Basic Appraisal Procedures Exam Questions With 100% Correct Answers 2024

Basic Appraisal Procedures Exam Questions With 100% Correct Answers 2024 T/F: The effective date of the valuation must be the date on which the appraiser inspected the subject property. - answerFalse "An interest or interest s in real estate" is the definition of: - answerReal property In highest and best use analysis, which criterion is applied LAST? physically possible legally permissible maximally productive financially feasible - answermaximally productive An appraiser is valuing a property under a condition that is known by the appraiser to be false. The appraiser is employing a(n) ____ in this appraisal. - answerhypothetical condition The party or parties that who engage, by employment or contract, an appraiser in a specific assignment is the ____ - answerclient The effective date of value can be ___ - answera present, past, or future date An appraiser produces an appraisal report that includes the effective date of the value. What other date does the appraiser need to include in the appraisal report? - answerDate of report An appraiser must comply with Scope of Work Rule when completing: a consulting assignment a BPO assignment an appraisal assignment all assignments, regardless of type - answeran appraisal assignment Information on tax rates in an area would be considered what kind of data? - answerGeneral data Professional or trade associations offering general data include all of the following EXCEPT: Federal National Mortgage Association National Association of Home Builders National Association of Realtors Appraisal Institute - answerFederal National Mortgage Association Which of the following items would not be typically found by reading the deed for the subject property: census tract number name of the owner of record deed restrictions legal description - answercensus tract number Which zones are identified by FEMA as Special Flood Hazard Areas? - answerZones A and V Which of the following items would not be typically found by reading the deed for the subject property: deed restrictions easements of record zoning classification chain of title - answerzoning classification In residential mortgage lending appraisals, it is more common for lenders and AMCs to ask for ___ maps to be included in the appraisal reports. - answeraerial A deed will typically provide information on all of the following EXCEPT: legal description assessed value owner of record