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Real Estate Appraisal (RISK) EXAM 2 Questions and Answers Graded A+

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Real Estate Appraisal (RISK) EXAM 2 Questions and Answers Graded A+ What role does the market analysis play in an appraisal? A) It provides data on market trends and property values B) It predicts future property values C) It determines construction costs D) It evaluates buyer preferences ...

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  • 26 de octubre de 2024
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Real Estate Appraisal (RISK) EXAM 2
Questions and Answers Graded A+

What role does the market analysis play in an appraisal?


✔✔A) It provides data on market trends and property values


B) It predicts future property values

C) It determines construction costs

D) It evaluates buyer preferences




What is a significant risk factor that appraisers assess?

A) The aesthetic appeal of the property


✔✔B) The economic stability of the neighborhood


C) The owner's personal financial situation

D) The age of the property




Which appraisal approach is most useful for special-purpose properties?

A) Cost Approach

B) Sales Comparison Approach



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,✔✔C) Income Approach


D) Market Approach




What is the function of an appraisal report?

A) To provide a list of recommended repairs


✔✔B) To document the appraiser's findings and conclusions


C) To negotiate sale terms

D) To advertise the property




What does the term "adjustment" refer to in the context of comparable sales?

A) The original sale price of the property

B) The appraiser’s personal opinion


✔✔C) Changes made to comparable sales prices to reflect differences


D) The cost of repairs needed




What does RISK stand for in the context of real estate appraisal?

A) Real Estate Investment Strategy Knowledge


✔✔B) Recognizing Investment and Service Knowledge


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,C) Real Estate Insights and Knowledge

D) Risk Identification and Safety Knowledge




Which method is commonly used to estimate the value of residential properties?


✔✔A) Comparative Market Analysis (CMA)


B) Cost Approach

C) Income Approach

D) Historical Value Method




What factors are considered in the cost approach to appraisal?

A) Only location and size


✔✔B) Land value and construction costs


C) Market trends and sales data

D) Neighborhood demographics




How does the income approach determine property value?

A) By calculating the cost of construction


✔✔B) By estimating potential rental income


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, C) By comparing similar properties

D) By assessing buyer interest




What is depreciation in real estate terms?


✔✔A) A decrease in property value over time


B) An increase in property value over time

C) The maintenance costs of a property

D) The interest rate on a mortgage




Which type of property typically uses the sales comparison approach?


✔✔A) Residential properties


B) Commercial properties

C) Industrial properties

D) Agricultural properties




What is a significant factor that can affect property value?

A) The age of the property only


✔✔B) Location and surrounding amenities


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