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Unit 16 60 Hour MREP Flashcards | StudBud
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Unit 16 60 Hour MREP
Unit 16 60 Hour MREP
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Questions
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Answers
1
The principle that maximum value is realized when land use is in harmony with surrounding standards is
contribution.
competition.
highest and best use.
conformity
2
Which of these is
NOT
an essential assumption in determining market value?
The payment must be in cash or its equivalent.
The buyer and seller must be unrelated.
The property must be on the market for at least three months.
The buyer and seller must be acting without excessive pressure.
3
The principle of value that is the interaction of supply and demand is called
anticipation.
contribution.
conformity.
competition.
4
Contribution
means the value of any part of a property is measured by its effect on the value of the entire property
False
True
5
All of these reflect basic principles of value
EXCEPT
financing concessions.
competition and plottage.
change.
anticipation and conformity.
6
Which of these reports would a sales associate MOST likely research and deliver to a prospective seller?
Comparative market analysis
Appraisal
Letter of intent
Cost benefit analysis
7
Bonus Points if you know what GRM is
Green Red Maroon
Good Rating Measurement
General Rent Monies
Gross Rent Multiplier
8
If a property is found in Fannie Mae’s Collateral Underwriter (CU) database, it may qualify for a
licensed appraiser review.
property inspection waiver.
Desktop Underwriter appraisal.
preliminary appraisal approval.
9
The property being appraised is called the
parcel.
subject property.
lot
comparable property.
10
Touching-up peeling paint is an example of curing
straight-line depreciation.
physical deterioration.
functional obsolescence.
external obsolescence.
11
Which of these concepts applies to every appraisal?
Diminishing returns
Highest and best use
Assemblage
Plottage
12
When appraising a new home in which no one has ever lived, an appraiser will likely use the
sales comparison approach.
GRM.
income approach.
cost approach.
13
What is the process for creating a broker’s price opinion (BPO)?
The attorney engages a broker to perform a comparative market analysis.
The broker engages a certified appraiser to perform an appraisal.
The broker prepares a report compiled from research of comparable propertie
A broker drives by the property, takes a picture, and fills out a BPO form
14
An appraiser’s role is to
determine value.
average value.
form an opinion of value.
set price.
15
Which appraisal approach would be BEST to appraise a 25-year-old owner-occupied house in a 30-year-old neighborhood?
Cost approach
Income approach
GRM
Sales comparison
16
The characteristics of value include
demand, utility, price, and transferability.
demand, utility, scarcity, and transferability.
popularity, location, price, and transferability.
demand, scarcity, price, and popularity.
