Certified Residential Appraiser Practice Exam

What are short-lived items in a property context?

1. Permanent fixtures that cannot be altered

2. Items that need frequent replacement due to wear

3. Structural components of a building

4. Properties with historical significance

The correct answer is: Items that need frequent replacement due to wear

Short-lived items in a property context refer to those components or items that typically have a limited lifespan and require frequent replacement due to wear and tear. These items are usually not intended to last for the long term and often include things like appliances, roofing materials, or HVAC systems, which are subject to deterioration and may need to be replaced periodically to maintain the property's function and value. Understanding the nature of short-lived items is important for appraisers and property owners, as it affects maintenance planning, budgeting, and the overall valuation of a property. These items can significantly impact the property's operational costs and condition over time, making it essential to account for their expected lifespan during appraisals and evaluations. The other options pertain to items with longer lifespans or unique characteristics that do not align with the definition of short-lived items.