Appraisal Tested Verified Questions/Answers Graded
A+ 2025/2026
Collect data and conduct analysis - Step 3
Apply the correct approaches - Step 4
Reconcile of value and final opinion - Step 5
Reporting the defined value - Step 6
Extraordinary assumption - assuming something as fact when it may not be and, if
found to be false, may alter the opinion of value and conclusion of appraisal
Hypothetical condition - something that is known to be false but is assumed true for the
purpose of the appraisal analysis
Determines the scope of work - Appraiser, not client
Physical/environmental, economic, governmental, social - PEGS
Ethics rule - an appraiser must not accept an assignment that includes the reporting of
predetermined opinions and conclusions
Real estate - an identified parcel or trace of land, including improvements
Real property - the interests, benefits, and rights inherent in the ownership of real estate
(land, rights, improvements, privileges, and fixtures
Land - the earth's surface and natural resources in their original state
Improvements - additional to property that increase its value, use, or enjoyment
Riparian rights - a landowner whose property touches flowing body of water, river or
stream
Littoral rights - a landowner whose property touches non flowing water, pond or lake
Accretion - land besides a lake or river is gradually increased when waterborne silt is
deposited on the shore
Reliction - when a navigable body of water recedes gradually, the adjoining landowner
acquires title to the newly exposed land
Profit - right to remove items from land belonging to another
A+ 2025/2026
Collect data and conduct analysis - Step 3
Apply the correct approaches - Step 4
Reconcile of value and final opinion - Step 5
Reporting the defined value - Step 6
Extraordinary assumption - assuming something as fact when it may not be and, if
found to be false, may alter the opinion of value and conclusion of appraisal
Hypothetical condition - something that is known to be false but is assumed true for the
purpose of the appraisal analysis
Determines the scope of work - Appraiser, not client
Physical/environmental, economic, governmental, social - PEGS
Ethics rule - an appraiser must not accept an assignment that includes the reporting of
predetermined opinions and conclusions
Real estate - an identified parcel or trace of land, including improvements
Real property - the interests, benefits, and rights inherent in the ownership of real estate
(land, rights, improvements, privileges, and fixtures
Land - the earth's surface and natural resources in their original state
Improvements - additional to property that increase its value, use, or enjoyment
Riparian rights - a landowner whose property touches flowing body of water, river or
stream
Littoral rights - a landowner whose property touches non flowing water, pond or lake
Accretion - land besides a lake or river is gradually increased when waterborne silt is
deposited on the shore
Reliction - when a navigable body of water recedes gradually, the adjoining landowner
acquires title to the newly exposed land
Profit - right to remove items from land belonging to another
