RPA Level 3 Exam Questions and Verified
Answers
Question 1
A rate under formal consideration for the current year is called what?
A. Adopted Rate
B. Effective Rate
C. Rollback Rate
D. Proposed Rate
Correct Answer
D. Proposed Rate
Question 2
the system of classifying ownership rights and interests in property is referred to as
Correct Answer
estates in property
Question 3
According to Standard 2, what two types of appraisal reports are allowed under
USPAP
Correct Answer
Appraisal Reports and Restricted appraisal Reports
Question 4
which state agency oversees public school issues in Texas
Correct Answer
Texas education agency
Page 1 of 148
,Question 5
The approach appropriate for all land uses is what
Correct Answer
sales market
Question 6
Furniture and Fixtures
Correct Answer
Tangible fixed assets
Question 7
Discount rate + effective tax rate =
Correct Answer
Land only cap rate:
Question 8
property value - equity ownership equals what
Correct Answer
mortgage amount
Question 9
Market rent is what
Correct Answer
the rent a prudent landlord would charge and that a prudent tenant would pay.
Question 10
Tax appraisals seek what type of value?
Correct Answer
assessed value
Page 2 of 148
,Question 11
ARB Members are allowed to discuss a pending protest...
A. Only during a hearing
B. At any time during business hours
C. At any time so long as both parties are present
D. At any time provided a quorum of members is not present
Correct Answer
A. Only during a hearing
Question 12
Established by reasonable rules of law for intangible property or tangible when they
are not continuously within a district for full year
Correct Answer
Situs, constructive
Question 13
the key concept in replacement cost new is
Correct Answer
Equal utility
Question 14
A 2Bdr/1Bth home with a 4 car garage in an area where comparable homes have only
a 2 car carport is in violation of which economic principle
Correct Answer
Balance
Question 15
taxing units must do what every year
Correct Answer
adopt a tax rate
Page 3 of 148
, Question 16
what is a form of yield capitalization
Correct Answer
Discounted cash flow
Question 17
the mean
Correct Answer
The number calculated by summing the observations and dividing by the number of
observations is
Question 18
the bundle of right can be limited by what
Correct Answer
life estate or lease
Question 19
What might an appraiser use to divide property value between land and
improvements when this land generated $25,000 in income last year?
Correct Answer
Capitalized ground rent
Question 20
last step in the appraisal phase is what
Correct Answer
chief appraiser summits records to the ARB
Page 4 of 148
Answers
Question 1
A rate under formal consideration for the current year is called what?
A. Adopted Rate
B. Effective Rate
C. Rollback Rate
D. Proposed Rate
Correct Answer
D. Proposed Rate
Question 2
the system of classifying ownership rights and interests in property is referred to as
Correct Answer
estates in property
Question 3
According to Standard 2, what two types of appraisal reports are allowed under
USPAP
Correct Answer
Appraisal Reports and Restricted appraisal Reports
Question 4
which state agency oversees public school issues in Texas
Correct Answer
Texas education agency
Page 1 of 148
,Question 5
The approach appropriate for all land uses is what
Correct Answer
sales market
Question 6
Furniture and Fixtures
Correct Answer
Tangible fixed assets
Question 7
Discount rate + effective tax rate =
Correct Answer
Land only cap rate:
Question 8
property value - equity ownership equals what
Correct Answer
mortgage amount
Question 9
Market rent is what
Correct Answer
the rent a prudent landlord would charge and that a prudent tenant would pay.
Question 10
Tax appraisals seek what type of value?
Correct Answer
assessed value
Page 2 of 148
,Question 11
ARB Members are allowed to discuss a pending protest...
A. Only during a hearing
B. At any time during business hours
C. At any time so long as both parties are present
D. At any time provided a quorum of members is not present
Correct Answer
A. Only during a hearing
Question 12
Established by reasonable rules of law for intangible property or tangible when they
are not continuously within a district for full year
Correct Answer
Situs, constructive
Question 13
the key concept in replacement cost new is
Correct Answer
Equal utility
Question 14
A 2Bdr/1Bth home with a 4 car garage in an area where comparable homes have only
a 2 car carport is in violation of which economic principle
Correct Answer
Balance
Question 15
taxing units must do what every year
Correct Answer
adopt a tax rate
Page 3 of 148
, Question 16
what is a form of yield capitalization
Correct Answer
Discounted cash flow
Question 17
the mean
Correct Answer
The number calculated by summing the observations and dividing by the number of
observations is
Question 18
the bundle of right can be limited by what
Correct Answer
life estate or lease
Question 19
What might an appraiser use to divide property value between land and
improvements when this land generated $25,000 in income last year?
Correct Answer
Capitalized ground rent
Question 20
last step in the appraisal phase is what
Correct Answer
chief appraiser summits records to the ARB
Page 4 of 148
