PPRAISAL PRINCIPLES TEST STUDY QUESTIONS & ANSWERS 2026 Questions and
"Absolute ownership unencumbered by any other interest or fee simple
estate, subject only to the limitations imposed by the
governmental powers of taxation, eminent domain, police
power, and escheat" is the definition of
Acceptance may occur as either an express act or an implied act
According to the principle of supply and demand, the price of a inversely
commodity varies ___________ with supply.
"A form of ownership in which each owner possesses the condominium
exclusive right to use and occupy an allotted unit plus an
undivided interest in common areas" is the definition of a
After the crash of the mortgage lending industry in the late tightened their underwriting standards
2000s, lenders that remained in business
An agreement of parties to a contract to substitute a new novation
contract for the old one is called
All of the following would be participants in the real estate economists
market EXCEPT
All of the following would be social influences EXCEPT building codes
All the following are characteristics of a good market EXCEPT prices are relatively high
"A market in which buyers have the advantage; exists when buyer's
market prices are relatively low due to an oversupply of
property or reduced buyer demand" is the definition of a(n)
___________ market.
"A market in which product differentiation exists, there is a imperfect
lack of important product or market information, and some of
the producers and/or consumers are significant enough to affect
the price and quantity of goods by their actions alone" is the
definition of a(n) ____________ market.
Amenities such as a nice view are generally more important to homeowners
The amount stated in a deed is called the consideration
"An active market in which the sellers of available properties seller's
can obtain higher prices than those obtainable in the
immediately preceding period; a market in which a few
available properties are demanded at prevailing prices by many
users and potential users" is the definition of a(n) __________
market.
A(n) __________ contract is one that is not been fully executory
performed or completed.
"An easement that benefits a legal person or entity (individual, easement in gross
corporation, partnership, LLC, government entity, etc.) and not
a particular tract of land" is the definition of a(an)
An applicant for Certified General Appraiser must obtain 3,000, 30
_______ experience hours in no fewer than _____ months.
The Appraisal Foundation is a ___________ organization. not-for -profit
2026
,PPRAISAL PRINCIPLES TEST STUDY QUESTIONS & ANSWERS 2026 Questions and
An appraiser finds out after completing an appraisal that the charge the agreed-upon fee regardless of whether the loan closed
lender/client's loan did not close. What should the appraiser do
regarding the appraisal fee?
An appraiser pays a fee for the procurement of an assignment. in the certification and any transmittal letter where conclusions are stated
Where in the appraisal report does this payment have to be
disclosed?
The area associated with a subject property that contains its market area
direct competition" is the definition of
"A right or interest in property" is the definition of Estate
As it pertains to appraisers, the abbreviation GIS stands for Geographic Information Systems
As it pertains to appraisers, what does the abbreviation UAD Uniform Appraisal Dataset
stand for?
As it refers to an individual's ability to contract, the word the ability to understand the transaction or document
"competent" means
"A tangible or intangible benefit of real property that enhances amenity
its attractiveness or increases the satisfaction of the user" is the
definition of
"A type of building development designed as a grouping of PUD
complementary land uses, such as housing, schools, recreation,
retail, office, and industrial parks, contained within a single
master development." is the definition of
Bob grants a life estate in his property to his mother, Mary. As estate in remainder
long as Mary is alive, Bob's estate in the property is referred to
as a (an)
The cancellation of a contract by mutual agreement of the rescission
parties" is the definition of
A certified residential appraiser needs ____ hours of continuing 14
education per year to renew his or her certification?
A client asks an appraiser to omit the client's identity from the omit the client's identity from the report, but identify the client in the workfile
appraisal report. What can the appraiser do?
The concept that successive increments of one or more agents increasing and decreasing returns
of production added to fixed amounts of the other agents will
enhance income, in dollars, benefits, or amenities, at an
increasing rate until a maximum return is reached. Then,
income will decrease until the increment to value becomes
increasingly less than the value of the added agent or agents" is
the definition of the principle of
A contract in which one party makes a promise in order to bilateral
induce another party to do something is a(n)
__________________ contract.
A ________ contract is binding and enforceable on all parties. valid
Contracts are __________ that the law will enforce. promises
Contracts for the sale of real estate must be __________ in in writing
order to be enforceable.
