Appraisal Questions and Answers Already Passed

Appraisal Questions and Answers Already Passed In appraisal the word value means? A the function of an object B the average use of an object to all people C the word usefulness or utility of an object to someone for some purpose D A good buy C The goal of an appraisal is? A a fixing a value B an estimate or opinion of value C a statement of value D a value determination B The two types of real estate appraisals are? A formal and informal B informal and intuitive C structural and formal D none of the above A Informal appraisals are performed by? A only by appraisers B only by skilled real estate people C by all consumers D without the use of instinct C Informal appraisals rely mostly on? A intuition and experience B facts and figures C supporting data D a value formula A Formal appraisals rely primarily on? A a secretive value formula B intuition and experience C analysis and supporting data D facts and figures C Besides assisting the public by advising them on questions of value, appraisals serve to? A provide anbiased and objective opinions of value B make Market transactions confirm to economic B prove or disprove value estimates made by others D none of the above A Legal transactions that often require appraisals include all of the following except? A income tax casualty loss estimates B property damage lawsuits C eminent domain D loan foreclosure E private feasibility studies E Some of the important reasons for studding appraisals are? A to improve your value estimation skills B to help you pass real estate agent broker or appraiser examination C to help you understand other real estate courses D to improve your ability to communicate with appraisers E all of the above E USPAP standards must be adhered to by State licensed and certified appraisers when performing and Reporting appraisals of real estate except when? A the appraisal is federally related B the client requires such standards not to be followed C the appraiser is allowed by law or regulation not to comply D appraising commercial property C USPAP contains the following General standards for real estate appraiser Real Property appraisal development and personal property appraisal development Define USPAP Uniform standards of professional appraisal practice In 1987 nine leading appraisal groups band together to formulate uniform of Appraisal standards Is perhaps the largest area of public control involving appraisals Property taxation The right to acquire private property for a public purpose Eminent domain The results of a formal appraisals are communicated to the client by what is known as the? Appraisal report We do this by consciously or unconsciously comparing one product with another or by matching the price of one item against that of a similar one Informal appraisal To reach an opinion of value by the methodical collection analysis prevalent Market data or using facts Formal appraisal Is the preparation of an estimate or an opinion of value of some object or thing Appraisal Usefulness or the utility of an object to someone for some good purpose Value Is most easily defined as the most probable selling price of a property in a competitive an open market Market value