71.	An appraisal is being made of a good quality, 25-year old, three-bedroom home. The appraiser locates three comparables that have similar square footage, numbers of rooms and construction quality. After viewing and rating the comparables, a summary is made as follows: Data Comparable #1 Comparable #2 Comparable #3 Price paid $295,000 $300,000 $350,000 Location Inferior Equal Superior Lot size Larger than subject Smaller than subject Equal to subject Amenities/Conditions Equal to subject Superior to subject Superior to subject Dollar Adjustments Indicated by Market Study Location difference = $40,000 Lot size difference = $20,000 Amentities/Condition difference = $15,000 Problem: Relying upon the comparables and the adjustments indicated, which of the following would be the best value conclusion for the subject property?
		A: $300,000
		B: $260,000
		C: $275,000
		D: $400,000

72.	There are several types of rates used in income capitalization. Which of the following is composed of interest and recapture in separately determined amounts?
		A: Interest rate
		B: Overall rate
		C: Composite rate
		D: None of these

73.	The price per square foot (or other unit of comparison) in the sales comparison approach usually:
		A: declines as the number of units increase
		B: increases as the number of units increase
		C: remains constant
		D: none of the above

74.	Which of the following suggests a market transaction, rather than a legal transaction, that may require an appraisal?
		A: an income tax casualty loss estimate
		B: a property damage lawsuit
		C: a property tax appeal
		D: exercise of a purchase option

75.	The applicability of any approach depends upon all the following except:
		A: the intended use of the appraisal
		B: how many approchaes have been applied
		C: the strengths and weaknesses of the approach
		D: the actions of buyers and sellers

76.	If 60% financing is available on a certain income property at a loan constant of 11%, what equity cash-on-cash return is available where the overall rate is 10.6%?
		A: 5.0%
		B: 10.0%
		C: 6.5%
		D: 1.5%

77.	The purpose of verifying a sale with a party to the transaction is to:
		A: confirm your opinion of value
		B: improve the reliability of your data
		C: comply with a rigid requirement
		D: establish the motives of the seller

78.	Which of the following statements about the government survey systme is false?
		A: All sections are the same exact size
		B: A township is 36 sections
		C: A section is 640 acres
		D: a section measures one square mile

79.	USPAP requires that prior sales of the subject property be considered when they have occured:
		A: within one year for one-to-four family residential
		B: within 3 years for all property
		C: within 3 years
		D: none of the above

80.	The typical appraisal assignment is to appraise:
		A: the leased fee
		B: the value of the mining rights
		C: the value subject to an existing loan
		D: the "fee simple" ownership

81.	Which type of appraisal report is the most formal?
		A: The form report
		B: The narrative report
		C: The letter report
		D: None of these

82.	Which of the following is a likely disadvantage of a key lot?
		A: Faces only one street
		B: Has poor side yard privacy
		C: Suffers excess traffic noise
		D: Has reduced street frontage

83.	The income remaining after vacancy and credit losses are deducted from gross potential income is known as the:
		A: net to operations
		B: net income
		C: effective gross income
		D: none of the above

84.	An apartment building has a potential gross income of $100,000 per year, vacancy and collection losses of 5%, and operating expenses of $35,000. What is the indicated value, if the net operating income is capitalized at 8%?
		A: $1,000,000
		B: $750,000
		C: $812,500
		D: $1,187,500

85.	Older housing units built without side yards or common areas are called:
		A: condominiums
		B: airspace units
		C: row houses
		D: town houses