Advanced Residential Applications and Case Studies
QUESTIONS WITH COMPLETE SOLUTION
Which of these is likely to be considered a complex property?
A
... [Show More] home with unfinished construction
A home located in a transitional neighborhood
A home located on a mountaintop with a view of three states
Any of these Correct Answer: Any of these
An appraisal on a complex single-family property having a transaction value of $2
million would require the services of Correct Answer: A Certified Residential or
Certified General Appraiser
A property can be complex because of
Market conditions
The appraiser's level of licensure
The proposed loan amount
All of these Correct Answer: Market conditions
An ordinary-looking home can have a hidden issue that can make the property
complex. T or F Correct Answer: True
A non-complex property with four residential units and having a transaction value
of $750,000 could be appraised by Correct Answer: A Certified General, a
Certified Residential, or a Licensed Residential Appraiser
Where should an appraiser look to find a definition of a "complex property"?
Correct Answer: Code of Federal Regulations
Which of these properties would likely be considered complex?
A house constructed to resemble a shoe
A 5,000 square foot home in a neighborhood of 2,000 square foot homes
A typical single-family home with a leaking oil storage tank on the property
All of these Correct Answer: All of these
An appraisal on a complex property with three residential units and having a
transaction value of $450,000 would require the services of Correct Answer: A
Certified Residential or Certified General Appraiser
How does location factor into the decision on whether or not a property is
complex? Correct Answer: It sometimes makes a property complex
Fee simple Estate Correct Answer: "Absolute ownership unencumbered by any
other interest or estate, subject only to the limitations imposed by the governmental
powers of taxation, eminent domain, police power, and escheat."2
Life interest Correct Answer: Rights of use, occupancy, and control, limited to the
lifetime of a designated party, sometimes referred to as the life tenant.
leased fee interest is defined as Correct Answer: "The ownership interest held by
the lessor, which includes the right to receive the contract rent specified in the lease
plus the reversionary right when the lease expires. [Show Less]