1. An appraiser is working on the cost approach for Tom's house. The house is a 1,200-square-foot rambler that was built in 1979. The cost manual suggests that a home of this quality should have a replacement cost of $65.75 per square foot. The manual also suggests a depreciation of 19% of the construction costs. What is the depreciated cost of the house? a. $78,900 b. $14,991 c. $63,909 d. $93,891 2. In conducting the sales comparison approach portion of the appraisal of Tom's house from question 1 above, a comparable was found in the same neighborhood that sold for $145,000. This comparable has 1,450 square feet of improved area, or about 250 square feet more than the subject property. If the appraiser concludes that the market is paying an additional $55 for each additional square foot of space over 1,200 square feet, what is the adjusted sale price of the comparable? a. $79,750 b. $131,250 c. $66,000 d. $158,750 3. You have been called on to estimate the value of a single-family home using the gross rent multiplier (GRM) form of the income approach. The subject property you are appraising is a 1,300-square-foot home with three bedrooms, a living room, a family room, two bathrooms, and a two-car garage. You feel if it were put on the rental market, it would draw $1,400 per month in rent. A comparable that was recently sold for $162,500 was renting for $1,500 per month when it was sold. Using the GRM, what is the indicated value of the subject property? a. $151,600 b. $174,100 c. $162,500 d. $175,000