13. When appraising a new home in which no one has ever lived, an appraiser will

ID: 2649430 • Letter: 1

Question

13. When appraising a new home in which no one has ever lived, an appraiser will likely use the

A. Cost approach

B. BPO

C.GRM

20. Assuming that all of the transactions are federally related, which of these properties could only be appraised by a state licensed or certi?ed General appraiser?

A. The commercial property valued over $1 million in a refinance

B. A residential property valued at over 1 million dollars.

C. A condominium unit with a sale price of $67,850

D. The residential property valued at $262,500

21. When a landowner leases unimproved land to a tenant for a term of 50 years, and the tenant agrees to erect a building on the land, the lease is usually called

A. an improvement lease

B. a triple net lease

C. a ground lease

D. a gross lease

27. The decision whether to buy or rent should involve consideration of

A. the availability of a reverse mortgage

B. the terms of the security agreement

C. whether or not the property is located in a title theory state.

D. housing affordability and current mortgage interest rates

29. All of these are ways for a broker to charge for services EXCEPT

A. hourly rate

B. standard community rate

C. ?at fees

D. commission based on a percentage of the selling price

30. Which of these reports would a real estate salesperson most likely create and deliver a prospective seller?

A. An appraisal

B. A cost bene?t analysis

C. A comparative market analysis

D. A letter of intent

31. Lenders charge a loan origination fee to

A. guard against charges of usury

B- guard against losses in the event of a short sale

C. cover the losses involved if the borrower repays the loan before the end of the loan term.

D. cover the expenses involved in generating the loan

32. According to the Fair Housing Act, what is steering?

A. Channeling of protected class members to certain buildings or neighborhoods

B. A method of providing reasonable accommodation for people with disabilities

C. Encouraging people to rent or sell by claiming that certain protected classes of people will have a negative impact on property values

D. An appropriate method to manage risks associated with rental property ownership

33. Of these, a HIGH vacancy rate most likely indicates ll

A. rental rates are too low

B. building management is effective and responsive

C. an undesirable property

D. the property is attractive

34. Which of these approaches is usually given the greatest weight by an appraiser when reconciling the appraised value of a two-bedroom, owner-occupied home?

A. Market value approach

B. Cost approach

C. Sales comparison approach

D. Income approach

38. A property manager's ?rst responsibility to the owner should be to

A. ensure that the rental rates are below market average

B. keep the building's occupancy rate at 100%.

C. report all day-to-day ?nancial and operating decisions to the owner on a regular basis.

D. realize the highest return possible consistent with the owner's instructions

39. All of these are requirements for independent contractor status used by the internal Revenue Service EXCEPT

A. a current real estate license

B. a written agreement that speci?es that the individual will not be treated as an employee for tax purposes

C. a substantial portion of the individual's income is based on sales production rather than hours worked

D. speci?c hours stated in a written agreement

40.What is the purpose of an operating budget for a property manager

Explanation / Answer