Real Estate Appraisal Exam 2 Questions
With Correct Answers
T/F:
the |sales |comparison |approach |is |based |on |the |principle |of |substitution. |- |CORRECT |
ANSWER✔✔-true
T/F:
the |first |step |in |the |sales |comparison |approach |is |to |research |comparable |sales |- |CORRECT |
ANSWER✔✔-true
T/F:
the |sales |comparison |approach |has |no |statistical |connections |- |CORRECT |ANSWER✔✔-false
T/F:
in |the |analysis |of |sales |transaction |data, |the |actual |date |that |the |sale |price |was |agreed |upon |is
|the |theoretical |date |of |sale |- |CORRECT |ANSWER✔✔-true
T/F:
USPAP |requires |that |any |listing |or |sale |of |the |subject |property |around |the |date |of |value |be |
considered |in |the |appraisal |- |CORRECT |ANSWER✔✔-true
T/F:
a |sale |between |the |property |owner |and |a |tenant |can |be |assumed |to |be |an |open |market |
transaction |- |CORRECT |ANSWER✔✔-false
T/F:
,even |though |listings |and |offers |may |be |available, |they |are |of |no |significant |use |to |an |appraiser
|- |CORRECT |ANSWER✔✔-false
T/F:
sales |data |published |and/or |available |online |for |the |use |of |subscribing |appraisers |is |often |
generated |by |cooperating |lenders |and |appraisers |- |CORRECT |ANSWER✔✔-true
T/F:
data |resources |on |the |internet |provide |general |data |on |the |economy |and |regulatory |
information |of |use |to |the |appraiser |- |CORRECT |ANSWER✔✔-true
T/F:
a |neighborhood |sales |study |finds |selling |prices |of |$150,000, |$157,500, |$159,000, |$162,000, |
and |$164,000 |for |homes |similar |to |the |subject |property. |The |median |price |of |this |sample |is |
$158,500. |- |CORRECT |ANSWER✔✔-false
T/F:
the |four |elemtns |of |comparison |used |in |the |sales |comparison |approach |include |the |terms |and
|time |of |sale, |as |well |as |location |and |physical |elements |about |the |property |- |CORRECT |
ANSWER✔✔-true
T/F:
sales |adjustments |should |be |market-related |- |CORRECT |ANSWER✔✔-true
T/F:
two |or |more |percentage |adjustments |should |theoretically |be |multiplied |together |(instead |of |
added) |when |they |are |dependent |upon |each |other |- |CORRECT |ANSWER✔✔-true
T/F:
, units |of |comparison |are |dollar |or |percentage |amounts |that |are |added |to, |or |subtracted |from, |
the |comparable |sales |prices |- |CORRECT |ANSWER✔✔-true
T/F:
to |adjust |the |sales |price |of |a |comparable |sale |with |a |10% |better |location, |you |should |add |10%
|to |the |price |- |CORRECT |ANSWER✔✔-false, |comparable |better |subtract
T/F:
an |example |of |an |economic |unit |of |comparison |in |the |appraisal |of |land |is |the |price |per |
buildable |apartment |or |dwelling |unit |- |CORRECT |ANSWER✔✔-true
T/F:
if |the |1,800 |square-foot |houses |in |the |subject |neighborhood |sell |typically |at |$200 |per |square |
foot, |you |would |expect |that |a |1,400 |square-foot |house |would |sell |for |under |$200 |per |square |
foot |- |CORRECT |ANSWER✔✔-false
T/F:
variable |units |of |comparison |can |often |be |effectively |analyzed |by |graphing |the |sales |- |
CORRECT |ANSWER✔✔-true
T/F:
using |"matched |pairs" |of |comparable |sales |is |considered |an |indirect |method |of |estimating |
sales |adjustments |- |CORRECT |ANSWER✔✔-false
T/F:
a |comparable |sale |should |be |adjusted |for |the |terms |of |sale |when |the |sale |involves |unique |
financing |that |offers |and |advantage |to |the |buyer |- |CORRECT |ANSWER✔✔-true
