An important characteristic of land is that it may be modified or improved. Such improvements tend to increase the value of real estate. Which of the following is NOT an improvement?
Correct Answer
A) A new access road
Land can be improved by adding buildings, landscaping, and other enhancements.
Why This Is the Correct Answer
More Valuation Questions
Example of economic obsolescence in real estate?
An appraiser receives a request to perform a retrospective appraisal as of a date five years in the past for estate tax purposes. Under USPAP, can the appraiser perform this assignment?
Who typically hires the appraiser in a real estate transaction?
Which appraisal report type do California lenders commonly rely on for single-family residence financing?
An appraiser's report must identify the intended use and intended users of the appraisal. Why does USPAP require this information?
- → Return of an investor’s investment is provided for through:
- → An appraiser has been asked to provide a restricted appraisal report instead of an appraisal report for a lending assignment. Under USPAP, what is the key difference between these two report options?
- → How often must a licensed appraiser complete continuing education courses that include USPAP updates to maintain their license?
- → Under USPAP, what is the purpose of the Competency Rule?
- → All of the following are one of the four important elements of value, except:
- → An appraiser keeps a workfile for every appraisal assignment. Under USPAP, how long must the appraiser retain the workfile after the report is issued?
- → Under the replacement cost approach of appraisal, an appraiser is least interested in:
- → The appraisal process which allocates a percentage of a property’s total value to the land and a percentage to the improvements is known as:
- → A trainee appraiser performed most of the field work for a residential appraisal, but the supervising appraiser signed the report. Under USPAP, who is responsible for the quality of the appraisal?
- → A property's value decreased because a noisy highway was built nearby. This is an example of:
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An example of functional obsolescence is:
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Broker Juan lists a house for 11 months without selling it. Broker Juan is aware the building needs major structural repairs and is listed at 10% above its fair market value. Broker Juan runs an advertisement in a newspaper stating, “Three bedroom, Adobe. The price will amaze! Move-in ready and turnkey condition. Call Broker Juan today!” This advertisement is improper since: