Basic Appraisal Principles EXAM
UPDATED Questions and CORRECT
Answers
Leasehold Estate - CORRECT ANSWER - "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
Contribution - CORRECT ANSWER - Eric pays $35,000 to have an inground swimming pool
constructed in his back yard. When he sells the property, he only receives $10,000 more for his
property than what similar property sold for without a pool. This is an example of the principle
of
in the certification and transmittal letter where conclusions are stated - CORRECT
ANSWER - An appraiser pays a fee for the procurement of an assignment. Where in the
appraisal report does this payment have to be disclosed?
District - CORRECT ANSWER - "A neighborhood characterized by homogeneous land use,
e.g., apartment, commercial, industrial, agricultural" is the definition of
Leased fee interest - CORRECT ANSWER - "The ownership interest held by the lessor,
which includes the right to receive the contract rent specified in the lease plus the reversionary
right when the lease expires" is the definition of
Both Certified Residential and Certified General - CORRECT ANSWER - Under the current
qualifying education criteria, there are college-level course requirements for __________
classifications.
$138,865 - CORRECT ANSWER - You purchased a house for $120,000, three years ago.
Property values increased 3% the first year, 5%, the second year, and 7% the third year. How
much is your house worth now?
1930's - CORRECT ANSWER - The first appraiser organizations were formed in the
, Client - CORRECT ANSWER - "The party or parties who engage, by employment or
contract, an appraiser in a specific assignment" is the definition of
$30,376.63 - CORRECT ANSWER - You want to buy a house for $243,500. You can get a
loan for 90% of value. You will also have to pay 2.75 points on the loan. How much will you
have to deliver to closing to cover both the down payment and the loan points?
Assignment - CORRECT ANSWER - "The act of transferring an interest in property or some
right (such as contract benefits) to another" is the definition of
5.42 - CORRECT ANSWER - A lot measures 569.32 feet by 414.90 feet. How many acres is
that?
Metes and Bounds - CORRECT ANSWER - The oldest system of legal descriptions for real
estate is:
It is not limited by governmental powers. - CORRECT ANSWER - Which is NOT true of a
fee simple estate?
ASB - CORRECT ANSWER - The ______ publishes "other communications" in the form of
Advisory Opinions and USPAP FAQs.
Mary Jones - CORRECT ANSWER - Mary Jones has a property with no road frontage. She
has an access right of way across the property of her neighbor Bob Smith for ingress, egress, and
regress. Who has the dominant tenement in this situation?
139 - CORRECT ANSWER - When appraising an income producing property, you have the
following GRMs indicated from comparable sales (122, 159, 132, 126, 122, 173, 152, 126).
What is the mean of the GRMs?
UPDATED Questions and CORRECT
Answers
Leasehold Estate - CORRECT ANSWER - "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
Contribution - CORRECT ANSWER - Eric pays $35,000 to have an inground swimming pool
constructed in his back yard. When he sells the property, he only receives $10,000 more for his
property than what similar property sold for without a pool. This is an example of the principle
of
in the certification and transmittal letter where conclusions are stated - CORRECT
ANSWER - An appraiser pays a fee for the procurement of an assignment. Where in the
appraisal report does this payment have to be disclosed?
District - CORRECT ANSWER - "A neighborhood characterized by homogeneous land use,
e.g., apartment, commercial, industrial, agricultural" is the definition of
Leased fee interest - CORRECT ANSWER - "The ownership interest held by the lessor,
which includes the right to receive the contract rent specified in the lease plus the reversionary
right when the lease expires" is the definition of
Both Certified Residential and Certified General - CORRECT ANSWER - Under the current
qualifying education criteria, there are college-level course requirements for __________
classifications.
$138,865 - CORRECT ANSWER - You purchased a house for $120,000, three years ago.
Property values increased 3% the first year, 5%, the second year, and 7% the third year. How
much is your house worth now?
1930's - CORRECT ANSWER - The first appraiser organizations were formed in the
, Client - CORRECT ANSWER - "The party or parties who engage, by employment or
contract, an appraiser in a specific assignment" is the definition of
$30,376.63 - CORRECT ANSWER - You want to buy a house for $243,500. You can get a
loan for 90% of value. You will also have to pay 2.75 points on the loan. How much will you
have to deliver to closing to cover both the down payment and the loan points?
Assignment - CORRECT ANSWER - "The act of transferring an interest in property or some
right (such as contract benefits) to another" is the definition of
5.42 - CORRECT ANSWER - A lot measures 569.32 feet by 414.90 feet. How many acres is
that?
Metes and Bounds - CORRECT ANSWER - The oldest system of legal descriptions for real
estate is:
It is not limited by governmental powers. - CORRECT ANSWER - Which is NOT true of a
fee simple estate?
ASB - CORRECT ANSWER - The ______ publishes "other communications" in the form of
Advisory Opinions and USPAP FAQs.
Mary Jones - CORRECT ANSWER - Mary Jones has a property with no road frontage. She
has an access right of way across the property of her neighbor Bob Smith for ingress, egress, and
regress. Who has the dominant tenement in this situation?
139 - CORRECT ANSWER - When appraising an income producing property, you have the
following GRMs indicated from comparable sales (122, 159, 132, 126, 122, 173, 152, 126).
What is the mean of the GRMs?
