BASIC APPRAISAL PRINCIPLES 300 EXAM
QUESTIONS & CORRECT ANSWERS LATEST 2025
Which of the following items are considered to be personal property?
a. a tree orchard
b. built-in cabinetry
c. furniture
d. interior light fixtures - ANSWER-c
Mayes owns a property buy has leased it to Jacobs. Which term describes Jacobs'
right in the property?
a. Fee simple interest
b. Leased fee interest
c. Leasehold interest
d. Lessor interest - ANSWER-c
Real estate is best described as
a. everything resting on the surface of the land
b. fixtures and building improvements
c. land and everything permanently attached to it
d. the complete bundle of rights attached to the land - ANSWER-c
Mineral rights are an example of
a. air rights
b. riparian rights
,c. subsurface rights
d. suprasurface rights - ANSWER-c
An appraiser's familiarity with a specific type of property applies to what concept?
a. competency
b. impartiality
c. intended use
d. sufficient dilligence - ANSWER-a
Sanchez is appraising a property for a client with the intended use of filing a tax
appeal. in this type of assignment, Sanchez should
a. find out what value the client's lawyer recommends
b. not advocate the cause or interest of any party or issue
c. represent the client's cause in the appeal
d. try to keep the value as low as possible - ANSWER-b
Before an appraiser begins an assignment, the problem to be solved must be
identified. What is the next step the appraiser must take to ensure credible
assignment results?
a. a preliminary opinion for the client
b. a pro forma for the assignment
c. a project timeline
d. determination of the scope of work - ANSWER-d
chattel and personalty are terms used to describe
,a. emblements
b. fixtures
c. personal property
d. real property - ANSWER-c
Hooper gave permission to a nearby business neighbor to place a sign on his
corner property to advertise the neighbor's liquidation sale. What has Hooper
given his neighbor?
a. a license
b. a partial interest in his property
c. a personal easement in gross
d. an estate - ANSWER-a
What is a tenancy (that is, estate) in which a lessee remains in possession of the
property without the lessor's consent?
a. tenancy at sufferance
b. tenancy at will
c. tenancy for years
d. tenancy from periordto period - ANSWER-a
An appraisal is best defined as
a. the act or method of telling the client the market value of the real estate
b. the act or process of developing an opinion of value
c. the report delivered to the client
d. a professional estimate of a property - ANSWER-b
, In real estate appraisal, fees based on a percentage of the conclusion of value are
a. allowed if the client agrees
b. never allowed
c. strongly discouraged
d. allowed in tax appeal cases - ANSWER-b
When a property is in dispute, each party will often retain an appraiser. In this
type of assignment, it is each appraiser's obligation to do what?
a. to represent the client's position in the matter
b. to be independent, impartial and objective throughout the appraisal process
regardless of the party that retains the appraiser
c. to represent the appraiser's own personal interests in the assignment
d. to represent the position of the court that is deciding the matter - ANSWER-b
Beng competent pertains to
a. a market
b. specific laws or regulations
c. a particular approach
d. all of these answers - ANSWER-d
An appraiser must be competent in (blank) to produce a credible appraisal
a. six of the seven factors necessary
b. applying the approaches
c. selecting comparable sales
QUESTIONS & CORRECT ANSWERS LATEST 2025
Which of the following items are considered to be personal property?
a. a tree orchard
b. built-in cabinetry
c. furniture
d. interior light fixtures - ANSWER-c
Mayes owns a property buy has leased it to Jacobs. Which term describes Jacobs'
right in the property?
a. Fee simple interest
b. Leased fee interest
c. Leasehold interest
d. Lessor interest - ANSWER-c
Real estate is best described as
a. everything resting on the surface of the land
b. fixtures and building improvements
c. land and everything permanently attached to it
d. the complete bundle of rights attached to the land - ANSWER-c
Mineral rights are an example of
a. air rights
b. riparian rights
,c. subsurface rights
d. suprasurface rights - ANSWER-c
An appraiser's familiarity with a specific type of property applies to what concept?
a. competency
b. impartiality
c. intended use
d. sufficient dilligence - ANSWER-a
Sanchez is appraising a property for a client with the intended use of filing a tax
appeal. in this type of assignment, Sanchez should
a. find out what value the client's lawyer recommends
b. not advocate the cause or interest of any party or issue
c. represent the client's cause in the appeal
d. try to keep the value as low as possible - ANSWER-b
Before an appraiser begins an assignment, the problem to be solved must be
identified. What is the next step the appraiser must take to ensure credible
assignment results?
a. a preliminary opinion for the client
b. a pro forma for the assignment
c. a project timeline
d. determination of the scope of work - ANSWER-d
chattel and personalty are terms used to describe
,a. emblements
b. fixtures
c. personal property
d. real property - ANSWER-c
Hooper gave permission to a nearby business neighbor to place a sign on his
corner property to advertise the neighbor's liquidation sale. What has Hooper
given his neighbor?
a. a license
b. a partial interest in his property
c. a personal easement in gross
d. an estate - ANSWER-a
What is a tenancy (that is, estate) in which a lessee remains in possession of the
property without the lessor's consent?
a. tenancy at sufferance
b. tenancy at will
c. tenancy for years
d. tenancy from periordto period - ANSWER-a
An appraisal is best defined as
a. the act or method of telling the client the market value of the real estate
b. the act or process of developing an opinion of value
c. the report delivered to the client
d. a professional estimate of a property - ANSWER-b
, In real estate appraisal, fees based on a percentage of the conclusion of value are
a. allowed if the client agrees
b. never allowed
c. strongly discouraged
d. allowed in tax appeal cases - ANSWER-b
When a property is in dispute, each party will often retain an appraiser. In this
type of assignment, it is each appraiser's obligation to do what?
a. to represent the client's position in the matter
b. to be independent, impartial and objective throughout the appraisal process
regardless of the party that retains the appraiser
c. to represent the appraiser's own personal interests in the assignment
d. to represent the position of the court that is deciding the matter - ANSWER-b
Beng competent pertains to
a. a market
b. specific laws or regulations
c. a particular approach
d. all of these answers - ANSWER-d
An appraiser must be competent in (blank) to produce a credible appraisal
a. six of the seven factors necessary
b. applying the approaches
c. selecting comparable sales
