Name: Homework 6

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Instructions:  

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Question 1   Multiple Choice (1.0000 points)
  Question: Appraisal is
 
    an art.
an applied social science.
a college major.
a pseudo-science.
based on intuition.
 

 
Question 2   Multiple Choice (1.0000 points)
  Question: Appraisals of federally related transactions above the threshold level of $250,000 are done
I. by certified or licensed real estate appraisers
II. by real estate brokers and salespersons without appraisal license or certificaiton
 
    I only
II only
both I and II
neither I nor II
 

 
Question 3   Multiple Choice (1.0000 points)
  Question: The appraisal process
 
    always consists of the three approaches to value.
always requires at least three comparable sales in each appraisal.
is the process a client uses to hire an appraiser.
approaches the valuation systematically
 

 
Question 4   Multiple Choice (1.0000 points)
  Question: The highest price paid in terms of money, with a willing buyer and willing seller,
neither under compulsion to buy or sell, and both knowledgeable as to the uses
to which the property may be put is referred to as what kind of value?
 
    replacement value
value in exchange
market value
insurable value
none of the above.
 

 
Question 5   Multiple Choice (1.0000 points)
  Question: The market value of a parcel of real estate is
I. a prediction of its sales price
II. an estimate of its most probable sales price
 
    I only
II only
both I and II
neither I nor II