Real Estate Appraisal Final Exam Questions
And Answers Latest Update 2026
Complete Study Guide
The four stages of the neighborhood life cycle are growth, equilibrium, decline,
and what? --VERIFIED ANS>> Rejuvenation
Which of the following will an appraiser use to determine potential gross income
for an income property appraisal? --VERIFIED ANS>> Market rent
The cost approach to finding an appraised value measures . --
VERIFIED ANS>> The cost to acquire land and construct a reproduction
Which of these is an example of a rectangular survey system description? --
VERIFIED ANS>> S ½ SE ¼ NW ¼ Section 2, Township Clarkson
Which of the following best describes the skill set required to be a licensed real
estate appraiser? --VERIFIED ANS>> Research, analysis, and reporting
Who typically performs a CMA or BPO? --VERIFIED ANS>> Real estate licensee
Which type of REIT receives most of its revenue from rental of their properties? -
-VERIFIED ANS>> Equity REIT
Why isn't the cost approach usually used to determine the value of older
properties? --VERIFIED ANS>> It's difficult to accurately estimate depreciation with
an older property.
, When an appraiser relies on comparable properties to estimate the adjusted
market price of a property, the appraiser is using the approach. --
VERIFIED ANS>> Sales comparison
The four measures of time that appraisers use when estimating the depreciation
cost for a structure are economic life, physical life, , and remaining
economic life. --VERIFIED ANS>> Effective age
Which of the following best describes how an appraiser reconciles the adjusted
sales prices of the comparable properties to indicate the value of the subject
property? --VERIFIED ANS>> The appraiser selects the adjusted sales price of the
property most like the subject to use as the indicated value.
What value principle assumes that if an identical property were sold recently, its
sales price should be a good indicator of the value of the subject property? --
VERIFIED ANS>> Substitution
In the formula NOI ÷ V = R, what does R represent? --VERIFIED ANS>>
Capitalization rate
What's the primary purpose of the Universal Appraisal Dataset? --VERIFIED ANS>>
To improve the quality and consistency of appraisal data for loans delivered to
Fannie Mae and Freddie Mac
To determine the total reproduction cost of a subject building using the unit-in-
place method, an appraiser multiplies the cost per unit of measure of each
component part of the subject property's structure by the and then adds
And Answers Latest Update 2026
Complete Study Guide
The four stages of the neighborhood life cycle are growth, equilibrium, decline,
and what? --VERIFIED ANS>> Rejuvenation
Which of the following will an appraiser use to determine potential gross income
for an income property appraisal? --VERIFIED ANS>> Market rent
The cost approach to finding an appraised value measures . --
VERIFIED ANS>> The cost to acquire land and construct a reproduction
Which of these is an example of a rectangular survey system description? --
VERIFIED ANS>> S ½ SE ¼ NW ¼ Section 2, Township Clarkson
Which of the following best describes the skill set required to be a licensed real
estate appraiser? --VERIFIED ANS>> Research, analysis, and reporting
Who typically performs a CMA or BPO? --VERIFIED ANS>> Real estate licensee
Which type of REIT receives most of its revenue from rental of their properties? -
-VERIFIED ANS>> Equity REIT
Why isn't the cost approach usually used to determine the value of older
properties? --VERIFIED ANS>> It's difficult to accurately estimate depreciation with
an older property.
, When an appraiser relies on comparable properties to estimate the adjusted
market price of a property, the appraiser is using the approach. --
VERIFIED ANS>> Sales comparison
The four measures of time that appraisers use when estimating the depreciation
cost for a structure are economic life, physical life, , and remaining
economic life. --VERIFIED ANS>> Effective age
Which of the following best describes how an appraiser reconciles the adjusted
sales prices of the comparable properties to indicate the value of the subject
property? --VERIFIED ANS>> The appraiser selects the adjusted sales price of the
property most like the subject to use as the indicated value.
What value principle assumes that if an identical property were sold recently, its
sales price should be a good indicator of the value of the subject property? --
VERIFIED ANS>> Substitution
In the formula NOI ÷ V = R, what does R represent? --VERIFIED ANS>>
Capitalization rate
What's the primary purpose of the Universal Appraisal Dataset? --VERIFIED ANS>>
To improve the quality and consistency of appraisal data for loans delivered to
Fannie Mae and Freddie Mac
To determine the total reproduction cost of a subject building using the unit-in-
place method, an appraiser multiplies the cost per unit of measure of each
component part of the subject property's structure by the and then adds
