Appraisal Exam questions hondros final exam with
correct answers
The opinion of value in an appraisal report is valid - CORRECT ANSWERS ✔✔as of
the effective date of the appraisal only
An appraisal report is NOT required to include - CORRECT ANSWERS ✔✔The
contract price of the property
Which value approach would most likely be emphasized for an apartment building in
an established neighborhood? - CORRECT ANSWERS ✔✔Income approach
A vacant land parcel described as the NE 1/4 of section 17 is selling for $1,200 per
acre. What is the sale price of the parcel? - CORRECT ANSWERS ✔✔$192,000
Market value is - CORRECT ANSWERS ✔✔The most probable selling price to a
typical buyer
Market price is the - CORRECT ANSWERS ✔✔amount, in dollars, actually paid for
the property
The cost approach does NOT require an estimate of - CORRECT ANSWERS ✔✔Net
operating income
When using the income approach, appraisers do NOT assume that - CORRECT
ANSWERS ✔✔Future income is always more valuable than present income
, Using the information in the following table, calculate depreciation using the age-life
method.
Replacement cost-$173,000
Effective age-15 years
Remaining economic life-60 years - CORRECT ANSWERS ✔✔$34,600
The single most important value factor is - CORRECT ANSWERS ✔✔Location
Which characteristics create value in real estate? - CORRECT ANSWERS ✔✔Scarcity
and utility
The four broad forces which affect value are - CORRECT ANSWERS ✔✔Economic,
governmental, social, and physical
A neighborhood's life cycle is an example of - CORRECT ANSWERS ✔✔Change
In analyzing a vacant size to estimate its value, the first step is to determine -
CORRECT ANSWERS ✔✔Its highest and best use
If a developer purchased a lot measuring 348' x 1,000' and the sale price was $5,000
per acre, how much did the developer pay? - CORRECT ANSWERS ✔✔$39,945
The data required for a site analysis includes
a. economic characteristics of the neighborhood and community
b. physical characteristics of the site
correct answers
The opinion of value in an appraisal report is valid - CORRECT ANSWERS ✔✔as of
the effective date of the appraisal only
An appraisal report is NOT required to include - CORRECT ANSWERS ✔✔The
contract price of the property
Which value approach would most likely be emphasized for an apartment building in
an established neighborhood? - CORRECT ANSWERS ✔✔Income approach
A vacant land parcel described as the NE 1/4 of section 17 is selling for $1,200 per
acre. What is the sale price of the parcel? - CORRECT ANSWERS ✔✔$192,000
Market value is - CORRECT ANSWERS ✔✔The most probable selling price to a
typical buyer
Market price is the - CORRECT ANSWERS ✔✔amount, in dollars, actually paid for
the property
The cost approach does NOT require an estimate of - CORRECT ANSWERS ✔✔Net
operating income
When using the income approach, appraisers do NOT assume that - CORRECT
ANSWERS ✔✔Future income is always more valuable than present income
, Using the information in the following table, calculate depreciation using the age-life
method.
Replacement cost-$173,000
Effective age-15 years
Remaining economic life-60 years - CORRECT ANSWERS ✔✔$34,600
The single most important value factor is - CORRECT ANSWERS ✔✔Location
Which characteristics create value in real estate? - CORRECT ANSWERS ✔✔Scarcity
and utility
The four broad forces which affect value are - CORRECT ANSWERS ✔✔Economic,
governmental, social, and physical
A neighborhood's life cycle is an example of - CORRECT ANSWERS ✔✔Change
In analyzing a vacant size to estimate its value, the first step is to determine -
CORRECT ANSWERS ✔✔Its highest and best use
If a developer purchased a lot measuring 348' x 1,000' and the sale price was $5,000
per acre, how much did the developer pay? - CORRECT ANSWERS ✔✔$39,945
The data required for a site analysis includes
a. economic characteristics of the neighborhood and community
b. physical characteristics of the site
