REAL ESTATE APPRAISAL FINAL
ANSWERS|LATEST !!!!2026|GRADED A+| (EXAM
The four stages of the neighborhood life cycle are growth, equilibrium, decline, and what? -
ANSWER Rejuvenation
Which of the following will an appraiser use to determine potential gross income for an
income property appraisal? - ANSWER Market rent
The cost approach to finding an appraised value measures _______. - ANSWER The
cost to acquire land and construct a reproduction
Which of these is an example of a rectangular survey system description? -
ANSWER S ½ SE ¼ NW ¼ Section 2, Township Clarkson
Which of the following best describes the skill set required to be a licensed real estate
appraiser? - ANSWER Research, analysis, and reporting
Who typically performs a CMA or BPO? - ANSWER Real estate licensee
Which type of REIT receives most of its revenue from rental of their properties? -
ANSWER Equity REIT
Why isn't the cost approach usually used to determine the value of older properties? -
ANSWER It's difficult to accurately estimate depreciation with an older property.
1
, When an appraiser relies on comparable properties to estimate the adjusted market price of
a property, the appraiser is using the _______ approach. - ANSWER Sales
comparison
The four measures of time that appraisers use when estimating the depreciation cost for a
structure are economic life, physical life, ______, and remaining economic life. -
ANSWER Effective age
Which of the following best describes how an appraiser reconciles the adjusted sales prices
of the comparable properties to indicate the value of the subject property? -
ANSWER The appraiser selects the adjusted sales price of the property most like the
subject to use as the indicated value.
What value principle assumes that if an identical property were sold recently, its sales price
should be a good indicator of the value of the subject property? -
ANSWER Substitution
In the formula NOI ÷ V = R, what does R represent? - ANSWER Capitalization rate
What's the primary purpose of the Universal Appraisal Dataset? - ANSWER To
improve the quality and consistency of appraisal data for loans delivered to Fannie Mae and
Freddie Mac
To determine the total reproduction cost of a subject building using the unit-in-place
method, an appraiser multiplies the cost per unit of measure of each component part of the
subject property's structure by the ______ and then adds them together. -
ANSWER Number of units of that component part in the subject building
What's the difference between direct capitalization and yield capitalization when appraising
income property? - ANSWER Direct capitalization uses a time span of one year into
2
ANSWERS|LATEST !!!!2026|GRADED A+| (EXAM
The four stages of the neighborhood life cycle are growth, equilibrium, decline, and what? -
ANSWER Rejuvenation
Which of the following will an appraiser use to determine potential gross income for an
income property appraisal? - ANSWER Market rent
The cost approach to finding an appraised value measures _______. - ANSWER The
cost to acquire land and construct a reproduction
Which of these is an example of a rectangular survey system description? -
ANSWER S ½ SE ¼ NW ¼ Section 2, Township Clarkson
Which of the following best describes the skill set required to be a licensed real estate
appraiser? - ANSWER Research, analysis, and reporting
Who typically performs a CMA or BPO? - ANSWER Real estate licensee
Which type of REIT receives most of its revenue from rental of their properties? -
ANSWER Equity REIT
Why isn't the cost approach usually used to determine the value of older properties? -
ANSWER It's difficult to accurately estimate depreciation with an older property.
1
, When an appraiser relies on comparable properties to estimate the adjusted market price of
a property, the appraiser is using the _______ approach. - ANSWER Sales
comparison
The four measures of time that appraisers use when estimating the depreciation cost for a
structure are economic life, physical life, ______, and remaining economic life. -
ANSWER Effective age
Which of the following best describes how an appraiser reconciles the adjusted sales prices
of the comparable properties to indicate the value of the subject property? -
ANSWER The appraiser selects the adjusted sales price of the property most like the
subject to use as the indicated value.
What value principle assumes that if an identical property were sold recently, its sales price
should be a good indicator of the value of the subject property? -
ANSWER Substitution
In the formula NOI ÷ V = R, what does R represent? - ANSWER Capitalization rate
What's the primary purpose of the Universal Appraisal Dataset? - ANSWER To
improve the quality and consistency of appraisal data for loans delivered to Fannie Mae and
Freddie Mac
To determine the total reproduction cost of a subject building using the unit-in-place
method, an appraiser multiplies the cost per unit of measure of each component part of the
subject property's structure by the ______ and then adds them together. -
ANSWER Number of units of that component part in the subject building
What's the difference between direct capitalization and yield capitalization when appraising
income property? - ANSWER Direct capitalization uses a time span of one year into
2
