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16 ACCREDITED SENIOR APPRAISER QUIZZES WITH RIGHT ANSWERS.
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16 ACCREDITED SENIOR APPRAISER QUIZZES WITH RIGHT ANSWERS.
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16 ACCREDITED SENIOR APPRAISERQUIZZES WITH RIGHT ANSWERS.
Which appraiser may appraise any residential property up to four units regardless of value but is limited
to residential appraisal?
A)
Certified general appraiser
B)
Licensed residential appraiser
C)
Appraiser assistant license
D)
Certified residential appraiser ANS - Certified residential appraiser
Salvage value is ANS - what components of property or a business may be sold for.
The appraisal approach that uses comparable sales to indicate how much an informed investor/buyer
will pay for a particular property is called ANS - sales comparison approach.
Where expert testimony involving appraisals is provided for court proceedings or before a public body
such as a zoning board, which of the following appraiser designations would MOST likely be required?
ANS - MAI or SRA
When the comparable property is superior to the subject property in an area of comparison, the
appraiser ANS - subtracts that amount from the sales price of the comparable.
The appraisal approach that is based on single use/purpose property for which sales of comparable
properties are few or nonexistent is the ANS - cost approach
, The sales comparison approach to appraisal utilizes ANS - recent sales prices of similar parcels.
The price of purchase or production represents the ANS - cost
In the final analysis, selling price for real estate is set by ANS - the buying public.
Reproduction cost is ANS - the cost to create an exact replica of the subject property.
The process of estimating value for a specific set of interests as of a specific point in time for a real
estate property is ANS - valuation.
When it comes to preparing a CMA, the licensee should explain ANS - how the estimates of value were
determined.
When a property's net operating income is known and the investor wishes to calculate the value of the
property, what will the investor divide the income by to calculate the value? ANS - The capitalization
rate
From the reproduction or replacement cost of the building, an appraiser deducts depreciation, which
represents ANS - loss of value due to any cause.
Highest and best use of real estate is defined as the use that produces the MOST value to ANS - the
land
The term reconciliation refers to which of the following? ANS - Analyzing the results obtained by the
three approaches to value to determine a final estimate of value
The first step in the appraisal process is ANS - defining the problem
You are appraising a subject property that is the house at 23 Oak. A comparable house recently sold at
54 Oak is similar to the subject property; however, it has a fireplace, and the subject property does not.
What use do you make of the value of the fireplace? ANS - Subtract the value from the comparable
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