General Appraiser Sales Comparison Approach Latest Final
Test Review of 600 Recently Tested Questions and Correct
Answers/ Practice Test for General Appraiser Sales
Comparison Approach Final Exam (2026-2027)
Which valuation method estimates the market value of a subject property based on
the sales prices of similar properties within the subject's market area? - ANSWER-
Sales Comparison Approach
The Sales Comparison Approach is primarily based on what principle? -
ANSWER-Substitution
An appraiser may reconcile to what type of indicated value by the Sales
Comparison Approach? - ANSWER-Single-point value
Range of values
Relationship to a numerical benchmark
Any of these ***
An appraiser finds significant differences between the conclusions of the three
approaches to value. What should he or she NOT do? - ANSWER-Modify his or
her analyses and conclusions in order to tighten up the range
Barb is completing an assessment appeal appraisal on a property in a fluctuating
market where there is limited data that can be used to extract a market conditions
adjustment. Which sales data is she most likely to give primary consideration to
when reconciling? - ANSWER-The most recent ones
1
,In reconciliation, the importance of each approach does not vary based on the
intended use of the appraisal. - ANSWER-False
Who determines which sales provide the best indication of value for the subject
property? - ANSWER-The appraiser
Comparable Sale 1 sold for $800,000. It required a positive $100,000 adjustment
for location, a negative $80,000 adjustment for site, and a negative $60,000
adjustment for square footage. What is the gross adjustment to this comparable
sale? - ANSWER-$240,000
Which of these is the most appropriately rounded value conclusion for a property
that is 5,887 square feet and is valued at $164 per square foot? - ANSWER-
$970,000
Property rights conveyed, financing, conditions of sale, and market conditions are
considered: - ANSWER-Transactional differences
In what type of situation is a value opinion expressed as a relationship to a point of
reference often appropriate? - ANSWER-"Phased" appraisal assignments
What is often the most significant problem with using a sale that was the result of a
contract for deed? - ANSWER-Determining the date when the actual meeting of
the minds took place between the buyer and seller
The elements of comparison adjust the comparable sales by: - ANSWER-Either a
percentage or a dollar adjustment
2
,A client asks an appraiser to simply state whether a property's value is more or less
than a previous appraisal completed one year ago. Under USPAP, is this an
acceptable opinion of value? - ANSWER-Yes
In the Sales Comparison Approach, an appraiser should never simply average the
indicated values of the comparable sales. - ANSWER-True
What is the adjustment process that values the subject by adjusting the sales price
of the comparable sales based on specific differences? - ANSWER-Elements of
comparison
An appraiser should reconcile the indicated values in the Sales Comparison
Approach by considering the: - ANSWER-Quality and quantity of data
The subject property has ample parking; however, a comparable sale has a shortage
of parking which affected its sale price. In the sales comparison approach, what
type of adjustment should be made? - ANSWER-The comparable should be
adjusted up to the subject
In a non-disclosure state, what is the best way of determining the sale price of a
comparable property? - ANSWER-Verify the sale with a party or parties to the
transaction
Examples of variables that could be used in applying statistical analysis to real
property appraisal could include all of these EXCEPT: - ANSWER-Ethnic
makeup of the neighborhood
Cyndi contacts the buyer and verifies that a comparable sale she is using was
purchased on the open market, between a typically-motivated seller and buyer,
3
, who were not related to each other. What type of sale is this? - ANSWER-Arm's
length transfer
If an appraiser is reviewing her data and finds an outlier, what should she do? -
ANSWER-Re-examine the population of data
When applying gross income multiplier (GIM), what type of rental rate is used
when appraising income-producing properties? - ANSWER-Annual
The empirical rule states that in a bell-shaped curve, what percentage of
observations will fall within two standard deviations of the mean? - ANSWER-95
Intangible adjustments made to comparable sales would include all of the
following EXCEPT: - ANSWER-Location
How might an appraiser explain the extent to which individual data values have
departed from the mean? - ANSWER-Measures of dispersion
When analyzing an industrial building, an appraiser notes that it has 25,000 square
feet. This is an example of _______ data. - ANSWER-Quantitative
When appraising office buildings, an appraiser often categorizes these buildings
into classes (Class A, Class B, Class C). This is an example of _______
measurement. - ANSWER-Ordinal
The empirical rule states that in a bell-shaped curve, what percentage of
observations will fall within one standard deviation of the mean? - ANSWER-68
