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 - ANSWER- Specific data
Data that includes information on the subject property site improvements
- ANSWER- Subject property data
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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 2 / 4
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
- A Contract
- A promise.
- A Guarantee
- 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
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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. - ANSWER- Metes and bounds system
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