Real Estate Appraisal Practice Questions and Answers

A broker opinion of value, or a broker price opinion, is a value estimation made by a real estate broker on the basis of several factors, including all of these, except: A) the market conditions in an area B) values of surrounding properties C) the property's condition D) seller's degree of urgency seller's degree of urgency A broker opinion of value, or a broker price opinion, is a value estimation made by a real estate broker on the basis of several factors, including the property's condition, values of surrounding properties, and the market conditions in an area. A Licensed Residential Appraiser is one who is authorized to appraise: A) complex one-to-four residential units having a transaction value less than $250,000 B) Both of these are correct. C) Neither of these is correct. D) non-complex one-to-four residential units having a transaction value less than $1 million Both of these are correct. A) complex one-to-four residential units having a transaction value less than $250,000 D) non-complex one-to-four residential units having a transaction value less than $1 million A Licensed Residential Appraiser is a person who is licensed by the Texas Appraiser Licensing and Certification Board (TALCB) and has met the educational, experience, and examination requirements for licensing. The scope of work includes appraisal of non-complex residential 1-4 unit properties with a transactional value less than $1,000,000 as well the authority to complete complex federally related transactions (FRT) and non-FRT transactions with a value less than 250K. Which of the following objective value means the value of a piece of property will rise or fall because of a future benefit or a future complication? A) Anticipation B) Utility C) Change D) Change Anticipation