BASIC APPRAISAL PRINCIPLES FINAL
EXAM QUESTIONS AND ANSWERS 2026
VERIFIED.
In a particular market, there is a demand for 500 houses per year, and there are currently 1,500
houses for sale. What does this most likely indicate? - ANS there is a three-year supply of
homes currently for sale
"A business arrangement in which two or more persons jointly own a business and share in its
profits and losses" is the definition of - ANS partnertransferable development rightsship
Property Owner A has the right to develop his property into 10 lots. He sells this right to nearby
Property Owner B who wishes to develop his property into additional lots. This is an example of
- ANS transferable development rights
What is the mean of the following set of gross rent multipliers? (95, 93, 120, 94, 93, 129) -
ANS 104
Short term money instruments are traded on the - ANS money market
Which entity is responsible for making periodic changes to USPAP? - ANS Appraisal Standards
Board
The real property market is generally classified as a(n) __________ market. - ANS imperfect
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, The appraisal standards and qualification criteria that are published by The Appraisal
Foundation achieve legal authority by adoption, citation or implementation by -
ANS government agencies with the power to regulate or administrate
Eric pays $35,000 to have an inground swimming pool constructed in his back yard. When he
sells the property, he only receives $10,000 more for his property than what similar property
sold for without a pool. This is an example of the principle of - ANS contribution
"The ownership interest held by the lessor, which includes the right to receive the contract rent
specified in the lease plus the reversionary right when the lease expires" is the definition of -
ANS leased fee interest
When appraising an income producing property, you have the following GRMs indicated from
comparable sales (122, 159, 132, 126, 122, 173, 152, 126). What is the mode of the GRMs? -
ANS 122, 126 (bi-modal)
The current number of appraisal education hours required for Certified General Appraiser
applicants is ______ hours. - ANS 300
The ________ is responsible for establishing criteria for individuals to become real property
appraisers. - ANS Appraiser Qualifications Board
The federal financial institutions regulatory agencies directly involved in fair lending include all
of the following EXCEPT - ANS ASB
A homeowner fears the construction of a factory nearby will decrease the value of her property.
This illustrates the principle of - ANS externalities
Under the current qualification criteria, an applicant for Appraiser Trainee must have completed
___ creditable hours of experience. - ANS 0
What is the mode of the following set of gross rent multipliers? (95, 93, 120, 94, 93, 129) -
ANS 93
@COPYRIGHT ALL RIGHTS RESERVED PAGE 2 OF 8
EXAM QUESTIONS AND ANSWERS 2026
VERIFIED.
In a particular market, there is a demand for 500 houses per year, and there are currently 1,500
houses for sale. What does this most likely indicate? - ANS there is a three-year supply of
homes currently for sale
"A business arrangement in which two or more persons jointly own a business and share in its
profits and losses" is the definition of - ANS partnertransferable development rightsship
Property Owner A has the right to develop his property into 10 lots. He sells this right to nearby
Property Owner B who wishes to develop his property into additional lots. This is an example of
- ANS transferable development rights
What is the mean of the following set of gross rent multipliers? (95, 93, 120, 94, 93, 129) -
ANS 104
Short term money instruments are traded on the - ANS money market
Which entity is responsible for making periodic changes to USPAP? - ANS Appraisal Standards
Board
The real property market is generally classified as a(n) __________ market. - ANS imperfect
@COPYRIGHT ALL RIGHTS RESERVED PAGE 1 OF 8
, The appraisal standards and qualification criteria that are published by The Appraisal
Foundation achieve legal authority by adoption, citation or implementation by -
ANS government agencies with the power to regulate or administrate
Eric pays $35,000 to have an inground swimming pool constructed in his back yard. When he
sells the property, he only receives $10,000 more for his property than what similar property
sold for without a pool. This is an example of the principle of - ANS contribution
"The ownership interest held by the lessor, which includes the right to receive the contract rent
specified in the lease plus the reversionary right when the lease expires" is the definition of -
ANS leased fee interest
When appraising an income producing property, you have the following GRMs indicated from
comparable sales (122, 159, 132, 126, 122, 173, 152, 126). What is the mode of the GRMs? -
ANS 122, 126 (bi-modal)
The current number of appraisal education hours required for Certified General Appraiser
applicants is ______ hours. - ANS 300
The ________ is responsible for establishing criteria for individuals to become real property
appraisers. - ANS Appraiser Qualifications Board
The federal financial institutions regulatory agencies directly involved in fair lending include all
of the following EXCEPT - ANS ASB
A homeowner fears the construction of a factory nearby will decrease the value of her property.
This illustrates the principle of - ANS externalities
Under the current qualification criteria, an applicant for Appraiser Trainee must have completed
___ creditable hours of experience. - ANS 0
What is the mode of the following set of gross rent multipliers? (95, 93, 120, 94, 93, 129) -
ANS 93
@COPYRIGHT ALL RIGHTS RESERVED PAGE 2 OF 8
