Appraisal - Practice tests questions with
actual answers.
The intent of the _______________ is to protect several housing-related parties, including investors and
home buyers, by establishing requirements for appraisals of certain properties.
American Standards of Appraisal Professionals (ASAP) Requirements
Appraisal Institute (AI) Requirements
Appraiser Independence Requirements (AIR)
Federal Standards of Independent Appraisal Practice (FSIAP) ANS - Appraiser Independence
Requirements (AIR)
Sam wants his front door to have frosted green glass panes. What type of door is he looking for?
Flush
Panel
Sliding glass
Storm ANS - Panel - Panel doors allow for panes of glass to be installed between the wood or metal
framing.
When economically feasible to replace, outdated plumbing fixtures are an example of which type of
depreciation?
Curable functional obsolescence
Curable physical deterioration
Incurable functional obsolescence
Incurable physical deterioration ANS - Curable functional obsolescence
Which legal description method is regulated by the U.S. Department of the Interior's Bureau of Land
Management?
Governmental
Lot and block
,Metes and bounds
Rectangular government survey ANS - Rectangular government survey
What determines a plumbing system's structure and the materials used to construct it?
Local building codes
National building codes
Plumbers' union
State building codes ANS - Local building codes
When Shauna looked at the legal description of the property she was interested in purchasing, she read
the following: "Beginning at the corner of State Route 61 and Hallowell Road, north for 314 feet, then
southwest for 193 feet." In this description, what does "north for 314 feet" represent?
A benchmark
A bound
A mete
A monument ANS - A mete
Foundation walls are constructed on top of which of these items?
Footings
Girders
Joists
Slabs ANS - Footings
With which of the four methods used to measure depreciation does the appraiser use comparable
properties' sales prices to figure out the value of a depreciated item?
Age-life
Capitalized value
Market extraction
Observed condition ANS - Market extraction
,The ______ of land valuation is sometimes used when there's little comparable sales data available and
large parcels of land are involved.
Abstraction method
Cost analysis
Extrapolation method
Sales comparison ANS - Abstraction method
Which of the four methods used to measure depreciation is the easiest?
Age-life
Capitalized Value
Market Extraction
Observed Condition ANS - Age-life
Lucas, Ivan, Chad, and Trace own a property as joint tenants. After a few years, Ivan sells his interest to
Tom (with permission from Lucas, Chad, and Trace). Chad dies intestate but is survived by a wife, Amy.
Trace also then passes away but wills his property to Monique. Who owns the property after Trace's
death?
Lucas
Lucas and Tom
Lucas, Monique, and Amy
Lucas, Tom, Amy, and Monique ANS - Lucas and Tom
Discounted cash flow analysis is a form of what?
Direct capitalization
Present value
Residual capitalization
Yield capitalization ANS - Yield capitalization
On which principle of value is the sales comparison approach based?
Anticipation
, Competition
Conformity
Substitution ANS - Substitution
How is the adjusted sales price calculated for a comparable property using the sales comparison
approach?
By adding or subtracting the sum of adjustments made to the subject property
By adding or subtracting the sum of the adjustments made on a comparable property
By adding the average of the adjustments made on a comparable property
By subtracting the average of the adjustments made on a comparable property ANS - By adding or
subtracting the sum of the adjustments made on a comparable property
Which of these ownership types has the potential to complicate a property's appraisal value?
Estate in severalty
Fee simple
Tenancy by the entirety
Tenancy in common ANS - Tenancy in common
When will a lessee realize the benefit of deficit rent by sub-leasing the property?
When there is excess rent, causing a liability to the lessee
When the scheduled rent and market rent are the same
When the scheduled rent is higher than the market rent
When the scheduled rent is lower than the market rent ANS - When the scheduled rent is lower than
the market rent
Sandra is using the straight-line method to measure depreciation. By what other name is this method
known?
Age-life
Capitalized Value
Market Extraction
actual answers.
The intent of the _______________ is to protect several housing-related parties, including investors and
home buyers, by establishing requirements for appraisals of certain properties.
American Standards of Appraisal Professionals (ASAP) Requirements
Appraisal Institute (AI) Requirements
Appraiser Independence Requirements (AIR)
Federal Standards of Independent Appraisal Practice (FSIAP) ANS - Appraiser Independence
Requirements (AIR)
Sam wants his front door to have frosted green glass panes. What type of door is he looking for?
Flush
Panel
Sliding glass
Storm ANS - Panel - Panel doors allow for panes of glass to be installed between the wood or metal
framing.
When economically feasible to replace, outdated plumbing fixtures are an example of which type of
depreciation?
Curable functional obsolescence
Curable physical deterioration
Incurable functional obsolescence
Incurable physical deterioration ANS - Curable functional obsolescence
Which legal description method is regulated by the U.S. Department of the Interior's Bureau of Land
Management?
Governmental
Lot and block
,Metes and bounds
Rectangular government survey ANS - Rectangular government survey
What determines a plumbing system's structure and the materials used to construct it?
Local building codes
National building codes
Plumbers' union
State building codes ANS - Local building codes
When Shauna looked at the legal description of the property she was interested in purchasing, she read
the following: "Beginning at the corner of State Route 61 and Hallowell Road, north for 314 feet, then
southwest for 193 feet." In this description, what does "north for 314 feet" represent?
A benchmark
A bound
A mete
A monument ANS - A mete
Foundation walls are constructed on top of which of these items?
Footings
Girders
Joists
Slabs ANS - Footings
With which of the four methods used to measure depreciation does the appraiser use comparable
properties' sales prices to figure out the value of a depreciated item?
Age-life
Capitalized value
Market extraction
Observed condition ANS - Market extraction
,The ______ of land valuation is sometimes used when there's little comparable sales data available and
large parcels of land are involved.
Abstraction method
Cost analysis
Extrapolation method
Sales comparison ANS - Abstraction method
Which of the four methods used to measure depreciation is the easiest?
Age-life
Capitalized Value
Market Extraction
Observed Condition ANS - Age-life
Lucas, Ivan, Chad, and Trace own a property as joint tenants. After a few years, Ivan sells his interest to
Tom (with permission from Lucas, Chad, and Trace). Chad dies intestate but is survived by a wife, Amy.
Trace also then passes away but wills his property to Monique. Who owns the property after Trace's
death?
Lucas
Lucas and Tom
Lucas, Monique, and Amy
Lucas, Tom, Amy, and Monique ANS - Lucas and Tom
Discounted cash flow analysis is a form of what?
Direct capitalization
Present value
Residual capitalization
Yield capitalization ANS - Yield capitalization
On which principle of value is the sales comparison approach based?
Anticipation
, Competition
Conformity
Substitution ANS - Substitution
How is the adjusted sales price calculated for a comparable property using the sales comparison
approach?
By adding or subtracting the sum of adjustments made to the subject property
By adding or subtracting the sum of the adjustments made on a comparable property
By adding the average of the adjustments made on a comparable property
By subtracting the average of the adjustments made on a comparable property ANS - By adding or
subtracting the sum of the adjustments made on a comparable property
Which of these ownership types has the potential to complicate a property's appraisal value?
Estate in severalty
Fee simple
Tenancy by the entirety
Tenancy in common ANS - Tenancy in common
When will a lessee realize the benefit of deficit rent by sub-leasing the property?
When there is excess rent, causing a liability to the lessee
When the scheduled rent and market rent are the same
When the scheduled rent is higher than the market rent
When the scheduled rent is lower than the market rent ANS - When the scheduled rent is lower than
the market rent
Sandra is using the straight-line method to measure depreciation. By what other name is this method
known?
Age-life
Capitalized Value
Market Extraction
