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Appraisal Exam Practice questions with actual answers.
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Appraisal Exam Practice questions with actual answers.
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Appraisal Exam Practice questions withactual answers.
The opinion of value in an appraisal report is valid ANS - as of the effective date of the appraisal only
An appraisal report is NOT required to include ANS - The contract price of the property
Which value approach would most likely be emphasized for an apartment building in an established
neighborhood? ANS - Income approach
A vacant land parcel described as the NE 1/4 of section 17 is selling for $1,200 per acre. What is the sale
price of the parcel? ANS - $192,000
Market value is ANS - The most probable selling price to a typical buyer
Market price is the ANS - amount, in dollars, actually paid for the property
The cost approach does NOT require an estimate of ANS - Net operating income
When using the income approach, appraisers do NOT assume that ANS - Future income is always more
valuable than present income
Using the information in the following table, calculate depreciation using the age-life method.
Replacement cost-$173,000
Effective age-15 years
Remaining economic life-60 years ANS - $34,600
The single most important value factor is ANS - Location
, Which characteristics create value in real estate? ANS - Scarcity and utility
The four broad forces which affect value are ANS - Economic, governmental, social, and physical
A neighborhood's life cycle is an example of ANS - Change
In analyzing a vacant size to estimate its value, the first step is to determine ANS - Its highest and best
use
If a developer purchased a lot measuring 348' x 1,000' and the sale price was $5,000 per acre, how much
did the developer pay? ANS - $39,945
The data required for a site analysis includes
a. economic characteristics of the neighborhood and community
b. physical characteristics of the site
c. zoning information
d. all of the above ANS - All of the above
Prior to inspecting the site, an appraiser should obtain information on the
a. size and shape of the parcel
b. utilities and soil type
c. zoning and easements
d. all of the above ANS - All of the above
As the depth of the lot increases, the value per front footage ANS - Increases at a decreasing rate
If a property's effective gross income is $14,351.40 and vacancy is calculated at 6.2%, what is the
potential gross income? ANS - $15,300.00
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