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Unit 18 - Real Estate Appraisal questions with actual answers.
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Unit 18 - Real Estate Appraisal questions with actual answers.
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Unit 18 - Real Estate Appraisal questionswith actual answers.
What is an opinion of value? ANS -Appraisal
What is the standard form used in residential appraisals? ANS -Uniform Residential Appraisal Report
(URAR)
What are two further designations for an Appraiser? ANS -Member of the Appraisal Institute (MAI)
Senior Residential Appraiser (SRA)
What do appraisals seek to do? ANS -Estimate of Market Value
What type of financing does NOT require an appraisal? ANS -Seller Financing
What type of loan DOES require an appraisal? ANS -Federally related loans: conventional, insured
conventional, FHA and VA loans
True or False - Appraisers may have additional designations such as MAI or SRA. ANS -True
True or False - An appraisal is required for all federally related loans. ANS -True
True or False - Brokers and salespersons may perform appraisals on properties with values under
$100,000. ANS -False, only Licensed Appraisers can perform appraisals.
A real estate licensee can perform what type of analysis that is NOT an appraisal? ANS -Competitive
market analysis
, True or False - A real estate professional's job is to perform an appraisal to get an idea of market value
for the client. ANS -False
The most probable price that a property should bring under normal conditions is called what? ANS -
Market Value
The price of what someone actually paid (in the past)? ANS -Actual sale price
Four essential characteristics of value are __________ ANS -Demand
Utility
Scarcity
Transferability
True or False - The MOST probable price a property will bring is called market price. ANS -False, it's
market value not price
True or False - The essential characteristics of value are demand, utility, scarcity, and transferability ANS
-True
The use that produces of highest value over time, that an Appraiser must show in their appraisal and is a
Principal Of Value, is ________________ ANS -highest and best use
Type of market when there are more properties than there are buyers? ANS -Buyers Market
Type of market when there are less properties for sale than there are buyers? ANS -Sellers Market
When supply goes up, the price goes _____________ ANS -down
When demand goes ups, the price goes _____________ ANS -up
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