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Homework 4

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  1. When performing an appraisal, the appraiser uses reconciliation in
    (Check all that apply)
    a.  the sales-comparison approach
    b.  the final value estimate
    c.  the income-capitalization approach
    d.  neighborhood analysis
    e.  site analysis
  2. What is the best final value estimate on an appraisal that indicates a value of $92,500 using the sales-comparison approach, $90,000 using the income-capitalization approach, and $96,000 using the cost-depreciation approach?  An analysis of the marketplace indicates that 35% of the neighborhood was built in the past five years and 25% of the neighborhood is rental property.
    (Check all that apply)
    a.  $90,000
    b.  $92,500
    c.  $92,833
    d.  $93,100
    e.  $96,000
  3. Which of the following techniques might be used in determining the weights to be used in a weighted average technique of reconciliation?
    (Check all that apply)
    a.  neighborhood market driven weights
    b.  simple averages
    c.  Spearman's technique
    d.  use of published benchmarks
    e.  Bayesian inference
  4. An examination of six comparable sales indicated the following adjusted sales prices: $91,500, $93,900, $94,000, $92,000, 92,900, and $92,000.  What is the best indication of the most probable sales price?
    (Check all that apply)
    a.  $92,000
    b.  $92,500
    c.  $92,717
    d.  $92,900
    e.  $93,000
  5. Which of the following appraisal reports are the most likely to be used for an appraiser performing an appraisal on a single family home for a bank considering financing the property?
    (Check all that apply)
    a.  oral
    b.  form
    c.  letter
    d.  narrative
    e.  demonstration

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