BUSI 330 Exam Questions with MULTIPLE
CHOICES AND RATIONALES | Latest Update
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Terms in this set (190)
1. Which of the following 1. Answer: 3
statements regarding Option (3) is false as appraisal reports may be
appraisal reporting is delivered orally. Option (1) is true because reporting
FALSE? formats can be distinguished by the degree of
analysis and level of detail reported. Option (2) is true
(1) The different reporting because oral or verbal reports are given in court
formats are distinguished testimony and in tribunals such as appraisals, as well
by the degree of analysis as
and level of in other circumstances. Option (4) is true because the
detail reported. purpose and intended use of the appraisal determine
(2) Oral reports may be the reporting format.
acceptable in court
testimonies.
(3) Reports must be done
in writing.
(4) The client's purpose
and intended use is one
determinant of the format
of the appraisal report.
,2. Which of the following 2. Answer: 3
statements regarding Option (3) is false. CUSPAP does not dictate the form,
Canadian Uniform format or style of reporting. These are determined
Standards of Professional by the needs of the users and appraisers. Options (1),
Appraisal (2), and (4) are true.
Practice (CUSPAP) is
FALSE?
(1) The Real Property
Appraisal Standard deals
with the procedures for
the development and
communication of a formal
opinion of value for real
property and incorporates
the minimum
content necessary to
produce a credible report
that will not be misleading.
(2) According to CUSPAP,
appraisal practice includes
but is not limited to
Appraisal, Appraisal
Review, and Consulting.
(3) CUSPAP dictates the
form, format, and style of
reporting.
(4) Adherence to CUSPAP
when preparing reports
can help reduce an
appraiser's exposure to
civil action.
,3. In today's society, there 3. Answer: 3
are sometimes conflicts There are four concepts that affect the value of land:
over the use of some government, economic, social, and
lands. Environmentalists geographic/environmental. The discussion of social
often feel that some lands forces in the text outlines different views on how
should be kept for the use land should be developed versus how it should be
by society as a whole, left in its natural state.
while the owner thinks that
they have the right to
develop it as they like,
subject to zoning
regulations. Which
concept of value does this
fall under?
(1) Geographic
(2) Government
(3) Social
(4) Economic
, 4. Valuation professionals 4. Answer: 1
may undertake CUSPAP's Consulting Standard Section 13 covers
assignments that extend analysis of feasibility, investment, and marketability,
beyond point-in-time offering conclusions about alternatives rather than
valuation, market value. Hence, the Consulting Standard would
as reflected in CUSPAP's be applied to Statements A and C only. The Appraisal
Consulting Standard Standard would apply to Statements B and D where
Section 13. Which of the a point-in-time appraisal is required to determine a
following assignments are purchase price or market value.
MOST likely to be
considering consulting?
A. Evaluating the
probability of success for
a real estate development
project.
B. Providing advice to an
owner on pricing her
heritage home in a sale
negotiation.
C. Evaluating a specific
property to determine if it
meets a client's investment
criteria.
D. Establishing the market
value of a four-unit rental
project upon completion,
for insurance purposes.
(1) A and C only
(2) B and D only
(3) B and C only
(4) A and D only
CHOICES AND RATIONALES | Latest Update
Save
Terms in this set (190)
1. Which of the following 1. Answer: 3
statements regarding Option (3) is false as appraisal reports may be
appraisal reporting is delivered orally. Option (1) is true because reporting
FALSE? formats can be distinguished by the degree of
analysis and level of detail reported. Option (2) is true
(1) The different reporting because oral or verbal reports are given in court
formats are distinguished testimony and in tribunals such as appraisals, as well
by the degree of analysis as
and level of in other circumstances. Option (4) is true because the
detail reported. purpose and intended use of the appraisal determine
(2) Oral reports may be the reporting format.
acceptable in court
testimonies.
(3) Reports must be done
in writing.
(4) The client's purpose
and intended use is one
determinant of the format
of the appraisal report.
,2. Which of the following 2. Answer: 3
statements regarding Option (3) is false. CUSPAP does not dictate the form,
Canadian Uniform format or style of reporting. These are determined
Standards of Professional by the needs of the users and appraisers. Options (1),
Appraisal (2), and (4) are true.
Practice (CUSPAP) is
FALSE?
(1) The Real Property
Appraisal Standard deals
with the procedures for
the development and
communication of a formal
opinion of value for real
property and incorporates
the minimum
content necessary to
produce a credible report
that will not be misleading.
(2) According to CUSPAP,
appraisal practice includes
but is not limited to
Appraisal, Appraisal
Review, and Consulting.
(3) CUSPAP dictates the
form, format, and style of
reporting.
(4) Adherence to CUSPAP
when preparing reports
can help reduce an
appraiser's exposure to
civil action.
,3. In today's society, there 3. Answer: 3
are sometimes conflicts There are four concepts that affect the value of land:
over the use of some government, economic, social, and
lands. Environmentalists geographic/environmental. The discussion of social
often feel that some lands forces in the text outlines different views on how
should be kept for the use land should be developed versus how it should be
by society as a whole, left in its natural state.
while the owner thinks that
they have the right to
develop it as they like,
subject to zoning
regulations. Which
concept of value does this
fall under?
(1) Geographic
(2) Government
(3) Social
(4) Economic
, 4. Valuation professionals 4. Answer: 1
may undertake CUSPAP's Consulting Standard Section 13 covers
assignments that extend analysis of feasibility, investment, and marketability,
beyond point-in-time offering conclusions about alternatives rather than
valuation, market value. Hence, the Consulting Standard would
as reflected in CUSPAP's be applied to Statements A and C only. The Appraisal
Consulting Standard Standard would apply to Statements B and D where
Section 13. Which of the a point-in-time appraisal is required to determine a
following assignments are purchase price or market value.
MOST likely to be
considering consulting?
A. Evaluating the
probability of success for
a real estate development
project.
B. Providing advice to an
owner on pricing her
heritage home in a sale
negotiation.
C. Evaluating a specific
property to determine if it
meets a client's investment
criteria.
D. Establishing the market
value of a four-unit rental
project upon completion,
for insurance purposes.
(1) A and C only
(2) B and D only
(3) B and C only
(4) A and D only
