the appraisal in a manner that will not be misleading

Whie following is considered to be the best tyrty wall for fire and sound protection between unithree-story apartment building? A waterior-grade drywall A drywall covered concrete block wall that extends just above the ceilie top floor units A drywall covered concrete block wall that extends through and above the roof A pressure-treated wood wall covered with fire-resistand paneling

A drywall covered concrete block wall that extends through and above the roof

Whie following items would only be applicable when summarizing an apartment development? The mits and the numbits per acre The exterior walls and windows The footings and foundation The tyof and roof structure

The mits and the numbits per acre

Whie following items would only be applicable when summarizing an office building? The floor ratio efficiency factor The tyAC The interior wall finishes The tyof and roof structure

The floor ratio efficiency factor

Whie following items would typically only be applicable when summarizing a hotel building? The type of HVAC Quality of floor coverings Skylights Chattels

Chattels

Whie following items would typically only be applicable when summarizing a mobile home park? Tyncrete home pads Pool and club house Tennis courts Central laundry

Tyncrete home pads

Whie following items would typically only be applicable when summarizing a nursing home? Kitchen HVAC system Central baths Floor finishes

Central baths

Which of the following items would typically ONLY be applicable when summarizing an industrial building? Type of doors and exterior walls Type of roof and roof structure Dock shelters and bollards Floor finishes and interior doors

Dock shelters and bollards

Whie following may be the best opportunity for clear communication becaucombinatita interchange ? E-mail Telephone Written Face to face

Face to face

Whie following should not be used by an appraiser writing a narrative Appraisal Report? Including a glossaal estate terms Acknowledgemeurces for quotes The ubasic font type and size throughout The uang or clich‚s

The uang or clich‚s

Whie following statements would typically be found in an appraiser?s general or standard assumptions and limiting conditions? The statemenct contained in this report are not true and correct The reported analyses, opinions and conclusions were prepared by someone other than the appraiser, and as such, the appraiser assumes no responsibilty for them. The property has been appraised as though free and clertgages, liens, servitude and encumbrances except as may be described within the appraisal report The appraiser assumes the client has met all the requirements for USPAP compliance in engaging the appraiser.

The property has been appraised as though free and clertgages, liens, servitude and encumbrances except as may be described within the appraisal report

Whie following statements would you use in your explanatie Direct Capitalization technique or method? The appraiser converts the annual NOI into an indicatilue by multiplying the Nsingle year an overall percentage factor and then dividing the result by the numbars anticipated to be the property?s holding period The appraiser converts the annual NOI into an indicatilue by dividing the Nsingle year by an overall percentage factor and then multiplying the result by the numbars anticipated to be the property?s holding period The appraiser converts the annual NOI into an indicatilue by multiplying the Nsingle year by an overall percentage factor The appraiser converts the underwritten annual NOI into an indicatilue by dividing the Nsingle year by an overall percentage factor or rate.

The appraiser converts the underwritten annual NOI into an indicatilue by dividing the Nsingle year by an overall percentage factor or rate.

Whie following would be considered as good reliable sourcstorical information about a township? National real estate publications and the New York Times www.census.gov and www.marshallandswift.org the township?s chambmmerce, economic development agency, township clerk and the chairme planning board www.bloomberg.com and www.loopnet.com

the township?s chambmmerce, economic development agency, township clerk and the chairme planning board

Whie following would be the MOST reliable sourpulation information? www.marshall&swift.com www.census.gov www.appraisalinstitute.org www.appraisalfoundation.com

www.census.gov

Whie following would you include in either the micro or neighborhood-vicinity area descriptie location and surroundings pa Appraisal Report for an apartment building? The accessibilirail line for shipping purposes The availabiliocery and other retail shopping The proximity to a sports arena The property?s visibility from a major highway