2026
"Absolute ownership unencumbered by any other interest or fee simple
estate, subject only to the limitations imposed by the
governmental powers of taxation, eminent domain, police
power, and escheat" is the definition of
Acceptance may occur as either an express act or an implied act
According to the principle of supply and demand, the price of a inversely
commodity varies ___________ with supply.
"A form of ownership in which each owner possesses the condominium
exclusive right to use and occupy an allotted unit plus an
undivided interest in common areas" is the definition of a
After the crash of the mortgage lending industry in the late tightened their underwriting standards
2000s, lenders that remained in business
An agreement of parties to a contract to substitute a new novation
contract for the old one is called
All of the following would be participants in the real estate economists
market EXCEPT
All of the following would be social influences EXCEPT building codes
All the following are characteristics of a good market EXCEPT prices are relatively high
"A market in which buyers have the advantage; exists when buyer's
market prices are relatively low due to an oversupply of
property or reduced buyer demand" is the definition of a(n)
___________ market.
"A market in which product differentiation exists, there is a imperfect
lack of important product or market information, and some of
the producers and/or consumers are significant enough to affect
the price and quantity of goods by their actions alone" is the
definition of a(n) ____________ market.
Amenities such as a nice view are generally more important to homeowners
The amount stated in a deed is called the consideration
"An active market in which the sellers of available properties seller's
can obtain higher prices than those obtainable in the
immediately preceding period; a market in which a few
available properties are demanded at prevailing prices by many
users and potential users" is the definition of a(n) __________
market.
A(n) __________ contract is one that is not been fully executory
performed or completed.
"An easement that benefits a legal person or entity (individual, easement in gross
corporation, partnership, LLC, government entity, etc.) and not
a particular tract of land" is the definition of a(an)
An applicant for Certified General Appraiser must obtain 3,000, 30
_______ experience hours in no fewer than _____ months.
The Appraisal Foundation is a ___________ organization. not-for -profit
2026
,PPRAISAL PRINCIPLES TEST STUDY QUESTIONS & ANSWERS 2026 Questions and
An appraiser finds out after completing an appraisal that the charge the agreed-upon fee regardless of whether the loan closed
lender/client's loan did not close. What should the appraiser do
regarding the appraisal fee?
An appraiser pays a fee for the procurement of an assignment. in the certification and any transmittal letter where conclusions are stated
Where in the appraisal report does this payment have to be
disclosed?
The area associated with a subject property that contains its market area
direct competition" is the definition of
"A right or interest in property" is the definition of Estate
As it pertains to appraisers, the abbreviation GIS stands for Geographic Information Systems
As it pertains to appraisers, what does the abbreviation UAD Uniform Appraisal Dataset
stand for?
As it refers to an individual's ability to contract, the word the ability to understand the transaction or document
"competent" means
"A tangible or intangible benefit of real property that enhances amenity
its attractiveness or increases the satisfaction of the user" is the
definition of
"A type of building development designed as a grouping of PUD
complementary land uses, such as housing, schools, recreation,
retail, office, and industrial parks, contained within a single
master development." is the definition of
Bob grants a life estate in his property to his mother, Mary. As estate in remainder
long as Mary is alive, Bob's estate in the property is referred to
as a (an)
The cancellation of a contract by mutual agreement of the rescission
parties" is the definition of
A certified residential appraiser needs ____ hours of continuing 14
education per year to renew his or her certification?
A client asks an appraiser to omit the client's identity from the omit the client's identity from the report, but identify the client in the workfile
appraisal report. What can the appraiser do?
The concept that successive increments of one or more agents increasing and decreasing returns
of production added to fixed amounts of the other agents will
enhance income, in dollars, benefits, or amenities, at an
increasing rate until a maximum return is reached. Then,
income will decrease until the increment to value becomes
increasingly less than the value of the added agent or agents" is
the definition of the principle of
A contract in which one party makes a promise in order to bilateral
induce another party to do something is a(n)
__________________ contract.
A ________ contract is binding and enforceable on all parties. valid
Contracts are __________ that the law will enforce. promises
Contracts for the sale of real estate must be __________ in in writing
order to be enforceable.
2026
