Pearson VUE Exam Prep: Property
Value and Appraisal Questions &
Answers (Grade A+)
How many questions related to property value and appraisal can
salespersons expect to see on the licensing exam? -
correct answer ✅11
How many questions related to property value and appraisal can
brokers expect to see on the licensing exam? -
correct answer ✅10
What is market value? -
correct answer ✅The most probable price a property will sell for in
an open market if neither the buyer nor the seller is under duress
What is value? -
correct answer ✅A property's objective worth, which may not
equal price or cost
What is cost? -
correct answer ✅Amount to create or recreate a property if it
were destroyed
,Pearson VUE Exam Prep: Property
Value and Appraisal Questions &
Answers (Grade A+)
What is market price? -
correct answer ✅Amount a buyer paid for a property and a seller
accepted
What are the four characteristics of value? -
correct answer ✅Demand, utility, scarcity, and transferability
What is demand? -
correct answer ✅How popular or desirable a property is
What is utility? -
correct answer ✅The property's function
What is scarcity? -
correct answer ✅Relates to market supply
What is transferability? -
correct answer ✅The ease with which another person can
purchase the property; a property with a title defect may suffer a
loss of value because of the difficulty in transferring title to another
, Pearson VUE Exam Prep: Property
Value and Appraisal Questions &
Answers (Grade A+)
What is value in use? -
correct answer ✅What a property is worth to the person using it
What is assessed value? -
correct answer ✅What the local taxing authority thinks is the
property is worth
What is mortgage value? -
correct answer ✅Price at which the property can be loaned on or
sold for at a foreclosure sale
What is insured value? -
correct answer ✅Cost to replace or rebuild a property
What is investment value? -
correct answer ✅A return on investment a property may provide
What is the principle of conformity? -
correct answer ✅A property's value is determined in part by how
well it conforms to its surrounding area
Value and Appraisal Questions &
Answers (Grade A+)
How many questions related to property value and appraisal can
salespersons expect to see on the licensing exam? -
correct answer ✅11
How many questions related to property value and appraisal can
brokers expect to see on the licensing exam? -
correct answer ✅10
What is market value? -
correct answer ✅The most probable price a property will sell for in
an open market if neither the buyer nor the seller is under duress
What is value? -
correct answer ✅A property's objective worth, which may not
equal price or cost
What is cost? -
correct answer ✅Amount to create or recreate a property if it
were destroyed
,Pearson VUE Exam Prep: Property
Value and Appraisal Questions &
Answers (Grade A+)
What is market price? -
correct answer ✅Amount a buyer paid for a property and a seller
accepted
What are the four characteristics of value? -
correct answer ✅Demand, utility, scarcity, and transferability
What is demand? -
correct answer ✅How popular or desirable a property is
What is utility? -
correct answer ✅The property's function
What is scarcity? -
correct answer ✅Relates to market supply
What is transferability? -
correct answer ✅The ease with which another person can
purchase the property; a property with a title defect may suffer a
loss of value because of the difficulty in transferring title to another
, Pearson VUE Exam Prep: Property
Value and Appraisal Questions &
Answers (Grade A+)
What is value in use? -
correct answer ✅What a property is worth to the person using it
What is assessed value? -
correct answer ✅What the local taxing authority thinks is the
property is worth
What is mortgage value? -
correct answer ✅Price at which the property can be loaned on or
sold for at a foreclosure sale
What is insured value? -
correct answer ✅Cost to replace or rebuild a property
What is investment value? -
correct answer ✅A return on investment a property may provide
What is the principle of conformity? -
correct answer ✅A property's value is determined in part by how
well it conforms to its surrounding area
