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51 True/False questions

  1. 3 approaches to valueestimated opinion[always right]

          

  2. cost approachwhen you have nothing to compare to

          

  3. meanaverage of all numbers

          

  4. medianMiddle number

          

  5. typical interest rate3 percent

          

  6. antemper year

          

  7. uraruniform residential appraisal report[standard of appraisal practice]

          

  8. interestprice of money

          

  9. location can also be determined byschool district

          

  10. GLAgross living area[calculate measures of a home]

          

  11. modeyoungstown neighborhood development corp.

          

  12. effective date of valueGeorge Basista

          

  13. why do we have 3 approaches to valueunique and lend support to each other

          

  14. IRVdetermine income approach

          

  15. market dataA group of buyers and sellers of a particular good or service

          

  16. life cycle of a propertygrowth, stability, decline

          

  17. home inspector nameGeorge Basista

          

  18. decaying of uraniumlength times width divided by 2

          

  19. data calledcomp. sales

          

  20. area of a trianglelength times width divided by 2

          

  21. FNMAfederal national mortgage association[sell mortgages to freddie mac and fannie mae

          

  22. who best knows market value1)market 2)cost approach 3)income approach

          

  23. appraisalestimated opinion[always right]

          

  24. scarsitybrings value [ limited amount of real estate

          

  25. 2 types of propertyphysical, functional,external

          

  26. reproductionexact replica

          

  27. MPAgross living area[calculate measures of a home]

          

  28. marketA group of buyers and sellers of a particular good or service

          

  29. a= l wper year

          

  30. YNDCoccurs the most

          

  31. what is calculated per antumcomp. sales

          

  32. VAVeterans Administration

          

  33. DRVincome rate value

          

  34. when supply crosses demand the meeting point isbuyers and sellers

          

  35. replacementsimilar in function

          

  36. 43,560determine income approach

          

  37. compmatched pair analysis[taking same item and comparing]

          

  38. SCAgross living area[calculate measures of a home]

          

  39. USPAPuniform standards of professional appraisal practice

          

  40. if property is attachedturns personal property into real property [flat screen tv exception]

          

  41. FHAfederal national mortgage association[sell mortgages to freddie mac and fannie mae

          

  42. obsolescenceanother word for depreciation

          

  43. mlsmulti listing service

          

  44. proximityanother word for location

          

  45. what makes value or determines valuelocation

          

  46. effective date of valuedate of appraisal[ exception divorce and death]

          

  47. depreciationMiddle number

          

  48. zone X is ( on uniform residential appraisal report)growth, stability, decline

          

  49. GLA 3 requirementssimilar in function

          

  50. 3 types of depreciationphysical, functional,external

          

  51. substitutionwearing away of an asset