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Appraisal all sections study questions with actual answers.
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Appraisal all sections study questions with actual answers.
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Appraisal all sections study questionswith actual answers.
In an appraisal review assignment: ANS - the reviewer may be asked to form an opinion of value of the
subject property and of the quality of the original appraiser's work.
An appraisal review is the development of an opinion about the quality of another appraiser's work. The
review assignment may also require the reviewer to develop his or her own opinion of value. See
Standards Rule 3-1(c), its Comment and Standards Rule 3-2(d) including the Comment.
After agreeing to perform an appraisal assignment, an appraiser discovers that she performed a real
estate brokerage service on the subject property for another client two years ago. What must the
appraiser do? ANS - Immediately disclose the fact to the current client and disclose the performance of
the prior service in the report certification.
If known prior to accepting an assignment, and/or if discovered at any time during the assignment, an
appraiser must disclose to the client, and in the subsequent report's certification any current or
prospective interest in the subject property or parties involved; and any services regarding the subject
property performed by the appraiser within the three year period immediately preceding acceptance of
the assignment, as an appraiser or in any other capacity.
What is the primary reason why an appraiser will analyze a neighborhood as part of the appraisal
process? ANS - To identify and evaluate factors that may influence property values
In preparing a Restricted Appraisal Report, one requirement of the workfile is that it: ANS - Contain
sufficient information for the appraiser to be able to produce an Appraisal Report
A lender charges 2.5 points for a loan that is 75% of the $450,000 sales price. How much are the loan
fees? ANS - $8,437.50
Fees are based on the loan amount. Sales price x 0.75 x 0.025 = $8,437.50.
, The cost approach is often the most reliable approach to value that can be used when appraising: ANS -
Special purpose properties like city halls, public schools, and public libraries
An appraiser is analyzing demand in a particular market. The appraiser first examines the market for
residential housing, then analyzes the market for condominium units. The appraiser then breaks down
condominium users into those who would want two-bedroom units and three-bedroom units. What
type of analysis is the appraiser performing? ANS - Market segmentation
A developer purchased a section of land that has a public sewer line located along the road frontage. If
the sewer department will allow one tap per four acres, what is the maximum number of lots that may
be developed? ANS - 160 lots
A section of land contains 640 acres. If the ratio is one tap per four acres, then the maximum number of
taps will be , or 160.
Appraiser Larry is in a rush. He has five assignments to finish tonight to appease his clients. Under the
gun, he decides to rush through the approaches to value, with the thought that he will catch any errors
as he performs the final reconciliation for each assignment. Is this the proper use of the final
reconciliation process? ANS - No. Errors should be caught in each approach as they are made.
An appraiser is valuing a multi-unit affordable housing property. In valuing the property, the client
requires the appraiser to use a discounted cash flow (DCF) program that is proprietary to the client. The
assumptions and discount rate built into the program are not extracted from the market; instead, they
are based on the client's risk parameters. What type of value is being developed in this assignment?
ANS - Investment value
If the discounted cash flow program uses inputs and assumptions that are not market-extracted but are
based on a specific set of assumptions provided by the client, the output would reflect investment value
and not market value.
A small free-standing commercial building is being appraised. The lease calls for $4,000/month rent.
Similar properties in the same market are rented for $4,500/month. The subject property and all
comparables have similar lease terms: the owner pays real estate taxes and hazard insurance premiums,
plus most utilities. The subject and comparables have lease terms of 5 years. If the gross rent multiplier
is 125, what is the value of the fee simple estate? The leased fee estate? Round down to the nearest
$1,000. ANS - $563,000; $500,000
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