PA Certified Evaluator
Questions and Complete
Solutions Graded A+
Depreciation - Answer: loss in value from cost new from all causes for property having a limited
economic life.
(a) Loss due to wear and tear
(b) Presence of features that are deficient
(c) Excessive, currently undesirable
(d) External factors causing loss in value
Accrued Depreciation - Answer: the total depreciation from all causes taken on an asset from the time of
purchase to the present
External Obsolescence - Answer: loss in value as a result of impairment in utility and desirability caused
by factors external to the property
USPAP - Answer: Uniform Standards of Professional Appraisal Practice
Intangible Property - Answer: nonphysical assets, including but not limited to franchises, trademarks,
patents, copyrights. (something we can't see)
Market Value - Answer: A type of value, stated as an opinion, that presumes the transfer of a property.
Ethics Rule: - Answer: An appraiser must promote and preserve the public trust inherent in appraisal
practice by observing the highest standards of professional ethics.
An appraiser must: - Answer: perform assignments with impartiality, objectivity, and independence, and
without accommodation of personal interests.
, How many years must an appraiser retain a work file? - Answer: a period of at least 5 years after
preparation, or at least 2 years after the final disposition.
An appraiser must be.... - Answer: competent to perform the assignment, acquire the necessary
competency to perform the assignment, or decline or withdraw from the assignment.
Apex on the street - Answer: 35%
Apex in the rear - Answer: 65%
An assessor is responsible for - Answer: himself, tax payer, and taxing authorities
Base Year - Answer: the year in which property values are based.
Predetermined Ratio - Answer: A percentage of the base year value, set by the county commissioners to
calculate taxes
Assessed Value: - Answer: Total value of base year less predetermined ratio.
Taxable Assessed Value - Answer: Total value of base year less predetermined ration
What are the 4 agents of production - Answer: Labor, Management Coordination, Capitol, Land
S.L.U.G.E.R. - Answer: Right to sell, Right to lease, right to use, right to give away, right to give away,
right to enter and exit, right to refuse to do anything with.
P.E.G.S - Answer: Physical, Location, Location, Location
Economic
Governmental/Legal
Social
Questions and Complete
Solutions Graded A+
Depreciation - Answer: loss in value from cost new from all causes for property having a limited
economic life.
(a) Loss due to wear and tear
(b) Presence of features that are deficient
(c) Excessive, currently undesirable
(d) External factors causing loss in value
Accrued Depreciation - Answer: the total depreciation from all causes taken on an asset from the time of
purchase to the present
External Obsolescence - Answer: loss in value as a result of impairment in utility and desirability caused
by factors external to the property
USPAP - Answer: Uniform Standards of Professional Appraisal Practice
Intangible Property - Answer: nonphysical assets, including but not limited to franchises, trademarks,
patents, copyrights. (something we can't see)
Market Value - Answer: A type of value, stated as an opinion, that presumes the transfer of a property.
Ethics Rule: - Answer: An appraiser must promote and preserve the public trust inherent in appraisal
practice by observing the highest standards of professional ethics.
An appraiser must: - Answer: perform assignments with impartiality, objectivity, and independence, and
without accommodation of personal interests.
, How many years must an appraiser retain a work file? - Answer: a period of at least 5 years after
preparation, or at least 2 years after the final disposition.
An appraiser must be.... - Answer: competent to perform the assignment, acquire the necessary
competency to perform the assignment, or decline or withdraw from the assignment.
Apex on the street - Answer: 35%
Apex in the rear - Answer: 65%
An assessor is responsible for - Answer: himself, tax payer, and taxing authorities
Base Year - Answer: the year in which property values are based.
Predetermined Ratio - Answer: A percentage of the base year value, set by the county commissioners to
calculate taxes
Assessed Value: - Answer: Total value of base year less predetermined ratio.
Taxable Assessed Value - Answer: Total value of base year less predetermined ration
What are the 4 agents of production - Answer: Labor, Management Coordination, Capitol, Land
S.L.U.G.E.R. - Answer: Right to sell, Right to lease, right to use, right to give away, right to give away,
right to enter and exit, right to refuse to do anything with.
P.E.G.S - Answer: Physical, Location, Location, Location
Economic
Governmental/Legal
Social