4
Test Review of 600 Recently Tested Questions and Correct
Answers/ Practice Test for General Appraiser Sales
Comparison Approach Final Exam (2026-2027)
Which valuation method estimates the market value of a subject property based on
the sales prices of similar properties within the subject's market area? - ANSWER-
Sales Comparison Approach
The Sales Comparison Approach is primarily based on what principle? -
ANSWER-Substitution
An appraiser may reconcile to what type of indicated value by the Sales
Comparison Approach? - ANSWER-Single-point value
Range of values
Relationship to a numerical benchmark
Any of these ***
An appraiser finds significant differences between the conclusions of the three
approaches to value. What should he or she NOT do? - ANSWER-Modify his or
her analyses and conclusions in order to tighten up the range
Barb is completing an assessment appeal appraisal on a property in a fluctuating
market where there is limited data that can be used to extract a market conditions
adjustment. Which sales data is she most likely to give primary consideration to
when reconciling? - ANSWER-The most recent ones
1
,In reconciliation, the importance of each approach does not vary based on the
intended use of the appraisal. - ANSWER-False
Who determines which sales provide the best indication of value for the subject
property? - ANSWER-The appraiser
Comparable Sale 1 sold for $800,000. It required a positive $100,000 adjustment
for location, a negative $80,000 adjustment for site, and a negative $60,000
adjustment for square footage. What is the gross adjustment to this comparable
sale? - ANSWER-$240,000
Which of these is the most appropriately rounded value conclusion for a property
that is 5,887 square feet and is valued at $164 per square foot? - ANSWER-
$970,000
Property rights conveyed, financing, conditions of sale, and market conditions are
considered: - ANSWER-Transactional differences
In what type of situation is a value opinion expressed as a relationship to a point of
reference often appropriate? - ANSWER-"Phased" appraisal assignments
What is often the most significant problem with using a sale that was the result of a
contract for deed? - ANSWER-Determining the date when the actual meeting of
the minds took place between the buyer and seller
The elements of comparison adjust the comparable sales by: - ANSWER-Either a
percentage or a dollar adjustment
2
,A client asks an appraiser to simply state whether a property's value is more or less
than a previous appraisal completed one year ago. Under USPAP, is this an
acceptable opinion of value? - ANSWER-Yes
In the Sales Comparison Approach, an appraiser should never simply average the
indicated values of the comparable sales. - ANSWER-True
What is the adjustment process that values the subject by adjusting the sales price
of the comparable sales based on specific differences? - ANSWER-Elements of
comparison
An appraiser should reconcile the indicated values in the Sales Comparison
Approach by considering the: - ANSWER-Quality and quantity of data
The subject property has ample parking; however, a comparable sale has a shortage
of parking which affected its sale price. In the sales comparison approach, what
type of adjustment should be made? - ANSWER-The comparable should be
adjusted up to the subject
In a non-disclosure state, what is the best way of determining the sale price of a
comparable property? - ANSWER-Verify the sale with a party or parties to the
transaction
Examples of variables that could be used in applying statistical analysis to real
property appraisal could include all of these EXCEPT: - ANSWER-Ethnic
makeup of the neighborhood
Cyndi contacts the buyer and verifies that a comparable sale she is using was
purchased on the open market, between a typically-motivated seller and buyer,
3
, who were not related to each other. What type of sale is this? - ANSWER-Arm's
length transfer
If an appraiser is reviewing her data and finds an outlier, what should she do? -
ANSWER-Re-examine the population of data
When applying gross income multiplier (GIM), what type of rental rate is used
when appraising income-producing properties? - ANSWER-Annual
The empirical rule states that in a bell-shaped curve, what percentage of
observations will fall within two standard deviations of the mean? - ANSWER-95
Intangible adjustments made to comparable sales would include all of the
following EXCEPT: - ANSWER-Location
How might an appraiser explain the extent to which individual data values have
departed from the mean? - ANSWER-Measures of dispersion
When analyzing an industrial building, an appraiser notes that it has 25,000 square
feet. This is an example of _______ data. - ANSWER-Quantitative
When appraising office buildings, an appraiser often categorizes these buildings
into classes (Class A, Class B, Class C). This is an example of _______
measurement. - ANSWER-Ordinal
The empirical rule states that in a bell-shaped curve, what percentage of
observations will fall within one standard deviation of the mean? - ANSWER-68
4
