BASIC APPRAISAL PRINCIPLES 75 EXAM QUESTIONS
& CORRECT ANSWERS LATEST 2025
The four components of the Appraiser Qualification Criteria are: - ANSWER-
qualifying education, examination, experience, continuing education
USPAP includes performance standards for the appraisal of - ANSWER-real
property, personal property, and business/intangible property
The number of required experience hours for Certified General Appraiser
applicants is ____ hours. - ANSWER-3,000
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? - ANSWER-$138,865
The median price of homes sold in your county 6 months ago was $224,650.
Prices have been increasing at the rate of 7% per year. What is the median price
of homes today? - ANSWER-$232,513
The four elements of value are desire, _________, scarcity, and ________. -
ANSWER-utility, effective purchasing power
"The sum of values for a variable in a sample or population divided by the number
of items in the sample or population" is the definition of - ANSWER-mean
, Which of these factors would result in a violation of USPAP if the appraiser based
his or her appraisal fee on it? - ANSWER-the appraiser's value opinion
What is the mode of the following set of gross rent multipliers? (95, 93, 120, 94,
93, 129) - ANSWER-93
A property is owned as tenancy in severalty. How many owners are there? -
ANSWER-1
Two years ago, you bought a property for $264,500. Values increased in that area
by 5% the first year and 7% the second year. How much is your property worth
today? - ANSWER-$297,166
The Conduct Section of the ETHICS RULE states, in part, that an appraiser must
perform assignments with - ANSWER-Impartiality, objectivity, and independence
Property Owner A has the right to develop his property into 10 lots. He sells this
right to nearby Property Owner B who wishes to develop his property into
additional lots. This is an example of - ANSWER-transferable development rights
A lot measures 178 feet by 464 feet. It sold for $80,000. What did it sell for per
acre? HINT: Round the acreage amount to two decimal places. - ANSWER-$42,105
"The act of transferring an interest in property or some right (such as contract
benefits) to another" is the definition of - ANSWER-assignment
Which of the following would be private restrictions on property rights? -
ANSWER-deed restriction and mechanic's lien
& CORRECT ANSWERS LATEST 2025
The four components of the Appraiser Qualification Criteria are: - ANSWER-
qualifying education, examination, experience, continuing education
USPAP includes performance standards for the appraisal of - ANSWER-real
property, personal property, and business/intangible property
The number of required experience hours for Certified General Appraiser
applicants is ____ hours. - ANSWER-3,000
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? - ANSWER-$138,865
The median price of homes sold in your county 6 months ago was $224,650.
Prices have been increasing at the rate of 7% per year. What is the median price
of homes today? - ANSWER-$232,513
The four elements of value are desire, _________, scarcity, and ________. -
ANSWER-utility, effective purchasing power
"The sum of values for a variable in a sample or population divided by the number
of items in the sample or population" is the definition of - ANSWER-mean
, Which of these factors would result in a violation of USPAP if the appraiser based
his or her appraisal fee on it? - ANSWER-the appraiser's value opinion
What is the mode of the following set of gross rent multipliers? (95, 93, 120, 94,
93, 129) - ANSWER-93
A property is owned as tenancy in severalty. How many owners are there? -
ANSWER-1
Two years ago, you bought a property for $264,500. Values increased in that area
by 5% the first year and 7% the second year. How much is your property worth
today? - ANSWER-$297,166
The Conduct Section of the ETHICS RULE states, in part, that an appraiser must
perform assignments with - ANSWER-Impartiality, objectivity, and independence
Property Owner A has the right to develop his property into 10 lots. He sells this
right to nearby Property Owner B who wishes to develop his property into
additional lots. This is an example of - ANSWER-transferable development rights
A lot measures 178 feet by 464 feet. It sold for $80,000. What did it sell for per
acre? HINT: Round the acreage amount to two decimal places. - ANSWER-$42,105
"The act of transferring an interest in property or some right (such as contract
benefits) to another" is the definition of - ANSWER-assignment
Which of the following would be private restrictions on property rights? -
ANSWER-deed restriction and mechanic's lien
