Practice Test 7 - Mod 19-21 Flashcards Preview

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Flashcards in Practice Test 7 - Mod 19-21 Deck (13)
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1
Q

A group of complementary land uses defines a

A. community.
B. district.
C. market area.
D. neighborhood.

A

D. neighborhood.

2
Q

A fully developed neighborhood continues to experience good demand and a modest rise in property values. How would you classify the life cycle period of this area?

A. decline
B. growth
C. revitalization
D. stability

A

D. stability

3
Q

Appraiser Mills described the market area as a blue-collar area with good pride of ownership in the area residences. This is an example of

A. conformity.
B. homogeneity.
C. lessor interest.
D. stereotyping.

A

D. stereotyping.

4
Q

A district has a research center, high-tech companies, and a university. This describes what kind of district?

A. commercial
B. industrial
C. office
D. specialty

A

D. specialty

5
Q

In a scope of work decision, an opinion of market value and its definition are the elements that are also known as

A. intended use.
B. objective.
C. opinion type.
D. purpose.

A

D. purpose.

6
Q

Partners Bank had questions about an appraisal, so it decided to get a second opinion from another independent appraiser. What is this second assignment called?

A. appraisal
B. appraisal review
C. broker’s price opinion
D. real property consulting

A

A. appraisal

7
Q

Rivers, forested areas, and marshlands are examples of natural features that define what type of boundaries within a market area?

A. economic
B. geographic
C. legal
D. social

A

B. geographic

8
Q

The area surrounding Independence Hall in Philadelphia, where the Constitution of the United States was signed, is an example of this kind of district.

A. educational
B. historic
C. single-family
D. specialty

A

B. historic

9
Q

What is the process called when a market area goes from agricultural to residential?

A. change
B. conversion
C. transformation
D. transition

A

D. transition

10
Q

An appraiser provided advice on various commercial building sites to a client, including a value opinion on the optimum recommended site. What type of appraisal practice did the appraiser perform?

A. appraisal
B. appraisal review
C. property management
D. real property consulting

A

A. appraisal

11
Q

Trotter performed an appraisal with an “exterior-only” inspection. The degree to which a property is inspected is which part of the appraisal development process?

A. appraiser’s certification
B. appraiser’s statement of disclosure
C. limiting conditions statement
D. scope of work

A

D. scope of work

12
Q

Moyer completed an appraisal for a bank on a property that was being refinanced. The owners of the property paid for the appraisal when they completed the
application at the bank and were promised a copy of the appraisal report. In this case, what is the property owner?

A. an intended user only
B. a party who is neither the client nor an intended user
C. both the client and an intended user
D. the client only

A

B. a party who is neither the client nor an intended user

13
Q

A real estate agent who is not an appraiser provides a client with an asking price that will be used to list a property on the market. The agent

A. cannot provide this service.
B. has performed appraisal practice.
C. has performed a valuation service.
D. is practicing appraisal without a license.

A

C. has performed a valuation service.