NATIONAL PSI BROKER EXAM POST TEST Q AND A

12/20/23,vc7:43 TestvcBankvcForvcAdvancedvcPhysiologyvcandvcPathophysiologyvcEs
vcPM sentialsvcforvcC…

NATIONAL PSI BROKER
EXAM POST TEST Q AND A

Invcthevcappraisalvcprocess,vcthevccapitalizationvcratevcisvcusedvcbyv
canvcappraiservctovcdeterminevcwhichvctypevcofvcvalue?



A)
Futurevcvaluevcofvcanyvctypevcofvcproperty
vcB)

Pastvcvaluevcofvcavcuniquevcandvcincome-producingvcproperty
vcC)

Presentvcvaluevcofvcanvcincome-producingvcproperty
vcD)

Probablevcvaluevcofvcresidentialvcpropertyvc-vcanswer--C)

Thevcanswervcisvcpresentvcvaluevcofvcanvcincome-
producingvcproperty.vcThevccapitalizationvcformulavcusesvccurrentv
cnetvcoperatingvcincomevc(NOI)vctovcdeterminevcthevcpresentvcvalu

evcofvcanvcincome-producingvcproperty.

IfvcthevccurrentvcmonthlyvcGRMvconvcavcsingle-
familyvchomevcisvc100vcwithvcanvcestimatedvcannualvcincomevcofvc$
24,000,vcwhatvcisvcthevcestimatedvcvaluevcofvcthevcproperty?

A)
$120,000
vcB)

$200,000
vcC)

$240,000
vcD)

$2,400,000vc-vcanswer--B)


about:blan 1/
k 43

,12/20/23,vc7:43 TestvcBankvcForvcAdvancedvcPhysiologyvcandvcPathophysiologyvcEs
vcPM sentialsvcforvcC…
Thevcanswervcisvc$200,000.vcMonthlyvcgrossvcrentvcmultipliervc(GR
M)vc×vcmonthlyvcincomevc=vcvalue.vc100vc×vc2,000vc($24,000vc÷vc12
)vc=vc$200,000.

Anvcappraiservcisvcusingvcthevcsalesvccomparisonvcapproachvctovce
stimatevcthevcvaluevcofvcavcresidentialvchome.vcThevcappraiservcwillv
cmakevcpositivevcandvcnegativevcadjustmentsvctovcthevcsoldvccomp

arablesvcforvcallvcofvcthevcfollowingvcfactorsvcEXCEPT

A)
squarevcfootagevcofvcthevcsoldvcproperties.
vcB)

lotvcsizevcandvclocationvcofvceachvcsoldvccomparablevcinvcrelationvct
ovcthevcsubject.
vcC)

actualvcreplacementvcandvcreproductionvccost.
vcD)

datevcofvcsalevcofvceachvcsoldvccomparable.vc-vcanswer--C)

Thevcanswervcisvcactualvcreplacementvcandvcreproductionvccost.vcA
ppraisersvcusingvcthevcsalesvccomparisonvcapproachvcwillvcadjustvc
forvcsquarevcfootage,vclotvcsizevcandvclocation,vcandvcdatevcofvcsalevc
invcavcrapidlyvcchangingvcmarket.vcReproductionvccostvcisvcusedvcinv
cthevccostvcapproachvctovcvalue,vcnotvcthevcsalesvccomparisonvcapp

roach.

ThevcBESTvcapproachvcforvcanvcappraiservctryingvctovcdeterminevc
marketvcvaluevcofvcavcshoppingvccenter,vcapartmentvcbuilding,vcorvc
officevcbuildingvcwouldvcbevcthe

A)
replacementvcapproachvctovcvalue.
vcB)

incomevcapproachvctovcvalue.
vcC)

salesvccomparisonvcapproachvctovcvalue.
vcD)

summationvcapproachvctovcvalue.vc-vcanswer--B)

about:blan 2/
k 43

,12/20/23,vc7:43 TestvcBankvcForvcAdvancedvcPhysiologyvcandvcPathophysiologyvcEs
vcPM sentialsvcforvcC…
Thevcanswervcisvcincomevcapproachvctovcvalue.vcThevcincomevcapp
roachvcisvcusedvcwhenvcavcproperty,vcsuchvcasvcavcshoppingvccenter
,vcgeneratesvcrevenue.

