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47 True/False questions

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


  2. Loss of a fire station in your neighborhood is considered?Economic depreciation


  3. What type of properties would be used for the cost method?Churches, schools, post offices, custom homes, new construction


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


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


  6. 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


  7. The way a house is placed on a lot?Orientation


  8. A first right of refusal is a right to?Match an offer from a 3rd party


  9. How do you calculate the value of the improvements under cost method?Quantity survey


  10. One bathroom in 5 bedroom home is considered?Income


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


  12. A weighted average is called?Capitalization


  13. Outdated depreciation is called?Functional


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


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


  16. Another name for the cost method?Summation


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


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


  19. First duty of the appraiser?Percolation


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


  21. Deferred maintenance depreciation is called?Economic


  22. The difference between the present value of a property and replacement cost is called?Effective age


  23. If the cap rate goes up, the value goes?Down


  24. Another name for market data?Summation


  25. Most time consuming way to replace improvements under the cost method?Quantity survey


  26. Incurable depreciation is called?Functional


  27. Under cost method, land is value by what method?Market data


  28. Market data method is used for type of properties?Existing homes and raw land


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


  30. Test for septic systems?Percolation


  31. Poor layout of a room would be what type of depreciation?Physical


  32. Income method is called?Economic


  33. What type of depreciation would be always considered incurable?Churches, schools, post offices, custom homes, new construction


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


  35. An appraisal is accurate for what length of time?The date made


  36. Quantity survey is associated with which method?Cost


  37. Replacement, reproduction, and depreciation would be which appraisal approach?Cost


  38. The number one characteristic of value?Orientation


  39. Most common way to replace improvements?Percolation


  40. The most costly appraisal report?Narrative


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


  42. Rent to land is considered?Income


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


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


  45. A gross rent mutiplier will indicate?Income


  46. A roof in bad condition is what type of depreciation?Economic


  47. Market data is based on what principle?Existing homes and raw land