The availabiliocery and other retail shopping

Which of the following would you use to explain or define what an annual mortgage constant is? The portion of the net operating income that is used to pay debt service and expressed as a percentage of the mortgage A rate of return on capital, usually expressed as a compound annual percentage rate A financial factor that is usually purchased to effectively “fix” the interest rate of a floating interest rate mortgage A percentage rate or “factor” that is greater than the interest rate (because it includes and reflects the mortgage amortization) that is applied to the initial or current loan balance of a fixed interest rate mortgage to determine the annual debt service of a mortgage that features or requires fixed level debt service payments

A percentage rate or “factor” that is greater than the interest rate (because it includes and reflects the mortgage amortization) that is applied to the initial or current loan balance of a fixed interest rate mortgage to determine the annual debt service of a mortgage that features or requires fixed level debt service payments

Whie following would you use to explain or describe the test: legally permissible? A use that is permitted by current zoning A use that can be obtained through litigation A use that can be based on obtaining a variance A non-conforming but legal use

A use that is permitted by current zoning

Whie following would you use to explain or summarize the test: financially feasible? This test includes examining items such as rents, zoning, replacement costs, roof guaranty, insurance costs and similar to show financial feasibility This test includes examining items such as current national and local economic conditions, the capital markets, the availabrket rate mortgages and what is permissible under zoning ordinances to show financial feasibility This test includes examining items such as market demand, rents, vacancies, operating expenses, the property?s ability to produce a positive net income, secure financing and, if necessary, securing equity funding to show financial feasibility This test includes examining items such as they tynstruction, permitted parking, availability utilities, owner?s financial statements and similar information to show financial feasibility

This test includes examining items such as market demand, rents, vacancies, operating expenses, the property?s ability to produce a positive net income, secure financing and, if necessary, securing equity funding to show financial feasibility

Whie following would you use to explain or summarize the test: maximally productive? The ue site that qualifies for the best market rate financing The ue site that maximizes its physical characteristics The usite that permits the maximum amouildings per acre The ue site that provides the greatest return to the land

The ue site that provides the greatest return to the land

Whie following would you use to explain the applicabilie principbstitution to the Sales Comparison Approach? The principle only applies to the Income and Cost Approaches and does not apply to the Sales Comparison Approach The principle applies on the premise that a knowledgeable purchaser would not pay more to acquire a property than the coquiring a similar site and building with similar utility The principle applies on the premise that a knowledgeable purchaser would pay more to acquire a property when the coquiring a similar site and building with similar utility is less The principle applies on the premise that a knowledgeable purchaser would only pay more to acquire a property when the income approach justifies the price

The principle applies on the premise that a knowledgeable purchaser would not pay more to acquire a property than the coquiring a similar site and building with similar utility

Whie following would you use to explain the weating tenant improvement reserve estimates in the Yield Capitalization method? To estimate reserves in the Yield Capitalization or DCF method, year-by-year T-I cost estimates need to be made and used based on estimated lease roll over and tenant renewal or replacement To estimate reserves in the Yield Capitalization or DCF method an appraiser estimates the effective ae improvements and divides that by the total economic life to arrive at a percentacome that is attributable to reserves To estimate reserves in the Yield Capitalization or DCF method the appraiser relies upon the depreciated book coe building and improvements and divides that by 10 (assumes a 10 year straight line approach) To estimate reserves in the Yield Capitalization or DCF method the appraiser uses the per square foot replacement or reproduction cost obtained from a national building cost manual and divides that by 10 (assumes a 10 year straight line approach)

To estimate reserves in the Yield Capitalization or DCF method, year-by-year T-I cost estimates need to be made and used based on estimated lease roll over and tenant renewal or replacement

