Real Estate Appraisal Final Exam with correct answers
What is the difference between a formal and informal appraisal? - CORRECT
ANSWERS ✔✔a formal appraisal relies upon the collection and analysis of relevant
data instead of intuition
Definition of Market Value? - CORRECT ANSWERS ✔✔the most probable selling
price
What are the ethics standards covered by USPAP? - CORRECT ANSWERS
✔✔Conduct
Confidentiality- don't tell anyone value except your client
Competency
Management
Record keeping- have to keep for 5 years
Scope of Work
Jurisdictional Exception
What is standard 1 in the appraisal standards covered by USPSP? - CORRECT
ANSWERS ✔✔Real property Appraisal Development. "In developing a real property
appraisal...."
What is standard 2 in the appraisal standards covered by USPSP? - CORRECT
ANSWERS ✔✔Real property Appraisal Reporting. "In reporting the result of a real
property appraisal..."
,What are the four components of real property? - CORRECT ANSWERS ✔✔1. the
land
2. objects permanently affixed to the land
3. that which is appurtenant or legally tied to the land ex. easement
4. that which is immovable by law
What are the 5 rights that come with ownership of real estate? - CORRECT
ANSWERS ✔✔1. the right to occupy
2. the right to sell
3. the right to exclude others
4. right to borrow against
5. right to convey ownership by inheritance or gift
What are the 5 tests of a fixture? - CORRECT ANSWERS ✔✔Method of Annexation
Adaptability of the object
Relationship of the parties
Intent of the parties
Agreement of the parties
What are the restrictions to the use of our property? - CORRECT ANSWERS
✔✔Government restrictions
Laws
Private restrictions
Market restrictions
, What are the types of government restrictions? - CORRECT ANSWERS ✔✔1. Police
power
2. Power of eminent domain
3. Power of taxation
4. Power of escheat (gov takes title of property if owner dies and leaves no heirs
What are the 5 requirements for a valid contract? - CORRECT ANSWERS ✔✔1.
competent parties
2. subject (an act to be preformed)
3. Consideration
4. Mutual obligation/agreement
5. obligation of both parties to comply
What are the steps in the Appraisal process? - CORRECT ANSWERS ✔✔1. Identify
the appraisal problem to be resolved
2. Identify appropriate solutions
3. Execute the appropriate scope of work
4. Report the findings and conclusions reached
What are the 6 elements of the 1st step in the Appraisal Process? - CORRECT
ANSWERS ✔✔1. the client and any other intended users
2. the intended use of the appraiser's opinions and conclusions
3. the type and definition of value
4. the effective date of the appraisers opinions and conclusions
5. the subject of the assignment
What is the difference between a formal and informal appraisal? - CORRECT
ANSWERS ✔✔a formal appraisal relies upon the collection and analysis of relevant
data instead of intuition
Definition of Market Value? - CORRECT ANSWERS ✔✔the most probable selling
price
What are the ethics standards covered by USPAP? - CORRECT ANSWERS
✔✔Conduct
Confidentiality- don't tell anyone value except your client
Competency
Management
Record keeping- have to keep for 5 years
Scope of Work
Jurisdictional Exception
What is standard 1 in the appraisal standards covered by USPSP? - CORRECT
ANSWERS ✔✔Real property Appraisal Development. "In developing a real property
appraisal...."
What is standard 2 in the appraisal standards covered by USPSP? - CORRECT
ANSWERS ✔✔Real property Appraisal Reporting. "In reporting the result of a real
property appraisal..."
,What are the four components of real property? - CORRECT ANSWERS ✔✔1. the
land
2. objects permanently affixed to the land
3. that which is appurtenant or legally tied to the land ex. easement
4. that which is immovable by law
What are the 5 rights that come with ownership of real estate? - CORRECT
ANSWERS ✔✔1. the right to occupy
2. the right to sell
3. the right to exclude others
4. right to borrow against
5. right to convey ownership by inheritance or gift
What are the 5 tests of a fixture? - CORRECT ANSWERS ✔✔Method of Annexation
Adaptability of the object
Relationship of the parties
Intent of the parties
Agreement of the parties
What are the restrictions to the use of our property? - CORRECT ANSWERS
✔✔Government restrictions
Laws
Private restrictions
Market restrictions
, What are the types of government restrictions? - CORRECT ANSWERS ✔✔1. Police
power
2. Power of eminent domain
3. Power of taxation
4. Power of escheat (gov takes title of property if owner dies and leaves no heirs
What are the 5 requirements for a valid contract? - CORRECT ANSWERS ✔✔1.
competent parties
2. subject (an act to be preformed)
3. Consideration
4. Mutual obligation/agreement
5. obligation of both parties to comply
What are the steps in the Appraisal process? - CORRECT ANSWERS ✔✔1. Identify
the appraisal problem to be resolved
2. Identify appropriate solutions
3. Execute the appropriate scope of work
4. Report the findings and conclusions reached
What are the 6 elements of the 1st step in the Appraisal Process? - CORRECT
ANSWERS ✔✔1. the client and any other intended users
2. the intended use of the appraiser's opinions and conclusions
3. the type and definition of value
4. the effective date of the appraisers opinions and conclusions
5. the subject of the assignment