T/F:
With Correct Answers
T/F:
the |sales |comparison |approach |is |based |on |the |principle |of |substitution. |- |CORRECT |
ANSWER✔✔-true
T/F:
the |first |step |in |the |sales |comparison |approach |is |to |research |comparable |sales |- |CORRECT |
ANSWER✔✔-true
T/F:
the |sales |comparison |approach |has |no |statistical |connections |- |CORRECT |ANSWER✔✔-false
T/F:
in |the |analysis |of |sales |transaction |data, |the |actual |date |that |the |sale |price |was |agreed |upon |is
|the |theoretical |date |of |sale |- |CORRECT |ANSWER✔✔-true
T/F:
USPAP |requires |that |any |listing |or |sale |of |the |subject |property |around |the |date |of |value |be |
considered |in |the |appraisal |- |CORRECT |ANSWER✔✔-true
T/F:
a |sale |between |the |property |owner |and |a |tenant |can |be |assumed |to |be |an |open |market |
transaction |- |CORRECT |ANSWER✔✔-false
T/F:
,even |though |listings |and |offers |may |be |available, |they |are |of |no |significant |use |to |an |appraiser
|- |CORRECT |ANSWER✔✔-false
T/F:
sales |data |published |and/or |available |online |for |the |use |of |subscribing |appraisers |is |often |
generated |by |cooperating |lenders |and |appraisers |- |CORRECT |ANSWER✔✔-true
T/F:
data |resources |on |the |internet |provide |general |data |on |the |economy |and |regulatory |
information |of |use |to |the |appraiser |- |CORRECT |ANSWER✔✔-true
T/F:
a |neighborhood |sales |study |finds |selling |prices |of |$150,000, |$157,500, |$159,000, |$162,000, |
and |$164,000 |for |homes |similar |to |the |subject |property. |The |median |price |of |this |sample |is |
$158,500. |- |CORRECT |ANSWER✔✔-false
T/F:
the |four |elemtns |of |comparison |used |in |the |sales |comparison |approach |include |the |terms |and
|time |of |sale, |as |well |as |location |and |physical |elements |about |the |property |- |CORRECT |
ANSWER✔✔-true
T/F:
sales |adjustments |should |be |market-related |- |CORRECT |ANSWER✔✔-true
T/F:
two |or |more |percentage |adjustments |should |theoretically |be |multiplied |together |(instead |of |
added) |when |they |are |dependent |upon |each |other |- |CORRECT |ANSWER✔✔-true
T/F:
, units |of |comparison |are |dollar |or |percentage |amounts |that |are |added |to, |or |subtracted |from, |
the |comparable |sales |prices |- |CORRECT |ANSWER✔✔-true
T/F:
to |adjust |the |sales |price |of |a |comparable |sale |with |a |10% |better |location, |you |should |add |10%
|to |the |price |- |CORRECT |ANSWER✔✔-false, |comparable |better |subtract
T/F:
an |example |of |an |economic |unit |of |comparison |in |the |appraisal |of |land |is |the |price |per |
buildable |apartment |or |dwelling |unit |- |CORRECT |ANSWER✔✔-true
T/F:
if |the |1,800 |square-foot |houses |in |the |subject |neighborhood |sell |typically |at |$200 |per |square |
foot, |you |would |expect |that |a |1,400 |square-foot |house |would |sell |for |under |$200 |per |square |
foot |- |CORRECT |ANSWER✔✔-false
T/F:
variable |units |of |comparison |can |often |be |effectively |analyzed |by |graphing |the |sales |- |
CORRECT |ANSWER✔✔-true
T/F:
using |"matched |pairs" |of |comparable |sales |is |considered |an |indirect |method |of |estimating |
sales |adjustments |- |CORRECT |ANSWER✔✔-false
T/F:
a |comparable |sale |should |be |adjusted |for |the |terms |of |sale |when |the |sale |involves |unique |
financing |that |offers |and |advantage |to |the |buyer |- |CORRECT |ANSWER✔✔-true
T/F:
