Real Estate
Real Estate Appraisal Final Exam
Questions
And Answers Latest Update 2024
The four stages of the neighborhood life cycle are growth,
equilibrium, decline, and what? - correct answers Rejuvenation
Which of the following will an appraiser use to determine potential
gross income for an income property appraisal? - correct answers
Market rent
The cost approach to finding an appraised value measures
_______. - correct answers The cost to acquire land and construct a
reproduction
Which of these is an example of a rectangular survey system
description? - correct answers S ½ SE ¼ NW ¼ Section 2,
Township Clarkson
Which of the following best describes the skill set required to be a
licensed real estate appraiser? - correct answers Research,
analysis, and reporting
Who typically performs a CMA or BPO? - correct answers Real
estate licensee
Which type of REIT receives most of its revenue from rental of
their properties? - correct answers Equity REIT
Real Estate Appraisal Final Exam Questions And Answers Latest Update 2024
,Real Estate
Why isn't the cost approach usually used to determine the value
of older properties? - correct answers It's difficult to accurately
estimate depreciation with an older property.
When an appraiser relies on comparable properties to estimate
the adjusted market price of a property, the appraiser is using the
_______ approach. - correct answers Sales comparison
The four measures of time that appraisers use when estimating
the depreciation cost for a structure are economic life, physical
life, ______, and remaining economic life. - correct answers
Effective age
Which of the following best describes how an appraiser reconciles
the adjusted sales prices of the comparable properties to indicate
the value of the subject property? - correct answers The appraiser
selects the adjusted sales price of the property most like the
subject to use as the indicated value.
What value principle assumes that if an identical property were
sold recently, its sales price should be a good indicator of the
value of the subject property? - correct answers Substitution
In the formula NOI ÷ V = R, what does R represent? - correct
answers Capitalization rate
What's the primary purpose of the Universal Appraisal Dataset? -
correct answers
To improve the quality and consistency of appraisal data for loans
delivered to Fannie Mae and Freddie Mac
Real Estate Appraisal Final Exam Questions And Answers Latest Update 2024
, Real Estate
To determine the total reproduction cost of a subject building
using the unit-inplace method, an appraiser multiplies the cost
per unit of measure of each component part of the subject
property's structure by the ______ and then adds them together. -
correct answers Number of units of that component part in the
subject building
What's the difference between direct capitalization and yield
capitalization when appraising income property? - correct answers
Direct capitalization uses a time span of one year into the future,
while yield capitalization capitalizes income for the entire holding
period of the property.
What happens when a married couple who owns a property as
tenants by the entirety divorce? - correct answers Their ownership
reduces to tenancy in common or joint tenancy.
The question, "What's the purpose of this appraisal?" can be
answered by which step of the appraisal process? - correct
answers State the problem.
In the income capitalization approach to appraisal, NOI is found by
______. - correct answers Subtracting total operating expenses
from effective gross income
Diane is evaluating the value of her latest listing. She notes that
there aren't a lot of properties on the market right now. Which
value-influencing DUST factor is she considering? - correct
answers Scarcity
Real Estate Appraisal Final Exam Questions And Answers Latest Update 2024
Real Estate Appraisal Final Exam
Questions
And Answers Latest Update 2024
The four stages of the neighborhood life cycle are growth,
equilibrium, decline, and what? - correct answers Rejuvenation
Which of the following will an appraiser use to determine potential
gross income for an income property appraisal? - correct answers
Market rent
The cost approach to finding an appraised value measures
_______. - correct answers The cost to acquire land and construct a
reproduction
Which of these is an example of a rectangular survey system
description? - correct answers S ½ SE ¼ NW ¼ Section 2,
Township Clarkson
Which of the following best describes the skill set required to be a
licensed real estate appraiser? - correct answers Research,
analysis, and reporting
Who typically performs a CMA or BPO? - correct answers Real
estate licensee
Which type of REIT receives most of its revenue from rental of
their properties? - correct answers Equity REIT
Real Estate Appraisal Final Exam Questions And Answers Latest Update 2024
,Real Estate
Why isn't the cost approach usually used to determine the value
of older properties? - correct answers It's difficult to accurately
estimate depreciation with an older property.
When an appraiser relies on comparable properties to estimate
the adjusted market price of a property, the appraiser is using the
_______ approach. - correct answers Sales comparison
The four measures of time that appraisers use when estimating
the depreciation cost for a structure are economic life, physical
life, ______, and remaining economic life. - correct answers
Effective age
Which of the following best describes how an appraiser reconciles
the adjusted sales prices of the comparable properties to indicate
the value of the subject property? - correct answers The appraiser
selects the adjusted sales price of the property most like the
subject to use as the indicated value.
What value principle assumes that if an identical property were
sold recently, its sales price should be a good indicator of the
value of the subject property? - correct answers Substitution
In the formula NOI ÷ V = R, what does R represent? - correct
answers Capitalization rate
What's the primary purpose of the Universal Appraisal Dataset? -
correct answers
To improve the quality and consistency of appraisal data for loans
delivered to Fannie Mae and Freddie Mac
Real Estate Appraisal Final Exam Questions And Answers Latest Update 2024
, Real Estate
To determine the total reproduction cost of a subject building
using the unit-inplace method, an appraiser multiplies the cost
per unit of measure of each component part of the subject
property's structure by the ______ and then adds them together. -
correct answers Number of units of that component part in the
subject building
What's the difference between direct capitalization and yield
capitalization when appraising income property? - correct answers
Direct capitalization uses a time span of one year into the future,
while yield capitalization capitalizes income for the entire holding
period of the property.
What happens when a married couple who owns a property as
tenants by the entirety divorce? - correct answers Their ownership
reduces to tenancy in common or joint tenancy.
The question, "What's the purpose of this appraisal?" can be
answered by which step of the appraisal process? - correct
answers State the problem.
In the income capitalization approach to appraisal, NOI is found by
______. - correct answers Subtracting total operating expenses
from effective gross income
Diane is evaluating the value of her latest listing. She notes that
there aren't a lot of properties on the market right now. Which
value-influencing DUST factor is she considering? - correct
answers Scarcity
Real Estate Appraisal Final Exam Questions And Answers Latest Update 2024
