BASIC APPRAISAL PRINCIPLES QUESTIONS AND
ANSWERS ALREADY GRADED A+ RECENT UPDATE.
◉nowhere. Answer:In USPAP, the word "Ethics" is defined
◉$232,513. Answer:The median price of homes sold in your county 6 months ago was
$224,650. Prices have been increasing at the rate of 7% per year. What is the median price of
homes today?
◉warranty. Answer:"A deed that conveys to the grantee title to the property free and clear of all
encumbrances, except those specifically set forth in the document" is the definition of a
_______________ deed.
◉an opinion of value. Answer:An appraisal is best described as
◉leasehold estate. Answer:"The interest held by the lessee (the tenant or renter) through a
lease transferring the rights of use and occupancy for a stated term under certain conditions" is
the definition of
◉opinion, value. Answer:An appraisal is defined as the act or process of developing an ________ of
_______.
◉written or oral, client. Answer:An appraisal report is defined as "the ____________
communication of an appraisal; the document transmitted to the __________upon completion of an
appraisal assignment."
◉both vacant land and improved property. Answer:The principle of highest and best use
applies to
◉desire. Answer:"A purchaser's wish for an item to satisfy human needs (e.g. shelter, clothing,
food, companionship) or individual wants beyond essential life-support needs" is the definition
of
◉fee simple estate. Answer:Which is NOT a partial estate?
, ◉2. Answer:Reporting requirements for real property appraisers are set forth in STANDARD ___
of the Uniform Standards of Professional Appraisal Practice.
◉mobility. Answer:Which of the following is NOT a characteristic of land?
◉wage levels. Answer:Which of the following would NOT be considered a governmental
influence on value?
◉all. Answer:Under the current qualifying education criteria, there are college-level course
requirements for __________ classifications.
◉first. Answer:The ETHICS RULE of USPAP is the ________ of five Rules.
◉$74.40. Answer:Your house is valued at $186,000. You want to insure it for 80% of value.
Insurance will cost $6.00 per thousand per year. How much will your insurance cost per month?
◉public trust. Answer:The primary purpose of USPAP is to protect
◉3.12. Answer:A lot measures 316.4 X 428.90. How many acres is that?
◉ASB. Answer:The federal financial institutions regulatory agencies directly involved in fair
lending include all of the following EXCEPT
◉disclose. Answer:The Management Section of the ETHICS RULE states, in part, "An appraiser
must __________ that he or she paid a fee or commission, or gave a thing of value in connection
with the procurement of an assignment."
◉Impartiality, objectivity, and independence. Answer:The Conduct Section of the ETHICS RULE
states, in part, that an appraiser must perform assignments with
◉Congress. Answer:To whom is the Fed accountable?
◉.088. Answer:8.8% is the same as
ANSWERS ALREADY GRADED A+ RECENT UPDATE.
◉nowhere. Answer:In USPAP, the word "Ethics" is defined
◉$232,513. Answer:The median price of homes sold in your county 6 months ago was
$224,650. Prices have been increasing at the rate of 7% per year. What is the median price of
homes today?
◉warranty. Answer:"A deed that conveys to the grantee title to the property free and clear of all
encumbrances, except those specifically set forth in the document" is the definition of a
_______________ deed.
◉an opinion of value. Answer:An appraisal is best described as
◉leasehold estate. Answer:"The interest held by the lessee (the tenant or renter) through a
lease transferring the rights of use and occupancy for a stated term under certain conditions" is
the definition of
◉opinion, value. Answer:An appraisal is defined as the act or process of developing an ________ of
_______.
◉written or oral, client. Answer:An appraisal report is defined as "the ____________
communication of an appraisal; the document transmitted to the __________upon completion of an
appraisal assignment."
◉both vacant land and improved property. Answer:The principle of highest and best use
applies to
◉desire. Answer:"A purchaser's wish for an item to satisfy human needs (e.g. shelter, clothing,
food, companionship) or individual wants beyond essential life-support needs" is the definition
of
◉fee simple estate. Answer:Which is NOT a partial estate?
, ◉2. Answer:Reporting requirements for real property appraisers are set forth in STANDARD ___
of the Uniform Standards of Professional Appraisal Practice.
◉mobility. Answer:Which of the following is NOT a characteristic of land?
◉wage levels. Answer:Which of the following would NOT be considered a governmental
influence on value?
◉all. Answer:Under the current qualifying education criteria, there are college-level course
requirements for __________ classifications.
◉first. Answer:The ETHICS RULE of USPAP is the ________ of five Rules.
◉$74.40. Answer:Your house is valued at $186,000. You want to insure it for 80% of value.
Insurance will cost $6.00 per thousand per year. How much will your insurance cost per month?
◉public trust. Answer:The primary purpose of USPAP is to protect
◉3.12. Answer:A lot measures 316.4 X 428.90. How many acres is that?
◉ASB. Answer:The federal financial institutions regulatory agencies directly involved in fair
lending include all of the following EXCEPT
◉disclose. Answer:The Management Section of the ETHICS RULE states, in part, "An appraiser
must __________ that he or she paid a fee or commission, or gave a thing of value in connection
with the procurement of an assignment."
◉Impartiality, objectivity, and independence. Answer:The Conduct Section of the ETHICS RULE
states, in part, that an appraiser must perform assignments with
◉Congress. Answer:To whom is the Fed accountable?
◉.088. Answer:8.8% is the same as
