Examen
Unit 1 The Appraisal Process and Valuation Approaches Questions with answers.
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Unit 1 The Appraisal Process and Valuation Approaches Questions with answers.
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Unit 1 The Appraisal Process andValuation Approaches Questions with
answers.
Identifying the purpose of the appraisal leads the appraiser to do what next? ANS - Identify data
needed
How many approaches do appraisers generally use to determine value? ANS - Three
Which appraisal approach is likely the best choice for appraising a movie theater? ANS - Cost
The ______ measures the cost to reproduce a property, including land acquisition and construction
costs. ANS - Cost approach
An appraiser considers several factors when selecting comparable properties as part of the sales
comparison approach, including whether they are similar in location, size, and features to the subject
property. Which of these factors will also be a consideration? ANS - Financing terms
What standards do appraisers follow? ANS - Uniform Standards of Professional Appraisal Practice
The income approach to valuation is used ______. ANS - For some single-family houses and two- to
four-family units
Tim, an appraiser, is using the cost approach to determine property value. Which of the following
property types is Tim most likely appraising? ANS - Newly built commercial property
Why isn't the cost approach usually used to determine the value of older properties? ANS - It's difficult
to accurately estimate depreciation with an older property.
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