Arizona National Exam

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  • A first right of refusal is a right to?

    Match an offer from a 3rd party

    Income method is called?

    Capitalization

    Test for septic systems?

    Percolation

    Outdated depreciation is called?

    Functional

    An appraisal is accurate for what length of time?

    The date made

    True or False.....Income taxes is an operating expense?

    FALSE

    If the cap rate goes up, the value goes?

    Down

    How do you calculate the value of the improvements under cost method?

    Reproduction or replacement

    True or False.....Physical and functional depreciation is curable?

    TRUE

    True or False.....Comps are difficult to find under the market data method?

    FALSE

    Most common way to replace improvements?

    Comparative

    The way a house is placed on a lot?

    Orientation

    Another name for market data?

    Comparative analysis

    True or False.....It is difficult to find comps for the cost method?

    TRUE

    Market data method is used for type of properties?

    Existing homes and raw land

    True or False.....Adjusted gross income is before vacancy?

    FALSE

    Rent to land is considered?

    Income

    Adjustments are made under the market data method for what type of features?

    Dissimilar

    True or False.....Net operating income is always after debt service?

    FALSE

    True or False.....Debt service is an operating expense?

    FALSE

    The difference between the present value of a property and replacement cost is called?

    FALSE

    Quantity survey is associated with which method?

    Cost

    A gross rent mutiplier will indicate?

    A factor of rents to its price

    Under cost method, land is value by what method?

    Market data

    A roof in bad condition is what type of depreciation?

    Physical

    What method is the appraiser using if the appraiser calculates a separate value for the land?

    Cost

    The number one characteristic of value?

    Location

    The most costly appraisal report?

    Narrative

    True or False.....Scheduled gross income is before vacancy?

    TRUE

    A weighted average is called?

    Reconciliation

    One bathroom in 5 bedroom home is considered?

    Functionally obsolete

    Loss of a fire station in area is what type of depreciation?

    Economic

    What type of depreciation would be always considered incurable?

    Economic

    Loss of a fire station in your neighborhood is considered?

    Economic depreciation

    Replacement, reproduction, and depreciation would be which appraisal approach?

    Cost

    The appraiser's opinion of the age of a home is called?

    Effective age

    When a property has a cap rate of 8%, each additional $12 of expenses would affect the value of the property by how much?

    $150 decrease in value

    True or False.....Principal and interest payments would be considered an operating expense under the income method?

    FALSE

    Deferred maintenance depreciation is called?

    Physical

    Incurable depreciation is called?

    Economic

    First duty of the appraiser?

    Define the problem

    Another name for the cost method?

    Summation

    Most time consuming way to replace improvements under the cost method?

    Quantity survey

    True or False.....Property taxes is an operating expense?

    TRUE

    Poor layout of a room would be what type of depreciation?

    Functional

    Market data is based on what principle?

    Substitution

    What type of properties would be used for the cost method?

    Churches, schools, post offices, custom homes, new construction

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