Page 1 of 44
Basic Appraisal Procedures Exam 2026-2027
COMPLETE 350 QUESTIONS AND VERIFIED
SOLUTIONS LATEST UPDATE THIS YEAR
QUESTION: A parcel is valued at $450,000 as a single unit. Zoning allows it to be subdivided into
8 lots and it is estimated that each lot could sell for $70,000. Site development costs (sewer,
grading, road, etc.) would cost $65,000. What is the highest and best use? - ANSWER-subdivide
it
QUESTION: An appraiser encounters an underground storage tank and there are no signs of
leakage or failure. An appraisal could be performed under the presumption that the tank is not
leaking and the property is not contaminated. This would be an example of a(n) - ANSWER-
extraordinary assumption
QUESTION: A deed could provide all of the following information about a property EXCEPT
owner of record
easements
deed restrictions
,Page 2 of 44
zoning - ANSWER-zoning
QUESTION: You examine a construction contract to build a 2,448 square foot house and the
total cost is $197,450. What was the cost per square foot? - ANSWER-$80.66
QUESTION: Which would NOT be an appropriate legal description of a subject property?
postal address
metes and bounds description
rectangular survey description
lot and block description - ANSWER-postal address
QUESTION: You calculate the following gross rent multipliers for comparable properties: 121.2,
105.3, 111.2, 150.1, 108.3, 105.3, 109.8, 108.8. What is the median of the GRMs? - ANSWER-
109.3
QUESTION: Which of the following would NOT be a common adjustment when appraising land?
,Page 3 of 44
size
quality
shape
topography - ANSWER-quality
Possible Adjustments. The other three are common adjustments, but quality adjustments
would be made to improvements - not land.
QUESTION: The most common brownfield contaminant is - ANSWER-petroleum
QUESTION: "The actual or anticipated net income that remains after all operating expenses are
deducted from effective gross income but before mortgage debt service and book depreciation
are deducted" is the definition of - ANSWER-net operating income
QUESTION: Which cost estimating method is the most detailed and time-consuming to
develop?
, Page 4 of 44
comparative-unit
quantity survey
unit-in-place
index - ANSWER-quantity survey
Q; When developing an appraisal, you calculate the following GRMs for comparable properties:
94.3, 90.1, 95.6, 109.2, 84.5, 100.7, 99.9. What is the mean of the GRMs? - ANSWER-96.3
QUESTION: "The process of valuing a universe of properties as of a given date using standard
methodology, employing common data, and allowing for statistical testing" is the definition of -
ANSWER-mass appraisal
QUESTION: What is the most common type of framing currently being used in new homes? -
ANSWER-platform frame
Basic Appraisal Procedures Exam 2026-2027
COMPLETE 350 QUESTIONS AND VERIFIED
SOLUTIONS LATEST UPDATE THIS YEAR
QUESTION: A parcel is valued at $450,000 as a single unit. Zoning allows it to be subdivided into
8 lots and it is estimated that each lot could sell for $70,000. Site development costs (sewer,
grading, road, etc.) would cost $65,000. What is the highest and best use? - ANSWER-subdivide
it
QUESTION: An appraiser encounters an underground storage tank and there are no signs of
leakage or failure. An appraisal could be performed under the presumption that the tank is not
leaking and the property is not contaminated. This would be an example of a(n) - ANSWER-
extraordinary assumption
QUESTION: A deed could provide all of the following information about a property EXCEPT
owner of record
easements
deed restrictions
,Page 2 of 44
zoning - ANSWER-zoning
QUESTION: You examine a construction contract to build a 2,448 square foot house and the
total cost is $197,450. What was the cost per square foot? - ANSWER-$80.66
QUESTION: Which would NOT be an appropriate legal description of a subject property?
postal address
metes and bounds description
rectangular survey description
lot and block description - ANSWER-postal address
QUESTION: You calculate the following gross rent multipliers for comparable properties: 121.2,
105.3, 111.2, 150.1, 108.3, 105.3, 109.8, 108.8. What is the median of the GRMs? - ANSWER-
109.3
QUESTION: Which of the following would NOT be a common adjustment when appraising land?
,Page 3 of 44
size
quality
shape
topography - ANSWER-quality
Possible Adjustments. The other three are common adjustments, but quality adjustments
would be made to improvements - not land.
QUESTION: The most common brownfield contaminant is - ANSWER-petroleum
QUESTION: "The actual or anticipated net income that remains after all operating expenses are
deducted from effective gross income but before mortgage debt service and book depreciation
are deducted" is the definition of - ANSWER-net operating income
QUESTION: Which cost estimating method is the most detailed and time-consuming to
develop?
, Page 4 of 44
comparative-unit
quantity survey
unit-in-place
index - ANSWER-quantity survey
Q; When developing an appraisal, you calculate the following GRMs for comparable properties:
94.3, 90.1, 95.6, 109.2, 84.5, 100.7, 99.9. What is the mean of the GRMs? - ANSWER-96.3
QUESTION: "The process of valuing a universe of properties as of a given date using standard
methodology, employing common data, and allowing for statistical testing" is the definition of -
ANSWER-mass appraisal
QUESTION: What is the most common type of framing currently being used in new homes? -
ANSWER-platform frame
