Bob Brooks National Valuation Exam
Questions With Answers Rated A+
An appraisal is:
Select one:
a. An estimate of Value.
b. The Market Value
c. A forecast of Value
d. The exact Value - ANSWER-a. An estimate of Value.
Identical structures are located in Manhattan and in central New York State. Which
factors of value most applies?
Select one:
a. Scarcity
b. Utility
c. Transferability
d. Demand - ANSWER-d. Demand
Buyer is interested in a large, newly remodeled home in a subdivision with average
sized bungalows. They are interested in the appreciation of the home.
Select one:
a. You advise them on the principle of substitution.
b. You advise them on the principle of regression.
c. You advise them on the principle of progression.
d. You advise them on the principle of analysis. - ANSWER-b. You advise them on
the principle of regression.
A buyer who wants a property and has the money to buy it best defines:
Select one:
a. Transferability
b. Scarcity
c. Demand
d. Utility - ANSWER-c. Demand
What is the best approach for special use like a church?
Select one:
a. Income
b. Cost
c. Market Data
d. Sales Comparison - ANSWER-b. Cost
An owner of a 36 unit apartment complex wishes to sell. Which approach would the
owner use to determine its value and sales price?
Select one:
a. Cost
, b. Income
c. Depreciation
d. Gross Rent Multiplier - ANSWER-b. Income
A 3 bedroom house is being appraised and one comparable is a 4 bedroom house. It
is determined the value of the 4th bedroom is $4,000. What does the appraiser do?
Select one:
a. Add $4,000 to the subject property.
b. Deduct $4,000 from the comparable.
c. Add $2,000 to the subject property and deduct $2,000 from the comparable.
d. Take the average of the two houses. - ANSWER-b. Deduct $4,000 from the
comparable.
Using a Market Data Appraisal, how many comparables should you get?
Select one:
a. 1 only
b. At least 2
c. 3 to 5
d. 5 or more - ANSWER-c. 3 to 5
An a/c is put in a house. The increased value in the home is determined by:
Select one:
a. Price of a/c but not cost of installation.
b. Price and installation of the a/c
c. Cost of installation but not the price of the a/c.
d. The difference between houses with a/c and those without a/c. - ANSWER-d. The
difference between houses with a/c and those without a/c.
An appraiser knows a properties square footage and the price per square foot. What
appraisal method does he use?
Select one:
a. Cost
b. Income
c. Market Comparison
d. Data - ANSWER-a. Cost
A person wants to build a pool in a neighborhood that is deteriorating. He should be
concerned about the Principles of:
Select one:
a. Contribution
b. Conformity
c. Composition
d. Change - ANSWER-a. Contribution
What is one factor in utilizing the cost approach?
Select one:
a. Utilizing the value of an income producing property.
b. The price of other property near the subject location.
c. Lot and Block number
Questions With Answers Rated A+
An appraisal is:
Select one:
a. An estimate of Value.
b. The Market Value
c. A forecast of Value
d. The exact Value - ANSWER-a. An estimate of Value.
Identical structures are located in Manhattan and in central New York State. Which
factors of value most applies?
Select one:
a. Scarcity
b. Utility
c. Transferability
d. Demand - ANSWER-d. Demand
Buyer is interested in a large, newly remodeled home in a subdivision with average
sized bungalows. They are interested in the appreciation of the home.
Select one:
a. You advise them on the principle of substitution.
b. You advise them on the principle of regression.
c. You advise them on the principle of progression.
d. You advise them on the principle of analysis. - ANSWER-b. You advise them on
the principle of regression.
A buyer who wants a property and has the money to buy it best defines:
Select one:
a. Transferability
b. Scarcity
c. Demand
d. Utility - ANSWER-c. Demand
What is the best approach for special use like a church?
Select one:
a. Income
b. Cost
c. Market Data
d. Sales Comparison - ANSWER-b. Cost
An owner of a 36 unit apartment complex wishes to sell. Which approach would the
owner use to determine its value and sales price?
Select one:
a. Cost
, b. Income
c. Depreciation
d. Gross Rent Multiplier - ANSWER-b. Income
A 3 bedroom house is being appraised and one comparable is a 4 bedroom house. It
is determined the value of the 4th bedroom is $4,000. What does the appraiser do?
Select one:
a. Add $4,000 to the subject property.
b. Deduct $4,000 from the comparable.
c. Add $2,000 to the subject property and deduct $2,000 from the comparable.
d. Take the average of the two houses. - ANSWER-b. Deduct $4,000 from the
comparable.
Using a Market Data Appraisal, how many comparables should you get?
Select one:
a. 1 only
b. At least 2
c. 3 to 5
d. 5 or more - ANSWER-c. 3 to 5
An a/c is put in a house. The increased value in the home is determined by:
Select one:
a. Price of a/c but not cost of installation.
b. Price and installation of the a/c
c. Cost of installation but not the price of the a/c.
d. The difference between houses with a/c and those without a/c. - ANSWER-d. The
difference between houses with a/c and those without a/c.
An appraiser knows a properties square footage and the price per square foot. What
appraisal method does he use?
Select one:
a. Cost
b. Income
c. Market Comparison
d. Data - ANSWER-a. Cost
A person wants to build a pool in a neighborhood that is deteriorating. He should be
concerned about the Principles of:
Select one:
a. Contribution
b. Conformity
c. Composition
d. Change - ANSWER-a. Contribution
What is one factor in utilizing the cost approach?
Select one:
a. Utilizing the value of an income producing property.
b. The price of other property near the subject location.
c. Lot and Block number