Anvcactivevcrealvcestatevcprofessionalvcmustvcbevcablevctovchelpvcco
nsumersvcdeterminevcthevcprobablevcsalesvcpricevcofvcavcrealvcprop
erty.vcAvcbroker'svcorvcsalesperson'svccompetitivevcmarketvcanalysi
svcwouldvcbevcusedvcforvcallvcofvcthevcfollowingvcEXCEPT

A)
settingvcthevcloanvcvalue.
vcB)

determiningvcthevclistingvcprice.
vcC)

assistingvcsellersvcandvcbuyersvcinvcdeterminingvcmarketvcvalue.
vcD)

estimatingvcthevcprobablevcsalesvcprice.vc-vcanswer--A)

Thevcanswervcisvcsettingvcthevcloanvcvalue.vcAppraisals,vcnotvccomp
etitivevcmarketvcanalysesvc(CMAs),vcarevcusedvctovcsetvcorvcdetermi
nevcloanvcvalue.vcCMAsvcarevcoftenvcusedvctovcprovidevcanvcestimat
evcofvcmarketvcvaluevcorvcavcprobablevcprice.vcAppraisalsvcalsovcesti
matevcmarketvcvalue.

Anvcappraiservchasvcbeenvcaskedvctovcdeterminevcthevcvaluevcofvcavc
church.vcThevcappraiservchasvcdeterminedvcthevcbestvcapproachvct
ovcvaluevcforvcthisvcpropertyvcisvcthevccostvcapproach.vcWhilevccomp
letingvcthevcprocessvcofvcdeterminingvcthevcvalue,vcthevcappraiservc
willvcconsidervcallvcofvcthevcfollowingvcEXCEPT

A)
reproductionvccostvcofvcthevcsubjectvcproperty.
vcB)

valuevcofvcthevclandvcundervcthevcchurch.
vcC)

adjustedvcsquarevcfootagevcofvcthevcsubjectvcandvccomparables.
vcD)

currentvcdepreciationvcofvcthevcpropertyvcimprovements.vc-
vcanswer--c)

about:blan 3/
k 43

, 12/20/23,vc7:43 TestvcBankvcForvcAdvancedvcPhysiologyvcandvcPathophysiologyvcEs
vcPM sentialsvcforvcC…

Thevcanswervcisvcadjustedvcsquarevcfootagevcofvcthevcsubjectvcandv
ccomparables.vcAnvcappraiservcusingvcthevccostvcapproachvcdoesvc

notvcmakevcadjustmentsvcforvcsquarevcfootagevcorvcanyvcothervcite
ms

AllvcofvcthevcfollowingvcarevctruevcofvcFHAvcandvcVAvcloansvcEXCEP
T

A)
therevccanvcbevcnovcprepaymentvcpenalty.
vcB)

thevcloanvcisvcassumablevcbyvcavcqualifiedvcbuyer.
vcC)

thevcloan-to-
valuevc(LTV)vcratiovcmayvctypicallyvcbevchighervcthanvcthatvcofvcconv
entionalvcloans.
vcD)

anvcappraisalvcisvcnotvcrequired.vc-vcanswer--D)

Thevcanswervcisvcanvcappraisalvcisvcnotvcrequired.vcFHAvcandvcVAvcl
oansvcrequirevcnovcprepaymentvcpenalty.vcThevcloansvcarevcassum
ablevcbyvcqualifiedvcbuyers,vcandvcthevcLTVvcratiovcisvcusuallyvcallo
wedvctovcbevchighervcthanvconvcconventionalvcloans.vcLikevcallvcfede
ralvcloans,vcanvcappraisalvcisvcrequiredvcforvcFHAvcandvcVAvcloans.

Avcstatevcstatutevchasvcsetvcthevcmaximumvcinterestvcratevcallowedv
convcloansvcoriginatedvcwithinvcthevcstate.vcThisvctypevcofvclawvcisvck

nownvcas

A)
discountvcpoints.
vcB)

usuryvclaw.
vcC)

nominalvcinterestvcrate.
vcD)

statutevcofvclimitations.vc-vcanswer--b)

about:blan 4/
k 43