California Real Estate Exam Principles Chapter 11: Appraisals || Well-Enlightened with correct solutions.

Appraisal correct answers An unbiased estimate or valuation of the property value on a given date. Appraisal Report correct answers Written statement stating the appraiser's opinion Requirements of an Appraiser correct answers Identify the highest and best use of raw land Estimate the value of the property for taxation purposes Establish rental rates Estimate the relative value of properties being exchanged Find out the necessary amount of hazard insurance coverage Estimate the remodeling costs or their contribution to value Help to establish fair compensation in a condemnation proceeding Estimate the value of properties included in the liquidation of estates, corporate mergers and acquisitions, or bankruptcies Who an Appraiser Works For correct answers - A financial institution - A government agency - A private corporation - An active real estate department - An appraisal company Fee Appraiser correct answers A self-employed appraiser hired to appraise a property for a fee. Uniform Standards of Professional Appraisal Practice (USPAP) correct answers A set of guidelines adopted by a non-profit organization called the Appraisal Foundation. An appraiser who does not abide by these standards and defrauds a federally-insured lender might be charged with a felony. Certified General Real Estate Appraisers correct answers *May appraise any kind of real estate. *300 hours of appraisal related education and *3,000 hours of appraisal experience *1,500 hours of appraising non-residential properties *30 months of appraisal experience. *BA or 30 semester credits *Must pass the Uniform State Certified General Real Property Appraiser Examination. Certified Residential Real Estate Appraisers correct answers May appraise any one- to four-unit residential property, and any non- residential property which is valued up to $250,000. 200 hours of appraisal education and a minimum of 2,500 hours of appraisal experience gained over at least 30 months are required. Associate degree or 21 semester credits in specific subject areas. Must pass the Uniform State Certified Residential Real Property Appraiser Examination.