Appraisal Exam Practice Questions and
Answers 2024-2025
A 25-year-old property sells for $125,000. If the site is worth $25,000 and the building
would cost $200,000 to replace today, what is the annual rate of depreciation? -
ANSWER-2.0%
A comparable sale that sold for $102,000 requires the adjustments below. What is the
percent of total gross adjustments?
Location- +$5,000
Condition- -$7,500
Physical Characteristics- +$2,500 - ANSWER-14.7%
A document also referred to as a tax or assessors map is a(n) - ANSWER-Plat map
A functional problem (or obsolescence) in a home pertains to - ANSWER-The utility of
the property, such as room layout
A house rents unfurnished for $500 per month. Using the gross monthly rent multiplier
method, the appraiser estimates value of the subject at $80,000. What's the monthly
gross rent multiplier? - ANSWER-160.0
A neighborhood's life cycle is an example of - ANSWER-Change
A rectangular parcel of land containing 5 acres has 600 feet of road frontage. Depth is
______ feet. - ANSWER-363
A vacant land parcel described as the NE 1/4 of section 17 is selling for $1,200 per
acre. What is the sale price of the parcel? - ANSWER-$192,000
Adjustments to the sale price of comparable sale properties are measured by the -
ANSWER-Amount a typical buyer will pay for an item
After freeway construction, the volume of business on a street decreased by 50%. This
can be considered a(n) - ANSWER-External obsolescence
An appraisal report is NOT required to include - ANSWER-The contract price of the
property
An appraiser is asked to appraise a vacant residential site. The neighborhood is about
75% built up. Most lots in the area are 55' to 65' wide. The vacant lot is 60' wide.
Comparable sales indicate lots are selling from $180 to $225 per front foot. What is the
estimate for the subject lot? - ANSWER-$10,800-$13,500
, An appraiser is performing an appraisal of an older apartment building in an established
neighborhood for which he has data on several similar apartment buildings. However,
none have sold in the past 5 years. Which approach will be concluded as the most
credible? - ANSWER-Income
An external obsolescence pertains to - ANSWER-A railroad track running along side the
lot
An improvement to a property that is not likely to contribute its cost to the total market
value of the subject property is known as - ANSWER-Over improvement
An unfurnished house rents for $6,000 per year. An appraiser estimates the value of the
subject a $80,000. Whats the monthly gross rent multiplier? - ANSWER-160
As the depth of the lot increases, the value per front footage - ANSWER-Increases at a
decreasing rate
For the appraisal of an older single-family residential dwelling, where should the
appraiser put his reliance? - ANSWER-Recent sales
If a developer purchased a lot measuring 348' x 1,000' and the sale price was $5,000
per acre, how much did the developer pay? - ANSWER-$39,945
If a property is functionally and physically sound and acceptable to the market, but
located next to a noisy and dirty industrial site, the effective age will be - ANSWER-
Higher
If a property's effective gross income is $14,351.40 and vacancy is calculated at 6.2%,
what is the potential gross income? - ANSWER-$15,300.00
If the gross monthly rent multiplier is 180 and monthly rent is $600, what's the value of
the subject? - ANSWER-$108,000
In analyzing a comparable sale where the seller paid points, the appraiser must -
ANSWER-Adjust the comparable for any impact seller paid points may have had on the
sale price
In analyzing a vacant size to estimate its value, the first step is to determine -
ANSWER-Its highest and best use
In analyzing comparable sales, an appraiser should - ANSWER-Adjust the comparable
sales to the subject property
In applying the gross monthly rent multiplier to the subject property, the appraiser would
use __________ rent - ANSWER-Gross market
Answers 2024-2025
A 25-year-old property sells for $125,000. If the site is worth $25,000 and the building
would cost $200,000 to replace today, what is the annual rate of depreciation? -
ANSWER-2.0%
A comparable sale that sold for $102,000 requires the adjustments below. What is the
percent of total gross adjustments?
Location- +$5,000
Condition- -$7,500
Physical Characteristics- +$2,500 - ANSWER-14.7%
A document also referred to as a tax or assessors map is a(n) - ANSWER-Plat map
A functional problem (or obsolescence) in a home pertains to - ANSWER-The utility of
the property, such as room layout
A house rents unfurnished for $500 per month. Using the gross monthly rent multiplier
method, the appraiser estimates value of the subject at $80,000. What's the monthly
gross rent multiplier? - ANSWER-160.0
A neighborhood's life cycle is an example of - ANSWER-Change
A rectangular parcel of land containing 5 acres has 600 feet of road frontage. Depth is
______ feet. - ANSWER-363
A vacant land parcel described as the NE 1/4 of section 17 is selling for $1,200 per
acre. What is the sale price of the parcel? - ANSWER-$192,000
Adjustments to the sale price of comparable sale properties are measured by the -
ANSWER-Amount a typical buyer will pay for an item
After freeway construction, the volume of business on a street decreased by 50%. This
can be considered a(n) - ANSWER-External obsolescence
An appraisal report is NOT required to include - ANSWER-The contract price of the
property
An appraiser is asked to appraise a vacant residential site. The neighborhood is about
75% built up. Most lots in the area are 55' to 65' wide. The vacant lot is 60' wide.
Comparable sales indicate lots are selling from $180 to $225 per front foot. What is the
estimate for the subject lot? - ANSWER-$10,800-$13,500
, An appraiser is performing an appraisal of an older apartment building in an established
neighborhood for which he has data on several similar apartment buildings. However,
none have sold in the past 5 years. Which approach will be concluded as the most
credible? - ANSWER-Income
An external obsolescence pertains to - ANSWER-A railroad track running along side the
lot
An improvement to a property that is not likely to contribute its cost to the total market
value of the subject property is known as - ANSWER-Over improvement
An unfurnished house rents for $6,000 per year. An appraiser estimates the value of the
subject a $80,000. Whats the monthly gross rent multiplier? - ANSWER-160
As the depth of the lot increases, the value per front footage - ANSWER-Increases at a
decreasing rate
For the appraisal of an older single-family residential dwelling, where should the
appraiser put his reliance? - ANSWER-Recent sales
If a developer purchased a lot measuring 348' x 1,000' and the sale price was $5,000
per acre, how much did the developer pay? - ANSWER-$39,945
If a property is functionally and physically sound and acceptable to the market, but
located next to a noisy and dirty industrial site, the effective age will be - ANSWER-
Higher
If a property's effective gross income is $14,351.40 and vacancy is calculated at 6.2%,
what is the potential gross income? - ANSWER-$15,300.00
If the gross monthly rent multiplier is 180 and monthly rent is $600, what's the value of
the subject? - ANSWER-$108,000
In analyzing a comparable sale where the seller paid points, the appraiser must -
ANSWER-Adjust the comparable for any impact seller paid points may have had on the
sale price
In analyzing a vacant size to estimate its value, the first step is to determine -
ANSWER-Its highest and best use
In analyzing comparable sales, an appraiser should - ANSWER-Adjust the comparable
sales to the subject property
In applying the gross monthly rent multiplier to the subject property, the appraiser would
use __________ rent - ANSWER-Gross market