Whie following would you use to explain why you had to make adjustments to the comparable sales you used in the Sales Comparison Approach? Because there are differences between the comparables used and the subject property you had to make adjustments to the dae comparable sales in order to equate the data to the subject for meaningful comparison purposes Because the data secured is not always fully reliable you had to make adjustments to the dae comparable sales in order to equate the data to the subject for meaningful comparison purposes Because the subject is older than ae comparables typically used by appraisers in a sales comparison approach, appraisers always need make adjustments to the dae comparable sales in order to equate the data to the subject for meaningful comparison purposes Because no two properties are exactly alike you selected a comparable that was most like the subject but you had to make adjustments because its sale occurred many years ago

Because there are differences between the comparables used and the subject property you had to make adjustments to the dae comparable sales in order to equate the data to the subject for meaningful comparison purposes

Whie following would you use to summarize that the loading doc industrial building were tailgate height? That they are approximately 4? above grade and basically align with the floor heige average truck trailer That they were on grade but could accommodate tractor trailer floor height loading by using a tow motor to unload the cargo That tractor trailer trucks were able to drive into the building to unload their tailgate height cargo That an on grade building can use a load leveler to effectively create loading that matched the heige average truck trailer

That they are approximately 4? above grade and basically align with the floor heige average truck trailer

Why are employers often concerned about the availabiliblic transportation? To see if their employees do not need to own a car so they can accept lower wages To see if it is readily available and convenient to provide easy access to large concentratioployees To see if the daily commuter cost is reasonable and federally subsidized To know if the CEO can commute to work by rail as opposed to needing a driver and car

To see if it is readily available and convenient to provide easy access to large concentratioployees

Why can it be important to indicate if the subject has access from a public street? Because no property should have access via a private drive Because access from a public street is most typical To affirm that vehicles can access the property Because it alerts the intended user about responsibility concerns about the cointenance and snow removal

Because it alerts the intended user about responsibility concerns about the cointenance and snow removal

Why can it be important to investigate and discuss the numbilding permits issued within the past few years in a community? It can reflect residential and/or commercial growth and trends It can show that the township government is strong and will not permit construction without first obtaining a building permit It can show that a significant amouvenue is generated for the township based on the numbrmits issued. It will show what typoperties are being built

It can reflect residential and/or commercial growth and trends

Why can it be meaningful to obtain and include a lie community?s largest employers in an appraisal report? Because USPAP specifically requires a lie top 5 employers in the region be included in any written report Because the names and typmpanies and industries create an impression about employment stability and desirability. Because the intended user may want to copy the appraisal report and send it to these entities Because the intended user may already kneir potential existence and your inclusion will confirm that information

Because the names and typmpanies and industries create an impression about employment stability and desirability.

Why can it be significant to summarize the site density (i.e. numbits per acr apartment development? To demonstrate mathematical competency Because it will be the single most important factor the intended user will want to know Because it is customary business practice to include it when appraising an apartment development Because it connotes open space and development quality

Because it connotes open space and development quality

Why can summarizing the loading docks and their appointmen industrial or flex building be critical? Because the description will convey a sene building?s quality to the intended user Because it will help the appraiser to estimate the price per square foot in the Marshall & Swift manual for cost approach purposes Because the loading docks and the exterior area around them are typically included in the square footae building Because the appointments are usually impacted by the property?s local climate

Because the description will convey a sene building?s quality to the intended user

Why can the existenylights sometimes be summarized as a benefit? Because roofs without skylights are more prone to leaking Because they can reduce the coghting during daylight hours and if they open can be a sourntilation Because they can reduce the amouinwater runoff on a roof Because they enhance the exterior appearanroof

Because they can reduce the coghting during daylight hours and if they open can be a sourntilation

Why is it generally not important to discuss the public school system (unless it is something unique) in a location and surroundings secticommercial Appraisal Report? Because every community has one Because it does not affect the subject property?s value Because it would consume too much time to research it thoroughly Because discussing the school system is considered a discriminatory practice

Because every community has one

Why is it good to summarize any improvements made in the last three years, and their costs, when summarizing an existing building? To show that you were serious about including a lot of information in your appraisal report Because it conveys both a sence of the current condition of the building and the level of care and maintenance by the owner. Because the appraiser can use those costs to estimate future improvement costs Because the appraiser can use that knowledge to make a recommendation about the building?s management

Because it conveys both a sense of the current conditie building and the level of care and maintenance by the owner.

