Chapter 12 Questions by Jazmin Padilla

Chapter 12 Questions by Jazmin Padilla

1. Real Estate appraisers base property values on the ________.

     a. Value in use

     b. Market rate

     c. Investment value

     d. Value in exchange 

2. One of the first four steps of the prescriptive appraisal process includes:

     a. City/Regional Analysis 

     b. Highest and Best Use Analysis

     c. Comparable Data Collection

     d. none of the above

3.  The _______ is also known as the market approach.

     a. Income approach

     b. Sales comparison approach 

     c. Cost approach

     d. Depreciation approach

4. One of the biggest concerns of the cost approach is its insensitivity to the time lags associated with real estate development and construction. 

5. The sales comparison approach is seen as the most authoritative and accurate approach for property appraisals. 

6. General data collection is essential during the descriptive appraisal process. 

7. Asset managers are responsible for the day to day operations of the property. 

8. The most common listing or brokerage agency is known as the exclusive right to sell. 

Answers:

1. D

2. A

3. B

4. T

5. T

6. F

7. F

8. T