BASIC APPRAISAL LATEST
PRINCIPLES FINAL EXAM
QUESTIONS AND
ANSWERS 2026 - 2027
The federal financial institutions regulatory agencies directly involved in
fair lending include all of the following EXCEPT - ANSWERS-Freddie
Mac
"The right held by the lessee to use and occupy real estate for a stated
term and under the conditions specified in the lease" is the definition of -
ANSWERS-leasehold estate
Modern definitions of the word "appraisal" have replaced the word
_______ with ________. - ANSWERS-estimate, opinion
A rectangular property measures 320 feet by 574.45 feet, and it sold for
$263,750. How much did it sell for per acre? - ANSWERS-$62,500
Under the current qualifying education criteria, there are college-level
course requirements for __________ classifications. - ANSWERS-both
Certified Residential and Certified General
END OF
PAGE
1
, BASIC APPRAISAL LATEST
PRINCIPLES FINAL EXAM
QUESTIONS AND
ANSWERS 2026 - 2027
The strongest form of deed is the __________ deed. - ANSWERS-
warranty
"The rate at which vacant space in a property or a group of properties for
sale or lease has been or is expected to be successfully sold or leased
over a specified period of time" is the definition of a(n) __________
rate. - ANSWERS-absorption
An appraiser pays a fee for the procurement of an assignment. Where in
the appraisal report does this payment have to be disclosed? -
ANSWERS-in the certification and transmittal letter where conclusions
are stated
All of the following would typically be considered to be personal
property EXCEPT - ANSWERS-wall to wall carpeting
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." - ANSWERS-disclose
END OF
PAGE
2
, BASIC APPRAISAL LATEST
PRINCIPLES FINAL EXAM
QUESTIONS AND
ANSWERS 2026 - 2027
"A gathering of people for the buying and selling of things" is the
definition of - ANSWERS-market
Which of the following would be private restrictions on property rights?
- ANSWERS-deed restriction and mechanic's lien
The ______ publishes "other communications" in the form of Advisory
Opinions and USPAP FAQs. - ANSWERS-ASB
All of the following could lead to a non-arm's-length transaction
EXCEPT - ANSWERS-knowledgeable buyer and seller
In a particular market, there is a demand for 500 houses per year, and
there are currently 1,500 houses for sale. What does this most likely
indicate? - ANSWERS-there is a three-year supply of homes currently
for sale
END OF
PAGE
3
PRINCIPLES FINAL EXAM
QUESTIONS AND
ANSWERS 2026 - 2027
The federal financial institutions regulatory agencies directly involved in
fair lending include all of the following EXCEPT - ANSWERS-Freddie
Mac
"The right held by the lessee to use and occupy real estate for a stated
term and under the conditions specified in the lease" is the definition of -
ANSWERS-leasehold estate
Modern definitions of the word "appraisal" have replaced the word
_______ with ________. - ANSWERS-estimate, opinion
A rectangular property measures 320 feet by 574.45 feet, and it sold for
$263,750. How much did it sell for per acre? - ANSWERS-$62,500
Under the current qualifying education criteria, there are college-level
course requirements for __________ classifications. - ANSWERS-both
Certified Residential and Certified General
END OF
PAGE
1
, BASIC APPRAISAL LATEST
PRINCIPLES FINAL EXAM
QUESTIONS AND
ANSWERS 2026 - 2027
The strongest form of deed is the __________ deed. - ANSWERS-
warranty
"The rate at which vacant space in a property or a group of properties for
sale or lease has been or is expected to be successfully sold or leased
over a specified period of time" is the definition of a(n) __________
rate. - ANSWERS-absorption
An appraiser pays a fee for the procurement of an assignment. Where in
the appraisal report does this payment have to be disclosed? -
ANSWERS-in the certification and transmittal letter where conclusions
are stated
All of the following would typically be considered to be personal
property EXCEPT - ANSWERS-wall to wall carpeting
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." - ANSWERS-disclose
END OF
PAGE
2
, BASIC APPRAISAL LATEST
PRINCIPLES FINAL EXAM
QUESTIONS AND
ANSWERS 2026 - 2027
"A gathering of people for the buying and selling of things" is the
definition of - ANSWERS-market
Which of the following would be private restrictions on property rights?
- ANSWERS-deed restriction and mechanic's lien
The ______ publishes "other communications" in the form of Advisory
Opinions and USPAP FAQs. - ANSWERS-ASB
All of the following could lead to a non-arm's-length transaction
EXCEPT - ANSWERS-knowledgeable buyer and seller
In a particular market, there is a demand for 500 houses per year, and
there are currently 1,500 houses for sale. What does this most likely
indicate? - ANSWERS-there is a three-year supply of homes currently
for sale
END OF
PAGE
3
