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60 Cards in this Set
- Front
- Back
quantity survey
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used by contractors, most accuratr , each individual added together
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acres In a section
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640
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east to west lines
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base lines
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common clay roof tiles
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Spanish, mission, roman, english
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chattel
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personal property
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quadrangle/check
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576 square miles or 24 miles square
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typical r value exterior
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r8 to r11
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clause that would prevent mortgage assumption by new purchaser
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alienation clause
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when a mortgage covers more than one parcel
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blanket mortgage
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what does package mortgage usually cover
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real and personal property
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hypothecation
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borrower has possession of the property
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interest rate that incorporates the effect of discount points
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effective rate
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when any interest possessed by the grantor is conveyed to grantee without any warrenties
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quitclaim deed
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government takes your home paying fait market value
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eminent domain
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water dumping soil creating more land
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accretion
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can appurtenant easement transfer to future party
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yes
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what does bounds mean
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direction
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owners benefit in a lease
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leased fee
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when lessee pays all or some costs of ownership what type of lease
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net lease
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tenancity in entirety
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married couples. upon death, surviver becomes sole owner . individual cannot sell their rights without the other
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tenancy in common
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each has equal and undivided interest.
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ethics rule contains
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1. conduct 2. management 3. confidentiality
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section how many acres
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640
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used to convey real property which contains warranties of title and the grantor agrees to defend the premises against the lawful claims of third persons
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warranty deed
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how many owners for ownership in severalty
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one
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water recedes leaving dry land
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reliction
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list of appraisers eligible to perform FRT maintained by
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ASC
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appraisal standards board
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develops, interprets, and amends USPAP
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appraisal practices board
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identify and issue opinions on recognized valuation methods and techniques
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appraisal qualifications board
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establishes minimum education, experience, and examination requirements for certification
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act 28 of 1992
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governing of assessors
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what act was state board of assessors created by
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act 98
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what are pa assessors called
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certified evaluator
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continuing ed for certified residential
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28 classroom hours with law and uspap
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act that created AQB
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act 103 of 2008
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title 49 chapter 36
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rules and regulations
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structure of the board
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11 members: 6 appraisers 2 public members
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board term limits
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4 years. 2 terms
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asc resppnsibilities
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1.requirements for appraiser licensure
2. appraisal standards 3. national registry 4. review Appraisal Foundation |
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prosecution handled by
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bureau of state legal office
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processing of disciplinary actions
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BPOA professional compliance office
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what is written decision by board in a disciplinary action called
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adjudication and order
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act 48 of 1993
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civil penalties
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capitalization rate
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convert income to value
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grm is multiplied by...
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monthly rent
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do you include chattel in value estimate if that is included in sale
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no
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comparable sold five months ago for $109,500 in a market with 5% annual appreciation rate. this comparable is also 8% superior to the subject. what is the net result of the adjustments ?
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first figure out appreciation:
109,500 x .05 = 5475 yearly 5476/12=456.25 monthly 456.25x5=2281.25 for five months 109,500+2281.25= 111,781.25 111,781.25/1.08= 103,501 |
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what is overall cap rate if loan to value ratio 80%, mortgage constant .11, NOI 100,000, annual debt service 80,000?
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100,000/80,000=1.25
1.25x.11x.80=.11 |
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define grm
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relationships of rent or income to selling price
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does grm consider propertys profitability ?
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no
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grm golden rules
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-always gross rents
-only include rent, no other income |
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purpose of income capitalization
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return of and return on investment
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3 sections of ethics rule
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conduct, management, confidentiality
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conduct
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impartiality, objectivity, independence, without personal interest
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management
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disclose that paid a fee or commission
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building has remaining economic life of 35 years . what is recapture rate ?
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1/35= .0286 or 2.86%
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excess land
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extra land not needed for highest and best use. can be subdivided
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surplus land
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cannot be subdivided
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government agency that ensures compliance with federal banking regulations
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ffira
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what requires that appraisers pass exam
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title xi of firrea 1989
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