Basic Appraisal Procedures Exam Questions with Correct Solutions Latest Version 2025 (Already
Passed)
building permits and worker's compensation are examples of - Answers direct costs
an estimate of remaining economic life is required by - Answers VA
which type of valuation analysis would typically not include a separate site valuation? - Answers gross
rent multiplier
the most common brownfield contaminant is - Answers petroleum
another name for girder is - Answers beam
real property for which the expansion, redevelopment, or reuse of the real estate may be complicated
by the presence of environmental contamination that needs to be remediated to appropriate regulatory
standards - Answers brownfield
which cost estimating method is the most detailed and time-consuming to develop? - Answers quantity
survey
what type of framing became popular in the 1800s with the steam-powered sawmill? - Answers balloon
frame
a property sold for $250,000, the reproduction cost of the building was $380,000 and it was 60%
depreciated, by extraction, what is the value of the land? - Answers $98,000 --> 380,000X .40 = 152,000,
250,000 - 152000 = 98,000
a method of estimating land value in which the depreciated cost of the improvements on an improved
property is calculated and deducted from the total sale price to arrive at an estimated sale price fo rthe
land - Answers extraction method of site valuation
the relationship or ratio between the sale price or value of a property and its gross annual rental income
- Answers gross income multiplier
a dwelling has a reproduction cost of $625,000. it is 10 years old and has an effective age of 12, its
remaining economic life is estimated to be 48 years. what is the depreciated value of the improvements
by the age-life method, before including the site value? - Answers 500,000 - 12 + 48 = 60 years, 12/60
= .2 625,000*.2 = 125,000 depreciation 625,000-125,0000 = 500,000
today the _______ technique of site valuation is used primarily in highest and best use analysis -
Answers land residual
if a comparable property sells with atypical financing, we may have to make an adjustment for - Answers
financing terms
depreciation is defined as "a loss in property value from .... - Answers any cause
, which would NOT be a form of concurrent ownership? - Answers tenancy in severalty
the anticipated income from all operations of the real estate after an allowance is made for vacancy and
collection losses and an addition is made for any other income - Answers effective gross income
the most commonly used method for valuing sites is the - Answers sales comparison method
GLA includes _______________ but not _______________. - Answers above grade finished area,
garages
Drilled wells need to use __________ until the drilling enters ___________. - Answers casing, bedrock
the most common type of framing in residential construction today is - Answers platform frame
the most complex method of site valuation is the - Answers subdivision development method
which site valuation methods should only be utilized when the subject property is income-producing by
nature? - Answers land residual and ground rent capitalization
which was the earliest form of electrical wiring? - Answers knob and tube
early ductless heating systems were called - Answers gravity systems
most residences today require an electrical service that is a minimum of - Answers 100 amps
which would NOT be a sub-step in defining the problem? - Answers highest and best use analysis
all of the following could be sources of general data except - Answers zoning ordinances
fannie mae says the appraiser must base his analysis and any adjustments to comparable sales on -
Answers market data
EIFS is also known as - Answers synthetic stucco
when appraising a 2-4 unit residential property, an appraiser would measure and use - Answers gross
building area
a cement mixture that is applied to the exterior of a foundation wall is called - Answers parging
an old gas station on a good corner location in a desirable older neighborhood recently sold for
$375,000, reproduction cost of the improvements today would be $350,000, and the total depreciation
is estimated to be 75%, what is the land value? - Answers 350,000 X .25 = 87,500 375,000-87500 =
287,500
an appraisal with an effective date at some point in the future is called an - Answers prospective
appraisal
modular homes are constructed to meet - Answers state and local code requirements
Passed)
building permits and worker's compensation are examples of - Answers direct costs
an estimate of remaining economic life is required by - Answers VA
which type of valuation analysis would typically not include a separate site valuation? - Answers gross
rent multiplier
the most common brownfield contaminant is - Answers petroleum
another name for girder is - Answers beam
real property for which the expansion, redevelopment, or reuse of the real estate may be complicated
by the presence of environmental contamination that needs to be remediated to appropriate regulatory
standards - Answers brownfield
which cost estimating method is the most detailed and time-consuming to develop? - Answers quantity
survey
what type of framing became popular in the 1800s with the steam-powered sawmill? - Answers balloon
frame
a property sold for $250,000, the reproduction cost of the building was $380,000 and it was 60%
depreciated, by extraction, what is the value of the land? - Answers $98,000 --> 380,000X .40 = 152,000,
250,000 - 152000 = 98,000
a method of estimating land value in which the depreciated cost of the improvements on an improved
property is calculated and deducted from the total sale price to arrive at an estimated sale price fo rthe
land - Answers extraction method of site valuation
the relationship or ratio between the sale price or value of a property and its gross annual rental income
- Answers gross income multiplier
a dwelling has a reproduction cost of $625,000. it is 10 years old and has an effective age of 12, its
remaining economic life is estimated to be 48 years. what is the depreciated value of the improvements
by the age-life method, before including the site value? - Answers 500,000 - 12 + 48 = 60 years, 12/60
= .2 625,000*.2 = 125,000 depreciation 625,000-125,0000 = 500,000
today the _______ technique of site valuation is used primarily in highest and best use analysis -
Answers land residual
if a comparable property sells with atypical financing, we may have to make an adjustment for - Answers
financing terms
depreciation is defined as "a loss in property value from .... - Answers any cause
, which would NOT be a form of concurrent ownership? - Answers tenancy in severalty
the anticipated income from all operations of the real estate after an allowance is made for vacancy and
collection losses and an addition is made for any other income - Answers effective gross income
the most commonly used method for valuing sites is the - Answers sales comparison method
GLA includes _______________ but not _______________. - Answers above grade finished area,
garages
Drilled wells need to use __________ until the drilling enters ___________. - Answers casing, bedrock
the most common type of framing in residential construction today is - Answers platform frame
the most complex method of site valuation is the - Answers subdivision development method
which site valuation methods should only be utilized when the subject property is income-producing by
nature? - Answers land residual and ground rent capitalization
which was the earliest form of electrical wiring? - Answers knob and tube
early ductless heating systems were called - Answers gravity systems
most residences today require an electrical service that is a minimum of - Answers 100 amps
which would NOT be a sub-step in defining the problem? - Answers highest and best use analysis
all of the following could be sources of general data except - Answers zoning ordinances
fannie mae says the appraiser must base his analysis and any adjustments to comparable sales on -
Answers market data
EIFS is also known as - Answers synthetic stucco
when appraising a 2-4 unit residential property, an appraiser would measure and use - Answers gross
building area
a cement mixture that is applied to the exterior of a foundation wall is called - Answers parging
an old gas station on a good corner location in a desirable older neighborhood recently sold for
$375,000, reproduction cost of the improvements today would be $350,000, and the total depreciation
is estimated to be 75%, what is the land value? - Answers 350,000 X .25 = 87,500 375,000-87500 =
287,500
an appraisal with an effective date at some point in the future is called an - Answers prospective
appraisal
modular homes are constructed to meet - Answers state and local code requirements
