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1. What is the purpose of the New York State Real Estate Appraiser Exam -
ANSWER The purpose of the exam is to assess the knowledge and competency of
individuals seeking to become licensed real estate appraisers in the state of New York.
2. What is the minimum age requirement to apply for a real estate appraiser license in New
York - ANSWER The minimum age requirement is 18 years old.
3. How many continuing education hours are required to renew a real estate appraiser
license in New York - ANSWER 28 hours of continuing education are required for
license renewal.
4. What organization is responsible for establishing the Uniform Standards of Professional
Appraisal Practice (USPAP) - ANSWER The Appraisal Standards Board of the
Appraisal Foundation.
5. What is the definition of market value - ANSWER Market value is the most
probable price that a property should bring in a competitive and open market, assuming the
buyer and seller are both knowledgeable and willing, and the property is exposed for a
reasonable period.
6. What is the principle of substitution - ANSWER The principle of substitution states
that the maximum value of a property tends to be set by the cost of acquiring an equally
desirable substitute property.
1
,7. What is the principle of anticipation - ANSWER The principle of anticipation states
that the value of a property is influenced by the expectation of future benefits and
detriments.
8. What is the definition of depreciation - ANSWER Depreciation is the loss in value
of a property due to any cause.
9. What are the three types of depreciation - ANSWER The three types of
depreciation are physical deterioration, functional obsolescence, and external obsolescence.
10. What is the cost approach to value - ANSWER The cost approach to value
estimates the value of a property by determining the cost to replace or reproduce it.
11. What is the income approach to value - ANSWER The income approach to value
estimates the value of a property based on the income it generates.
12. What is the sales comparison approach to value - ANSWER The sales comparison
approach to value estimates the value of a property by comparing it to similar properties
that have recently sold.
13. What is the definition of highest and best use - ANSWER Highest and best use is
the reasonably probable and legal use of a property that results in the highest value.
14. What is a comparative market analysis (CMA) - ANSWER A comparative market
analysis is an informal estimate of market value performed by a real estate agent to help
sellers determine a listing price for their property.
15. What is a certificate of occupancy - ANSWER A certificate of occupancy is an
official document issued by a local government agency indicating that a property meets the
necessary building and safety codes and is suitable for occupancy.
2
, 16. What is an easement - ANSWER An easement is a right or privilege one party has
to use the land of another for a specific purpose.
17. What is the difference between a fee simple estate and a leasehold estate -
ANSWER A fee simple estate is an ownership interest in which the owner has
complete rights and control over the property, while a leasehold estate is a temporary right
to use and occupy the property owned by another.
18. What is a legal description of a property - ANSWER A legal description is a
detailed and precise way of identifying a property that is used in legal documents, such as
deeds and contracts.
19. What is the purpose of zoning regulations - ANSWER Zoning regulations are used
to control and regulate the use of land within a specific area, ensuring that land uses are
compatible and that public health, safety, and welfare are protected.
20. What is a variance - ANSWER A variance is a special permission granted by a
local zoning board that allows a property owner to deviate from the strict requirements of
the zoning regulations.
21. What is a property appraisal report - ANSWER A property appraisal report is a
document prepared by a licensed appraiser that provides an estimate of the value of a
property, supported by data, analysis, and reasoning.
22. What are the three approaches to value commonly used in an appraisal -
ANSWER The three approaches to value commonly used in an appraisal are the cost
approach, the income approach, and the sales comparison approach.
23. What is an appraisal management company (AMC) - ANSWER An appraisal
management company is a third-party entity that acts as an intermediary between
appraisers and lenders, assigning appraisal orders and ensuring compliance with applicable
laws and regulations.
3
1. What is the purpose of the New York State Real Estate Appraiser Exam -
ANSWER The purpose of the exam is to assess the knowledge and competency of
individuals seeking to become licensed real estate appraisers in the state of New York.
2. What is the minimum age requirement to apply for a real estate appraiser license in New
York - ANSWER The minimum age requirement is 18 years old.
3. How many continuing education hours are required to renew a real estate appraiser
license in New York - ANSWER 28 hours of continuing education are required for
license renewal.
4. What organization is responsible for establishing the Uniform Standards of Professional
Appraisal Practice (USPAP) - ANSWER The Appraisal Standards Board of the
Appraisal Foundation.
5. What is the definition of market value - ANSWER Market value is the most
probable price that a property should bring in a competitive and open market, assuming the
buyer and seller are both knowledgeable and willing, and the property is exposed for a
reasonable period.
6. What is the principle of substitution - ANSWER The principle of substitution states
that the maximum value of a property tends to be set by the cost of acquiring an equally
desirable substitute property.
1
,7. What is the principle of anticipation - ANSWER The principle of anticipation states
that the value of a property is influenced by the expectation of future benefits and
detriments.
8. What is the definition of depreciation - ANSWER Depreciation is the loss in value
of a property due to any cause.
9. What are the three types of depreciation - ANSWER The three types of
depreciation are physical deterioration, functional obsolescence, and external obsolescence.
10. What is the cost approach to value - ANSWER The cost approach to value
estimates the value of a property by determining the cost to replace or reproduce it.
11. What is the income approach to value - ANSWER The income approach to value
estimates the value of a property based on the income it generates.
12. What is the sales comparison approach to value - ANSWER The sales comparison
approach to value estimates the value of a property by comparing it to similar properties
that have recently sold.
13. What is the definition of highest and best use - ANSWER Highest and best use is
the reasonably probable and legal use of a property that results in the highest value.
14. What is a comparative market analysis (CMA) - ANSWER A comparative market
analysis is an informal estimate of market value performed by a real estate agent to help
sellers determine a listing price for their property.
15. What is a certificate of occupancy - ANSWER A certificate of occupancy is an
official document issued by a local government agency indicating that a property meets the
necessary building and safety codes and is suitable for occupancy.
2
, 16. What is an easement - ANSWER An easement is a right or privilege one party has
to use the land of another for a specific purpose.
17. What is the difference between a fee simple estate and a leasehold estate -
ANSWER A fee simple estate is an ownership interest in which the owner has
complete rights and control over the property, while a leasehold estate is a temporary right
to use and occupy the property owned by another.
18. What is a legal description of a property - ANSWER A legal description is a
detailed and precise way of identifying a property that is used in legal documents, such as
deeds and contracts.
19. What is the purpose of zoning regulations - ANSWER Zoning regulations are used
to control and regulate the use of land within a specific area, ensuring that land uses are
compatible and that public health, safety, and welfare are protected.
20. What is a variance - ANSWER A variance is a special permission granted by a
local zoning board that allows a property owner to deviate from the strict requirements of
the zoning regulations.
21. What is a property appraisal report - ANSWER A property appraisal report is a
document prepared by a licensed appraiser that provides an estimate of the value of a
property, supported by data, analysis, and reasoning.
22. What are the three approaches to value commonly used in an appraisal -
ANSWER The three approaches to value commonly used in an appraisal are the cost
approach, the income approach, and the sales comparison approach.
23. What is an appraisal management company (AMC) - ANSWER An appraisal
management company is a third-party entity that acts as an intermediary between
appraisers and lenders, assigning appraisal orders and ensuring compliance with applicable
laws and regulations.
3