Why is it important to identify airports and their proximity to the subject or community? Because as the country continues to grow more airports or increases to smaller airports should occur Because convenient access is important to business for shipping and commercial purposes and to residents for business and recreational travel purposes Because it allows residents to commute to other countries daily in order to find work Because when they are located on an interchanmajor interstate they are very accessible to residents

Because convenient access is important to business for shipping and commercial purposes and to residents for business and recreational travel purposes

Why is it important to summarize the party walls in a building? To explain if there is any deferred maintenance Because it is paoviding a reasonably thorough descriptie property?s construction details. Because it is an important fire and sound/noise concern. Because pae appraiser's responsibility is to determine code compliance

Because it is an important fire and sound/noise concern.

Why is it important to write about and explain trends in an Appraisal Report? Because trends affect the thinking and prognosis about the current and long term value of the subject property. Because the appraisal is a guarantee of value for 120 days into the future Because analysis of past events is a guarantee of what will happen in the future Trends are not important; the client only wants to know what is currently in existence

Because trends affect the thinking and prognosis about the current and long term value of the subject property.

Why is it important to write about if the property has been sold within the past three years? To help in filing a criminal complaint against the owner for illegal property flipping or mortgage fraud Because it is required by USPAP and if such sales, listings or agreement exists or existed they could impact the opinilue. Because providing a written explanation is more professional than just stating ?none? It is not important; this information is rarely necessary in a real property appraisal report

Because it is required by USPAP and if such sales, listings or agreement exists or existed they could impact the opinilue.

Why is it meaningful to show a county?s population for more than just the current time period? To show that you have researched the county?s or state?s database for population statistics To provide an accurate estimae potential future population 10 years from now So that the client can see population trends dating back at least 100 years To form opinions about county population growth and trends

To form opinions about county population growth and trends

Why should an office building?s efficiency ratio be summarized? To demonstrate your mathematical competency To provide the intended user with a feeling about the efficient (or inefficient) layoe building?s interior space. To provide that information to national and local office building information survey companies To provide the leasing agent with a floor factor that they can use to negotiate rents.

To provide the leasing agent with a floor factor that they can use to negotiate rents.

Why should an office building?s efficiency ratio be summarized? To demonstrate your mathematical competency To provide the intended user with a feeling about the efficient (or inefficient) layout of the building?s interior space. To provide that information to national and local office building information survey companies To provide the leasing agent with a floor factor that they can use to negotiate rents.

To provide the intended user with a feeling about the efficient (or inefficient) layout of the building?s interior space.

Why should you consider the acommunity?s population when writing a location and surroundings section and analyzing trends? Age does not really need to be considered It can be interpreted for purpostimating a population?s formal education level It can be appropriate when a community has an atypical lev age group as it can atypically impact certain business and real estate uses such as retail and/or medical facilities. It can be helpful when forecasting residential real estate values

It can be appropriate when a community has an atypical lev age group as it can atypically impact certain business and real estate uses such as retail and/or medical facilities.

Why should you describe the existeny casinos or proposed casinos and/or casino resorts or convention centers? Because the numbsinos and convention centers in the country continues to grow. Because where they exist they often contribute taxes to the local economy Because they can be used to rejuvenate a blighted area Because while they can be considered as a recreational facility they are usually also major sourcployment

Because while they can be considered as a recreational facility they are usually also major sourcployment

Why should you describe the locatiy professional sports teams, if they exist? Because football and baseball aterest to many Americans Because many residents and employers identify with them and they are sourcide, employment and other stimulus. Because professional soccer is on the upswing and such a team would suggest growth Because the coilding a new stadium may be on the ballot and could impact the local tax rate

Because many residents and employers identify with them and they are sourcide, employment and other stimulus.

