BASIC APPRAISAL PRINCIPLES II MOCK TEST
WITH ANSWER RATIONALES 2026
◉ Appraiser
Answer: One who is expected to perform valuation services
competently & in a manner that is independent, impartial &
objective.
◉ Attributes of an Appraiser
Answer: competent, independent, impartial, objective, prompt,
organized, educated, honest & diligent
◉ Appraiser must be knowledgeable in...
Answer: history, economics, construction, math, statistics, ethics,
psychology, sociology, urban planning & land use
◉ What are some adversarial situations that require an appraisal?
Answer: tax appeals, relocation, casualty loss, purchase offers,
partnership breakups, division of assets, negotiation of leases,
condemnation & estate settlements
◉ Appraisal Report
,Answer: The written or oral communication of an appraisal. Most
residential appraisal reports for mortgage lending purposes are
completed using a standardized app. report form that is approved by
Fannie Mae & Freddie Mac.
◉ Narrative Report
Answer: A written report presented in narrative style or "long hand"
& are used most for commercial, industrial or income producing
properties.
◉ What are the 4 components of the real property appraiser
qualification criteria?
Answer: 1) Continuing Education: 14 class hrs/year + 7hr National
USPAP Update Course every 2 years
2) Experience:
3) Examination: successful completion valid for 24 months
4) Qualifying Education: changed in 2008 & 2015, increased
classroom hours, college level requirements & minimum classroom
hours for specific topic areas or modules.
◉ Requirements for a Trainee
Answer: -75 classroom hours
-no college degree
-no prior experience
,-may have multiple supervisors
◉ Requirements for a Licensed Residential Appraiser
Answer: -150 classroom hours
-30 college hours or associates degree
-non-complex one to four residential units with a transaction value
less than $1,000,000 & complex units with a value less than
$250,000
-2,000 hours experience in no less than 12 months
◉ Requirements for a Certified Residential Appraiser
Answer: -200 classroom hours
-Bachelor's Degree
-All one to four residential units without regard to transaction value
or complexity
-2,500 hours experience in no less than 24 months
◉ Requirements for a Certified General Appraiser
Answer: -300 classroom hours
-Bachelor's Degree
-All types of real estate
-3,000 hours experience in no less than 30 months of which 1,500
hours must be in non-residential appraisal work
, ◉ Employment Opportunities for Appraisers
Answer: -A majority work for themselves or in an office
-Most specialize in residential work (mortgage appraisals)
-General appraisers specialize in income-producing properties & are
more likely to appraise in a widespread area
-Banks, accounting firms, real estate investment companies,
government agencies, real estate departments of chain stores &
attorneys
◉ Housing Markets in 1950
Answer: relatively tranquil with steady growth in housing, a healthy
economy & stable interest rates
◉ Housing Markets in 1960
Answer: no established appraisal standards nationwide, but there
were professional appraisal organizations providing education
programs & touting codes of ethics, membership was optional
◉ Housing Markets in 1970
Answer: turbulent decade, major swings in the economy & housing
market lending made at local levels with risk & underwriting
determined by local lenders/banks. Late 1970s Fannie & Freddie
developed uniform underwriting rules & the first universally
WITH ANSWER RATIONALES 2026
◉ Appraiser
Answer: One who is expected to perform valuation services
competently & in a manner that is independent, impartial &
objective.
◉ Attributes of an Appraiser
Answer: competent, independent, impartial, objective, prompt,
organized, educated, honest & diligent
◉ Appraiser must be knowledgeable in...
Answer: history, economics, construction, math, statistics, ethics,
psychology, sociology, urban planning & land use
◉ What are some adversarial situations that require an appraisal?
Answer: tax appeals, relocation, casualty loss, purchase offers,
partnership breakups, division of assets, negotiation of leases,
condemnation & estate settlements
◉ Appraisal Report
,Answer: The written or oral communication of an appraisal. Most
residential appraisal reports for mortgage lending purposes are
completed using a standardized app. report form that is approved by
Fannie Mae & Freddie Mac.
◉ Narrative Report
Answer: A written report presented in narrative style or "long hand"
& are used most for commercial, industrial or income producing
properties.
◉ What are the 4 components of the real property appraiser
qualification criteria?
Answer: 1) Continuing Education: 14 class hrs/year + 7hr National
USPAP Update Course every 2 years
2) Experience:
3) Examination: successful completion valid for 24 months
4) Qualifying Education: changed in 2008 & 2015, increased
classroom hours, college level requirements & minimum classroom
hours for specific topic areas or modules.
◉ Requirements for a Trainee
Answer: -75 classroom hours
-no college degree
-no prior experience
,-may have multiple supervisors
◉ Requirements for a Licensed Residential Appraiser
Answer: -150 classroom hours
-30 college hours or associates degree
-non-complex one to four residential units with a transaction value
less than $1,000,000 & complex units with a value less than
$250,000
-2,000 hours experience in no less than 12 months
◉ Requirements for a Certified Residential Appraiser
Answer: -200 classroom hours
-Bachelor's Degree
-All one to four residential units without regard to transaction value
or complexity
-2,500 hours experience in no less than 24 months
◉ Requirements for a Certified General Appraiser
Answer: -300 classroom hours
-Bachelor's Degree
-All types of real estate
-3,000 hours experience in no less than 30 months of which 1,500
hours must be in non-residential appraisal work
, ◉ Employment Opportunities for Appraisers
Answer: -A majority work for themselves or in an office
-Most specialize in residential work (mortgage appraisals)
-General appraisers specialize in income-producing properties & are
more likely to appraise in a widespread area
-Banks, accounting firms, real estate investment companies,
government agencies, real estate departments of chain stores &
attorneys
◉ Housing Markets in 1950
Answer: relatively tranquil with steady growth in housing, a healthy
economy & stable interest rates
◉ Housing Markets in 1960
Answer: no established appraisal standards nationwide, but there
were professional appraisal organizations providing education
programs & touting codes of ethics, membership was optional
◉ Housing Markets in 1970
Answer: turbulent decade, major swings in the economy & housing
market lending made at local levels with risk & underwriting
determined by local lenders/banks. Late 1970s Fannie & Freddie
developed uniform underwriting rules & the first universally
