BASIC APPRAISAL PRINCIPLES REVIEW
QUESTIONS AND ANSWERS 2025
"The,act,of,transferring,an,interest,in,property,or,some,right,(such,as,contract,benefits),to,anoth
er",is,the,definition,of
assignment
novation
codicil
acceptance,-,ANSWER,assignment
What,is,the,mean,of,the,following,set,of,gross,rent,multipliers?,(95,,93,,120,,94,,93,,129)
93
94.5
101.5
104,-,ANSWER,104
Forty,percent,of,the,houses,in,a,neighborhood,are,Colonials,and,18%,are,Cape,Cods.,There,are,a,
total,of,200,houses.,How,many,are,Cape,Cods?
36
40
48
80,-,ANSWER,36
All,of,the,following,would,typically,be,considered,to,be,personal,property,EXCEPT
portable,dishwasher
wall,to,wall,carpeting
countertop,microwave
clothes,dryer,-,ANSWER,wall,to,wall,carpeting
,The,current,number,of,appraisal,education,hours,required,for,Certified,General,Appraiser,applic
ants,is,______,hours.
180
200
300
360,-,ANSWER,300
Modern,definitions,of,the,word,"appraisal",have,replaced,the,word,_______,with,________.
pounds,,dollars
time,,market,conditions
value,,cost
estimate,,opinion,-,ANSWER,estimate,,opinion
A,problem,with,the,real,property,market,is,that,the,amount,of,________,is,slow,to,change.
demand
new,customers
supply
supply,and,demand,-,ANSWER,supply
The,Equal,Credit,Opportunity,Act,(ECOA),is,enforced,by:
Consumer,Financial,Protection,Bureau
State,fair,lending,enforcement,agencies
Federal,Reserve,Board,(FRB)
Department,of,Housing,and,Urban,Development,(HUD),-
,ANSWER,Consumer,Financial,Protection,Bureau
, "A,mortgage,in,which,the,interest,rate,may,move,up,or,down,,following,a,specified,schedule,or,i
n,accordance,with,the,movements,of,a,standard,or,index,to,which,it,is,tied",is,the,definition,of,a(
n),______________,mortgage.
adjustable,rate
interest,only
index
fluctuating,-,ANSWER,adjustable,rate
In,an,effort,to,securely,protect,sensitive,data,,become,more,efficient,at,closing,mortgage,loans,,
and,develop,more,consistent,standardized,appraisal,data,,Fannie,Mae,and,Freddie,Mac,created,
which,initiative?
Uniform,Mortgage,Data,Program,(UMDP)
Data,Accurate,Database
Uniform,Data,Delivery
Electronic,Appraisal,Dataset,-,ANSWER,Uniform,Mortgage,Data,Program,(UMDP)
What,is,the,median,of,the,following,set,of,gross,rent,multipliers?,(95,,93,,120,,94,,93,,129)
93
94.5
96.5
104,-,ANSWER,94.5
All,of,the,following,would,be,social,influences,on,value,EXCEPT
ages,of,residents
educational,facilities
family,formations
population,trends,-,ANSWER,educational,facilities