Why should you investigate and discuss if any new major employers have or are coming into an area? Because when such an employer comes into an area, it generally has no effect on property values but it makes your report more thorough Because when such an employer comes into an area it usually has a beneficial impact on the community and adds employment stability. Because when such an employer comes into an area it usually has an adverse impact on the vale subject property. Because when such an employer comes into an area it usually creates a numbrt-time jobs.

Because when such an employer comes into an area it usually has a beneficial impact on the community and adds employment stability.

Why should you investigate and discuss in the report if a major employer has departed the area? - Because when such an employer leaves an area it is important to state that it had no impact on the community - Because when such an employer leaves an area, it can lead to a population decline as well as decliusing values - Because when such an employer leaves an area, it can be very beneficial to the subject property. - Because when such an employer leaves an area it could bring about future employment diversification

Because when such an employer leaves an area, it can lead to a population decline as well as decliusing values

Why should you summarize the existen-site amenities such as swimming pools and tennis courts? Because the intended user would see them in the aerial photograph and wonder why you did not mention them Because they exist and enhance the overall qualie site Although they do not affect value, they are a sourability and they mean higher insurance rates and other property expenses Because you observed and photographed them during your physical inspection

Because they exist and enhance the overall qualie site

You are writing a location and surroundings section using the technique of describing the macro area, micro area and immediate vicinity in the report. Be cause mae items can be the same, as a writer, what should you be conscious of to avoid? Ue same phrases Ue same adjectives Using short, crisp sentences Being redundant

Being redundant

You are writing the micro area description, and you have already addressed certain location items in your initial or macro area description. Whiese is an exampems that you would not need to address again in the micro area description unless they were located within the township? Local roads, local shopping and local employment Local public transportation and the local tax base The county?s political structure Major landmarks, national parks, monuments, mountains, major hospitals and major military installations.

Major landmarks, national parks, monuments, mountains, major hospitals and major military installations.

You can always, always do a(n) _______ Approach. Cost Income Sales Comparison GRM

Cost

Form 1004 is used for which property?

Single Family Home - Interior & Exterior Inspection

Form 1073 is used for which property?

Condominum - Interior & Exterior Inspection

Form 2055 is used for which property?

Single Family Home - Exterior Only Inspection

Form 1075 is used for which property?

Condominum - Exterior Only Inspection

Form 1004C is used for which property?

Manufactured Home - Interior & Exterior Inspection

Form 1025 is used for which property?

2-4 Units - Interior & Exterior Inspection

Form 1004D is used for which property?

Appraisal Update or Completion - Interior & Exterior, Exterior Inspection

Form 1007 is used for which property?

Single-Family Rent Schedule - Interior & Exterior, Exterior, None Inspection

Which form is use for Single Family Home - Interior & Exterior Inspection

1004

Which form is used for Condominum - Interior & Exterior Inspection

1073

Which form is use for Single Family Home - Exterior Only Inspection

2055

Which form is use for Condominum - Exterior Only Inspection

1075

Which form is use for Manufactured Home - Interior & Exterior Inspection

1004C

Which form is use for 2-4 Units - Interior & Exterior Inspection

1025

Which form is use for Appraisal Update or Completion - Interior & Exterior, Exterior Inspection

1004D

Which form is used for Single-Family Rent Schedule - Interior & Exterior, Exterior, None Inspection

1007

Exposure vs marketing time Which one is required, if using FIRREA definition of value?

Exposure time

Exposure vs marketing time Which one is required by USPAP?

Exposure

————- is the appraiser's opinion of the amount of time the property would have been on the market before the effective date.

Exposure Time

————— looks out into the future; it answers the question "If this property were put on the market today, how long would it take to sell it?"

Marketing time

Which two dates must be stated in every written real property appraisal report?

effective date of the appraisal, and the date of the report.