Property Description

Which circumstance can cause highest and best use as improved to differ from highest and best use as though vacant?

A local zoning ordinance allows these maximum densities: R-1, 4 units per acre; R-2, 8 units per acre; R-4, 20 units per acre; PUD (with approval), 12 units per acre. Which category allows the highest density?

What design advantage is commonly associated with post-and-beam construction?

A hypothetical local ordinance permits either a single-family house or duplex on the site. The existing single-family house complies with all current rules. Which statement is supported?

A zoning variance allowing a reduced side setback is granted for a parcel. After the parcel is sold, who generally holds the benefit of the variance, subject to its conditions?

Under ANSI Z765-2021 as applied by Fannie Mae, a staircase runs from the second floor down to the first floor. Its area is counted as part of:

Under ANSI Z765-2021, as Fannie Mae requires for a detached house, where are exterior dimensions taken on a brick-veneer wall?

A building's HVAC system would be classified as which type of building component?

A home on a large tract is valued at $620,000 including the land it needs. The remaining excess land could be sold separately and contributes a net $95,000 after separation costs. What is the total indicated value?

A covered sale concerns a residence built in 1965. Which hazard is the subject of the federal pre 1978 housing disclosure rule, without assuming its actual presence?

Which site characteristic is most likely to reduce site utility by restricting where a typical dwelling can be placed?

Compared with a slab placed on separately poured footings, a thickened-edge slab foundation:

In a Fannie Mae appraisal, which item does not belong in the appraiser's site analysis?

A legal nonconforming use is destroyed by fire. Whether it may be rebuilt as the same use depends primarily on:

A paid renovation is expressly determined to be covered by the EPA-administered RRP Rule, with no applicable exception. Which certification statement follows?

A property is discovered to have underground storage tanks that have leaked petroleum products into the soil. This situation represents:

A qualified HVAC assessment confirms oversizing causes short cycling, and market evidence isolates value loss from that design overadequacy rather than wear or outside factors. What cause of loss is identified?

The presence of asbestos in a building is primarily a concern because:

An appraiser is valuing a 20-acre tract zoned agricultural but crossed by a deeded right-of-way allowing public vehicular access to a lake. The right-of-way, established in 1958, is 30 feet wide and bisects the property diagonally. No compensation was paid at creation, and the landowner receives no income from it. For appraisal purposes, how should this right-of-way be classified?

A local ordinance expressly authorizes a planned-development approval permitting mixed uses and flexible lot standards under an approved comprehensive plan. What does that specified approval allow?

A commercial warehouse built in 1972 has tilt-up concrete panel walls, a precast concrete roof deck supported by double-tee beams, and steel roof joists. All structural concrete elements are painted but show no spalling or rebar exposure. A visual inspection reveals hairline cracks in panels and minor efflorescence at base plates. Local building code requires a minimum 2-hour fire-resistance rating for exterior walls in this occupancy. What is the most supportable conclusion regarding construction quality and condition?

An interim use is one that:

The bundle of rights concept in real estate includes all of the following EXCEPT:

Which of the following is a physical characteristic of real property?

An HVAC system that uses water to transfer heat and includes a boiler, pipes, and radiators is called:

Which behavior of structural steel at elevated fire temperatures must structural fire design address?

Project A: each owner holds title to an individual unit plus an undivided interest in the common elements. Project B: each owner holds fee title to a lot and its dwelling, and a mandatory owners' association owns and maintains the common areas, funded by assessments. How does Fannie Mae classify the two projects?

A property is contaminated with asbestos-containing materials. How does this typically affect the appraisal process?

A proposed residence is on verified expansive soil. Which response best addresses the foundation risk?

Under the June 2020 Fannie Mae Appraiser Update guidance for the legacy Site SFHA checkbox, part of the lot is mapped SFHA but the dwelling is entirely outside. What reporting action follows?

A 5-acre parcel has FAR 2.0, expressly defined as total permitted gross floor area divided by full site area. Using 43560 SF per acre, what is the FAR ceiling? A separate parking requirement does not change this denominator; ignore other constraints for this arithmetic.

Without a functional deficiency, a property's indicated value is $620,000. The deficiency causes a stabilized annual net income loss of $2,400. An 8% direct capitalization rate applies to that loss. All timing and other effects are accounted for, and the loss has not been deducted previously. What is the indicated value of the property with the deficiency?

A rectangular lot is 150 ft by 200 ft and sells at an expressly applicable $8.50 per square foot of total area. What total sale price follows?

A rectangular site is 150 feet by 200 feet. What is its area in square feet?

A site consists exactly of two nonoverlapping rectangles, 100 ft by 150 ft and 120 ft by 30 ft. What is their total area in square feet?

A site rises 50 feet over a horizontal run of 400 feet. What is the grade percentage?

A triangle has base 100 ft and perpendicular height 80 ft. What is its area in square feet?

An irregular shaped lot has an area of 87,120 square feet. How many acres is this?

Assume an exactly 640-acre standard section, with no survey adjustments. How many acres are in the S 1/2 of the NW 1/4?

The value of all rights in a property is $950,000. The owner conveys the air rights, which account for $140,000 of that value. The rest of the value is allocated to the retained rights, and no other fractional effects or deductions apply. What amount is allocated to the retained rights?

Supported primary-site value is $305,000. An extra strip has no independent feasible use or sale; market evidence supports its contribution to the whole at $18,000, not already included in the primary figure. What total land indication follows? Do not substitute a hypothetical independently buildable value for its actual supported contribution.

A historic house has an old clay-tile roof. Which conclusion about remaining serviceability is best supported by the material alone?

For Fannie Mae assignments under the cited B4-1.3-05 policy, which contrast between covered single-family measurement and the usual 2–4 unit GBA comparison is correct?

Vertical positions — such as a flood elevation certificate's figures — are referenced to:

A commercial property has an easement for utilities running across the rear of the lot. How does this typically affect the property value?

An otherwise supported $635,000 indication excludes a particular external influence. Properly controlled market evidence isolates a $42,000 diminution for that influence. No other adjustment is needed. What indication follows?

An appraiser observes racking deformation, misaligned doors and diagonal gaps in a detached garage. No engineering assessment is available. What is the most supportable treatment?

A tax record lists 0.38 acre. A reliable current survey describes a rectangular 150-foot by 120-foot lot. No evidence yet explains the discrepancy. What should the appraiser conclude?

Comparing leases on equivalent expense and use terms, which condition generally creates a positive rental advantage for the tenant?

In a covered Fannie Mae assignment, the verified 24 ft by 20 ft space remains a garage used for vehicle storage and does not meet the applicable finished-dwelling-area definition. It has drywall and heat. How is it treated in the primary dwelling’s finished above-grade area?