BASIC APPRAISAL PROCEDURES FINAL EXAM 2023-2024 ACTUAL EXAM 250 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |AGRADE

BASIC APPRAISAL PROCEDURES FINAL EXAM

2023-2024 ACTUAL EXAM 250 QUESTIONS AND

CORRECT DETAILED ANSWERS (VERIFIED

ANSWERS) |AGRADE

Any interest in real estate one may have other than the full bundle of

rights. - ANSWER- Partial interest

A listing service whereby local member brokers agreed to share listings

and commissions on property sold jointly - ANSWER- Multiple listing

service

Analyzing the values derived from the different appraisal approaches to

arrive at the final opinion of value. - ANSWER- Reconciliation

The type and extent of research and analysis in an appraisal or appraisal

review assignment - ANSWER- Scope of work

Information that is relevant to the subject property. Two types of

specific data are subject property data and comparable data - ANSWERSpecific data

Data that includes information on the subject property site improvements

- ANSWER- Subject property data

Specific data that includes information about comparable sale properties,

as well as income and cost information - ANSWER- Comparative

purpose data

Professional appraisal standards promulgated by the appraisal

foundation and widely recognized throughout the United States as

accepted standards of appraisal practice - ANSWER- USPAP

The documentation necessary to support the appraiser's analysis,

opinions, and conclusions - ANSWER- Workfile

Market Analysis, Highest and best use analysis - ANSWER- Data

Analysis

An easement the burdens one piece of land for the benefit of another -

ANSWER- Appurtenant easement

An exception that allows a property owner to legally deviate from

certain building codes or setback requirements - ANSWER- Area

variance

A limit on the number of buildings that maybe constructed within a

given space - ANSWER- Building density

A condition that exists in the real estate market when they're slightly

more homes available than buyers - ANSWER- Balance

General swings in business, resulting in an expanded and contracting

activity during different phases of the cycle - ANSWER- Business

cycles

A land use the does not comply with the general zoning rules for the

zoning which is located, but is permitted because it benefits the public.

This is also called a special exception - ANSWER- Conditional

1. A Contract

2. A promise.

3. A Guarantee

4. A restrictive covenant

Seen in a document such as a deed or a lease. - ANSWER- Covenant

A person who has easement rights on anothers property; either the owner

of a dominant tenement or someone who has an easement in gross -

ANSWER- Dominant Tenant

A property that benefits from an easement - ANSWER- Dominant

Tenement

A right to use some part of another person's real property for a particular

purpose. An easement is irrevocable and creates an interest in the

property. - ANSWER- Easement

An easement that benefits a person instead of a piece of land; there is a

dominant tenant but no dominant tenement - ANSWER- Easement in

Gross

The dimension across the access side of a parcel of land. When a lot size

is stated, the first number is lot frontage - ANSWER- Frontage

A legal description for land, referencing principal meridians and base

lines designated throughout the country - ANSWER- Government

Survey System

A pre-existing condition allowed to continue under old laws, even

though laws have since been changed - ANSWER- Grandfathered

A middle or inside lot - ANSWER- Inlot

A general pattern of four phases (growth, stability, decline, and

revitalization) which neighborhoods, districts and other market areas go

through - ANSWER- Life Cycles

Exact position of real estate - ANSWER- Location

The legal description that starts at a easily identifiable point of

beginning, that describes the property boundaries in terms of courses and

distances, ultimately returning to the point where started. - ANSWERMetes and bounds system