Harrison I - All with Answers

Harrison I - All with Answers - Introduction to Appraisal...

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7. An individual dies without a will and with no apparent heirs. What will happen to the title of that individ- allows real estate? Which of the following situations relates to the social influence on valuation of a parcel of real estate? 1. A. Identification of population centers around the parcel A. It will be condemned and sold at B. Review of zoning ordinances public auction affecting the parcel B. It will be merged into the titles of C. Determining if wetland regula- adjoining properties C. It will revert to the state D. It becomes federal property tions are met D. Identifying personal property rights The legal concept referring to non- ownership interests in real estate is, A. Eminent domain. B. Escheat. C. Police power. D. Chattel. 2. A form of ownership which incorpo- rates separate ownership and a co-ownership is a- 8. A. Cooperative. B. Condominium. C. Community property. Which of the following items would 3. D. Land trust. be deducted from potential gross income to find effective gross income? A. Operating expenses B. Vacancy losses C. Debt service D. All of the above A form of fee simple ownership that is coupled with a partial Interest in property owned with neighbors which adds little value to the primary residence is a- 4. The preservation of the use of a parcel of land to maintain its scenic beauty and ecological functions is which of the following concepts that influences the value? A. PUD. B. De minimis PUD. C. Cooperative. D. Condominium. The value which an owner is com- pelled to accept when a property is sold at foreclosure is: 10. A. conservation easement B. government zoning C. private deed restriction D. no trespassing signs A. Value-in-use. B. Investment value. A corporation owns a property in the name of the corporation. This form of ownership is: A. Joint tenancy. B. Tenancy in common. 5. C. Market value. D. Liquidation value. Which of the following conditions is not part of the definition of market value? 11. C. Severalty. D. Community property. A. The buyer and seller are com- The value of the use and occupancy of the property for the term of the lease is the: 6. pelled into the market place B. The price was not subject to special financing A. Leased fee. C. The buyer and seller are well B. Leasehold interest. C. Fee simple interest. D. Conditional fee. informed D. The property is exposed to the mar- ket for a reasonable period of time Introduction to Appraisal Examination I ~ Mid-Term Examination Page 1 of 14 - Appraisal Mid -Term Examination ~ Harrison
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I 18. 12. A section of land in the government survey system contains: The ratio which relates net operating income (NOI) to the annual amount due on the mortgage is the: A. 180 acres. Expense ratio.
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Harrison I - All with Answers - Introduction to Appraisal...

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