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Question 1 of 10
1. Question
What valuation technique will most likely be used by an appraiser asked to assess a church?
Correct
For special-purpose or exclusive properties, where there will be few comparables and no rental income, the cost method is most useful.
Incorrect
For special-purpose or exclusive properties, where there will be few comparables and no rental income, the cost method is most useful.
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Question 2 of 10
2. Question
According to the concept of the largest house situated in a community of smaller houses, how is the value of the largest home can be affected?
Correct
This is an especially challenging question because it is possible that all the responses will have some effect on the house’s value. The fact that the problem focuses on the relationship between smaller homes and larger ones should lead you to the basic regression theory.
Incorrect
This is an especially challenging question because it is possible that all the responses will have some effect on the house’s value. The fact that the problem focuses on the relationship between smaller homes and larger ones should lead you to the basic regression theory.
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Question 3 of 10
3. Question
In the approach to sales comparison, which of the following describes the importance of a feature present in a comparable one that is not present in the topic?
Correct
The subject is never adapted by an appraiser, so options A and B can be removed. Then remember to ask yourself “What do I have to do with the like in order to make it like the subject?” In this case, you take away (subtract the value of) the function because the comparable one is better.
Incorrect
The subject is never adapted by an appraiser, so options A and B can be removed. Then remember to ask yourself “What do I have to do with the like in order to make it like the subject?” In this case, you take away (subtract the value of) the function because the comparable one is better.
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Question 4 of 10
4. Question
Which of the following statements is false?
Correct
Anticipation is. Scarcity is the fourth attribute of value.
Incorrect
Anticipation is. Scarcity is the fourth attribute of value.
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Question 5 of 10
5. Question
Which of the following statements about diminishing returns is most accurate?
Correct
The definition of investing money enhancing a property because there is no return on spending is the definition of diminishing returns.
Incorrect
The definition of investing money enhancing a property because there is no return on spending is the definition of diminishing returns.
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Question 6 of 10
6. Question
Which of the following statements best describes the functional utility?
Correct
In general, functional utility is defined as how well a structure’s design supports its use. In the end, the market will decide how useful or attractive the design of a property is and how well it suits the user’s needs.
Incorrect
In general, functional utility is defined as how well a structure’s design supports its use. In the end, the market will decide how useful or attractive the design of a property is and how well it suits the user’s needs.
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Question 7 of 10
7. Question
Which of the following does not include in the net operating income?
Correct
In the net operating income measure, mortgage payments are never included because they contribute more to the lender than to the house.
Incorrect
In the net operating income measure, mortgage payments are never included because they contribute more to the lender than to the house.
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Question 8 of 10
8. Question
Which of the following is used in estimating the cost of replacement or reproduction that is the most effective as a check compared to the other methods of evaluation?
Correct
As a check on one of the other models, the historical cost index system, which uses a factor to account for changes in construction costs, is most useful.
Incorrect
As a check on one of the other models, the historical cost index system, which uses a factor to account for changes in construction costs, is most useful.
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Question 9 of 10
9. Question
The projected cost of constructing a 200-year-old house using new materials and methods of construction is known as which of the following?
Correct
Cost of Reproduction is incorrect. The recent cost and rebuilding cost choices may be right semantically, but since the testers are interested in learning the relevant words from the licensee, the cost of replacement is the better option.
Incorrect
Cost of Reproduction is incorrect. The recent cost and rebuilding cost choices may be right semantically, but since the testers are interested in learning the relevant words from the licensee, the cost of replacement is the better option.
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Question 10 of 10
10. Question
Which of the following statements best describes what is going to happen to house prices when the supply of houses goes up and the demand remains the same?
I. Prices will climb.
II. Prices are going to decrease.
III. The rates will remain the same.
IV. None of those mentioned above.Correct
Without a rise in the number of people who want those homes, the more houses you have on the market, the more likely prices are to go down.
Incorrect
Without a rise in the number of people who want those homes, the more houses you have on the market, the more likely prices are to go down.