RESIDENTIAL SALES COMPARISON AND
INCOME APPROACHES PRACTICE EXAM 2026
TESTED QUESTIONS AND ANSWERS GRADED
A+
● The first step in the Sales comparison approach procedure is to
Answer: research the market
● The COMPETENCY RULE of USPAP says an appraiser must have
"the _______________________ to complete the assignment
competently." Answer: Knowledge and experience
● The Sales Comparison Approach was previously known as the:
Answer: Market Data Approach
● A transaction could be verified with all of the following parties
EXCEPT
Buyer
Another appraiser
Seller
Listing broker Answer: Another appraiser
,● In residential properties, anticipated future benefits are amenities.
They may include all of the following EXCEPT
The security of having a roof over your head
The prestige of owning a nice home in a good neighborhood
Tax benefits
The privacy entailed in owning a home of your own Answer: Tax
benefits
● Which of the following is NOT a common unit of comparison when
appraising 2-4 unit properties?
Price per SF of GLA
Price per room
Price per SF of GBA
Price per bedroom Answer: Price per SF of GLA
● The final step in the Sales Comparison Approach procedure is
Verify the information
Select relevant units of comparison
Reconcile the value indications
Research the market Answer: Reconcile the value indications
,● When choosing comparables, the appraiser analyzes
Location, amenities, market conditions
Sales or financing concessions
Motivations of sellers and buyers, property rights
All of the above Answer: All of the above
● In the sales comparison formula presented, we always start with
The subject
The comparable
Either subject or comparable
Neither the subject nor comparable Answer: The comparable
● When choosing comparables, the appraiser analyzes:
Location, amenities
Sales or financing concessions
Motivations of sellers and buyers, property rights
All of the above Answer: All of the above
, ● The principle of competition can be between
Purchasers only
Tenants only
Purchasers and tenants
Purchasers and tenants as well as between sellers and landlords Answer:
Purchasers and tenants as well as between sellers and landlords
● The principles of progression and regression are illustrations of what
happens when the principle of ______________ is violated.
Conformity
Balance
Change
Substitution Answer: Balance
● "The principle that real property value is created and sustained when
contrasting, opposing, or interacting elements are in a state of
equilibrium" is the definition of the principle of
Anticipation
Supply and Demand
Change
INCOME APPROACHES PRACTICE EXAM 2026
TESTED QUESTIONS AND ANSWERS GRADED
A+
● The first step in the Sales comparison approach procedure is to
Answer: research the market
● The COMPETENCY RULE of USPAP says an appraiser must have
"the _______________________ to complete the assignment
competently." Answer: Knowledge and experience
● The Sales Comparison Approach was previously known as the:
Answer: Market Data Approach
● A transaction could be verified with all of the following parties
EXCEPT
Buyer
Another appraiser
Seller
Listing broker Answer: Another appraiser
,● In residential properties, anticipated future benefits are amenities.
They may include all of the following EXCEPT
The security of having a roof over your head
The prestige of owning a nice home in a good neighborhood
Tax benefits
The privacy entailed in owning a home of your own Answer: Tax
benefits
● Which of the following is NOT a common unit of comparison when
appraising 2-4 unit properties?
Price per SF of GLA
Price per room
Price per SF of GBA
Price per bedroom Answer: Price per SF of GLA
● The final step in the Sales Comparison Approach procedure is
Verify the information
Select relevant units of comparison
Reconcile the value indications
Research the market Answer: Reconcile the value indications
,● When choosing comparables, the appraiser analyzes
Location, amenities, market conditions
Sales or financing concessions
Motivations of sellers and buyers, property rights
All of the above Answer: All of the above
● In the sales comparison formula presented, we always start with
The subject
The comparable
Either subject or comparable
Neither the subject nor comparable Answer: The comparable
● When choosing comparables, the appraiser analyzes:
Location, amenities
Sales or financing concessions
Motivations of sellers and buyers, property rights
All of the above Answer: All of the above
, ● The principle of competition can be between
Purchasers only
Tenants only
Purchasers and tenants
Purchasers and tenants as well as between sellers and landlords Answer:
Purchasers and tenants as well as between sellers and landlords
● The principles of progression and regression are illustrations of what
happens when the principle of ______________ is violated.
Conformity
Balance
Change
Substitution Answer: Balance
● "The principle that real property value is created and sustained when
contrasting, opposing, or interacting elements are in a state of
equilibrium" is the definition of the principle of
Anticipation
Supply and Demand
Change
