©FYNDLAY 2025 ALL RIGHTS RESERVED
Appraisal Principles Exam Practice
Questions and Answers 100% Pass
You have found comparable sales of rural land parcels that indicate the following sale prices per
acre: ($930, $775, $1202, $995, $1612, $906). What is the mode of these indications? -
ANS there is no mode, Median. There no mode, as each number only appears once
Two years ago, you bought a property for $264,500. Values increased in that area by 5% the
first year and 7% the second year. How much is your property worth today? - ANS $297,166
"A lease that provides for specified changes in the amount of rent at one or more points during
the lease term" is called a(n) ____________ lease. - ANS graduated-payment
"A business arrangement in which two or more persons jointly own a business and share in its
profits and losses" is the definition of - ANS partnership
65% of the houses in a neighborhood are split levels and 15% are ranches. There are a total of
300 houses. How many are ranches? - ANS 45; 300 X .15 = 45
"The study of the cost-benefit relationship of an economic endeavor" is the definition of -
ANS feasibility analysis
Which two of the following would be private restrictions on property rights? - ANS deed
restriction and mechanic's lien
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, ©FYNDLAY 2025 ALL RIGHTS RESERVED
A problem with the real property market is that the amount of ________ is slow to change. -
ANS supply
Which is NOT true concerning the highest and best use of land as though vacant? - ANS this
analysis can only be applied if there are no existing improvements...
Which of the following would NOT be considered a governmental influence on value? -
ANS wage levels
When appraising an income producing property, you have the following GRMs indicated from
comparable sales (122, 159, 132, 126, 122, 173, 152, 126). What is the mode of the GRMs? -
ANS 122, 126 (bi-modal)
What is the mean of these numbers: 124.5, 146.8, 152, 187.9, 153, 217.98, 12, 542.66, 45.7,
71.44, 158.04? - ANS 164.73
- ANS $30,376.63; $243,500 X .10 = $24,350 down payment. $243,500 X .90 = $219,150
mortgage. $219,150 X .0275 = $6,026.63. $24,350 + $6,026.63 =
The appraisal standards and qualification criteria promulgated by the boards of The Appraisal
Foundation achieves legal authority by adoption, citation or implementation by -
ANS government agencies
The intent of USPAP is to ____________ a high level of __________ in professional appraisal
practice. - ANS promote and maintain, public trust
Twenty years ago, most appraisal reports that were sent electronically were sent using _____
technology; today, most appraisals are sent electronically using a _______ format. - ANS EDI,
PDF
All of the following could lead to a non-arm's-length transaction EXCEPT -
ANS knowledgeable buyer and seller
©FYNDLAY 2
Appraisal Principles Exam Practice
Questions and Answers 100% Pass
You have found comparable sales of rural land parcels that indicate the following sale prices per
acre: ($930, $775, $1202, $995, $1612, $906). What is the mode of these indications? -
ANS there is no mode, Median. There no mode, as each number only appears once
Two years ago, you bought a property for $264,500. Values increased in that area by 5% the
first year and 7% the second year. How much is your property worth today? - ANS $297,166
"A lease that provides for specified changes in the amount of rent at one or more points during
the lease term" is called a(n) ____________ lease. - ANS graduated-payment
"A business arrangement in which two or more persons jointly own a business and share in its
profits and losses" is the definition of - ANS partnership
65% of the houses in a neighborhood are split levels and 15% are ranches. There are a total of
300 houses. How many are ranches? - ANS 45; 300 X .15 = 45
"The study of the cost-benefit relationship of an economic endeavor" is the definition of -
ANS feasibility analysis
Which two of the following would be private restrictions on property rights? - ANS deed
restriction and mechanic's lien
©FYNDLAY 1
, ©FYNDLAY 2025 ALL RIGHTS RESERVED
A problem with the real property market is that the amount of ________ is slow to change. -
ANS supply
Which is NOT true concerning the highest and best use of land as though vacant? - ANS this
analysis can only be applied if there are no existing improvements...
Which of the following would NOT be considered a governmental influence on value? -
ANS wage levels
When appraising an income producing property, you have the following GRMs indicated from
comparable sales (122, 159, 132, 126, 122, 173, 152, 126). What is the mode of the GRMs? -
ANS 122, 126 (bi-modal)
What is the mean of these numbers: 124.5, 146.8, 152, 187.9, 153, 217.98, 12, 542.66, 45.7,
71.44, 158.04? - ANS 164.73
- ANS $30,376.63; $243,500 X .10 = $24,350 down payment. $243,500 X .90 = $219,150
mortgage. $219,150 X .0275 = $6,026.63. $24,350 + $6,026.63 =
The appraisal standards and qualification criteria promulgated by the boards of The Appraisal
Foundation achieves legal authority by adoption, citation or implementation by -
ANS government agencies
The intent of USPAP is to ____________ a high level of __________ in professional appraisal
practice. - ANS promote and maintain, public trust
Twenty years ago, most appraisal reports that were sent electronically were sent using _____
technology; today, most appraisals are sent electronically using a _______ format. - ANS EDI,
All of the following could lead to a non-arm's-length transaction EXCEPT -
ANS knowledgeable buyer and seller
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