1|Page
Virginia PSI Exam (State) ||Verified Exam!!!|| Most
Recent Exam Actual Complete Real Exam Questions
And Correct Answers (Verified Answers) Already
Graded A+ | Guaranteed Success!! Newest Exam!!!
According to federal government lending regulations, a
buyer purchasing a home must have an appraisal for all
the following types of financing EXCEPT
A)
FHA.
B)
VA.
C)
loan sold to FNMA.
D)
seller carry. - Answer-D)
seller carry.
Explanation:
The answer is seller carry. All government loans and any
sold on the secondary market require an appraisal. A
,2|Page
seller-carry loan, or seller financing, may or may not
require an appraisal.
Market data, summation, and income methods rely on
what principal of value?
A)
Substitution
B)
Anticipation
C)
Conformity
D)
Contribution - Answer-A)
Substitution
Explanation:
The answer is substitution. The principal of substitution
states that the value of a property tends to be set by the
cost of purchasing an equally desirable and similar
property. Therefore, all the approaches to value are
affected by the principal of substitution.
,3|Page
An appraiser who is estimating operating expenses is
using which approach to value?
A)
Sales comparison approach
B)
Income approach
C)
Cost or summation
D)
Gross rent multiplier - Answer-B)
Income approach
Explanation:
The answer is income approach. An appraiser who is
estimating operating expenses is trying to determine the
net operating income (NOI), which is used in the IRV
formula in the income approach. The gross rent multiplier
is used in the income approach, but the GRM formula
does not use net operating income or net income.
A broker is completing a CMA to determine the potential
listing price of a seller's home. Which of the following is
NOT part of the final CMA given to the seller?
, 4|Page
A)
Highest and best use evaluation
B)
Comparable sales analysis
C)
Adjustments to past sales
D)
Pictures of comparables - Answer-A)
Highest and best use evaluation
Explanation:
The answer is highest and best use evaluation. An
appraiser does a highest and best use evaluation, which
does not appear in a CMA.
Houses in the local area have had an increase in sales
price and a decrease in days on the market. A broker who
is attempting to determine the current market value for a
residential listing would get the BEST estimate of value by
using
A)
a GRM as the primary consideration to determine value.
Virginia PSI Exam (State) ||Verified Exam!!!|| Most
Recent Exam Actual Complete Real Exam Questions
And Correct Answers (Verified Answers) Already
Graded A+ | Guaranteed Success!! Newest Exam!!!
According to federal government lending regulations, a
buyer purchasing a home must have an appraisal for all
the following types of financing EXCEPT
A)
FHA.
B)
VA.
C)
loan sold to FNMA.
D)
seller carry. - Answer-D)
seller carry.
Explanation:
The answer is seller carry. All government loans and any
sold on the secondary market require an appraisal. A
,2|Page
seller-carry loan, or seller financing, may or may not
require an appraisal.
Market data, summation, and income methods rely on
what principal of value?
A)
Substitution
B)
Anticipation
C)
Conformity
D)
Contribution - Answer-A)
Substitution
Explanation:
The answer is substitution. The principal of substitution
states that the value of a property tends to be set by the
cost of purchasing an equally desirable and similar
property. Therefore, all the approaches to value are
affected by the principal of substitution.
,3|Page
An appraiser who is estimating operating expenses is
using which approach to value?
A)
Sales comparison approach
B)
Income approach
C)
Cost or summation
D)
Gross rent multiplier - Answer-B)
Income approach
Explanation:
The answer is income approach. An appraiser who is
estimating operating expenses is trying to determine the
net operating income (NOI), which is used in the IRV
formula in the income approach. The gross rent multiplier
is used in the income approach, but the GRM formula
does not use net operating income or net income.
A broker is completing a CMA to determine the potential
listing price of a seller's home. Which of the following is
NOT part of the final CMA given to the seller?
, 4|Page
A)
Highest and best use evaluation
B)
Comparable sales analysis
C)
Adjustments to past sales
D)
Pictures of comparables - Answer-A)
Highest and best use evaluation
Explanation:
The answer is highest and best use evaluation. An
appraiser does a highest and best use evaluation, which
does not appear in a CMA.
Houses in the local area have had an increase in sales
price and a decrease in days on the market. A broker who
is attempting to determine the current market value for a
residential listing would get the BEST estimate of value by
using
A)
a GRM as the primary consideration to determine value.
