advanced residential
app and case studies
Complex properties are always identified by the appraiser and/or the client before the assignment is
accepted. Correct Answer: F
John leases a house to Sarah. Sarah's interest is best described as a Correct Answer: Leasehold interest
What happens if you are appraising a property and you find there aren't any suitable comparable sales?
Correct Answer: You may be able to develop the cost and/or income approaches
What does the course author mean by the statement "you must be a thinking appraiser"? Correct
Answer: It is more important to think than it is to move fast
A home with a relatively unusual type of construction, such as a berm home (built into a hill) is Correct
Answer: Sometimes a complex property
Sally, the owner, leases a house to Peter, on a long-term lease. What type of interest does Peter now
hold in the property? Correct Answer: Leasehold interest
Which of these properties would likely be considered complex? Correct Answer: A house constructed to
resemble a shoe
A 5,000 square foot home in a neighborhood of 2,000 square foot homes
A typical single-family home with a leaking oil storage tank on the property
(all)
Market conditions which might make a property complex include Correct Answer: Values increasing at
an exceptional rate
Values decreasing at an exceptional rate
No sales due to a depressed local economy
(any)
What does the course author mean by the statement "you must be a glass half full appraiser when
dealing with complex properties"? Correct Answer: You must concentrate on the data you have, rather
than the data you do not have
Which of these is NOT a factor that can make a property complex? Correct Answer: Assessed value
An appraiser is valuing a truly unique property for a mortgage lender. The appraiser is careful to follow
the lender's guidelines and using only recent sales that are located nearby, even though the properties
, are not necessarily similar. What is the most likely result of the appraiser's actions? Correct Answer: A
bad appraisal
Which of these is likely to be considered a complex property? Correct Answer: A home with unfinished
construction
A home located in a transitional neighborhood
A home located on a mountaintop with a view of three states
(any)
Ramon owns a home. He grants his Aunt Marie, the right to live in and occupy the home as long
Ramon's father is still alive. This right is best described as a Correct Answer: Life estate pur autre vie
State enforcement agencies report that one of the most common violations of USPAP is Correct Answer:
Failure to properly complete the appraisal of a 2-4 unit property
If an appraiser determines he or she lacks necessary knowledge or experience to competently complete
an assignment, the appraiser Correct Answer: May still accept the assignment
According to the Scope of Work Rule, for each appraisal or appraisal review assignment, an appraiser
must: Correct Answer: Identify the problem to be solved
Determine and perform the scope of work necessary to develop credible assignment results
Disclose the scope of work in the report
In the appraisal of a complex property, who is responsible for making appropriate decisions necessary to
produce a credible appraisal? Correct Answer: The appraiser
How is the credibility of assignment results measured? Correct Answer: Within the context of the
intended use
What rule requires the appraiser to use methods and techniques that are recognized by appraisers and
users of appraisal service? Correct Answer: Standards Rule 1-1
Scope of work includes Correct Answer: The extent of the property inspection
The type and extent of data research
The type and extent of analyses applied
What is an appraiser's best source for information about conventional residential mortgage
underwriting guidelines? Correct Answer: Fannie Mae
A large detached garage costs $80,000 to construct, but it only adds $25,000 to the value of the
property. This is an example of the principle of Correct Answer: Contribution
Which type of classification applies to the appraisal of one to four residential units without regard to
transaction value or complexity? Correct Answer: The Certified Residential Real Property Appraiser
Classification
If an appraisal assignment cannot be completed competently Correct Answer: The appraiser must turn
down or withdraw from the assignment
app and case studies
Complex properties are always identified by the appraiser and/or the client before the assignment is
accepted. Correct Answer: F
John leases a house to Sarah. Sarah's interest is best described as a Correct Answer: Leasehold interest
What happens if you are appraising a property and you find there aren't any suitable comparable sales?
Correct Answer: You may be able to develop the cost and/or income approaches
What does the course author mean by the statement "you must be a thinking appraiser"? Correct
Answer: It is more important to think than it is to move fast
A home with a relatively unusual type of construction, such as a berm home (built into a hill) is Correct
Answer: Sometimes a complex property
Sally, the owner, leases a house to Peter, on a long-term lease. What type of interest does Peter now
hold in the property? Correct Answer: Leasehold interest
Which of these properties would likely be considered complex? Correct Answer: A house constructed to
resemble a shoe
A 5,000 square foot home in a neighborhood of 2,000 square foot homes
A typical single-family home with a leaking oil storage tank on the property
(all)
Market conditions which might make a property complex include Correct Answer: Values increasing at
an exceptional rate
Values decreasing at an exceptional rate
No sales due to a depressed local economy
(any)
What does the course author mean by the statement "you must be a glass half full appraiser when
dealing with complex properties"? Correct Answer: You must concentrate on the data you have, rather
than the data you do not have
Which of these is NOT a factor that can make a property complex? Correct Answer: Assessed value
An appraiser is valuing a truly unique property for a mortgage lender. The appraiser is careful to follow
the lender's guidelines and using only recent sales that are located nearby, even though the properties
, are not necessarily similar. What is the most likely result of the appraiser's actions? Correct Answer: A
bad appraisal
Which of these is likely to be considered a complex property? Correct Answer: A home with unfinished
construction
A home located in a transitional neighborhood
A home located on a mountaintop with a view of three states
(any)
Ramon owns a home. He grants his Aunt Marie, the right to live in and occupy the home as long
Ramon's father is still alive. This right is best described as a Correct Answer: Life estate pur autre vie
State enforcement agencies report that one of the most common violations of USPAP is Correct Answer:
Failure to properly complete the appraisal of a 2-4 unit property
If an appraiser determines he or she lacks necessary knowledge or experience to competently complete
an assignment, the appraiser Correct Answer: May still accept the assignment
According to the Scope of Work Rule, for each appraisal or appraisal review assignment, an appraiser
must: Correct Answer: Identify the problem to be solved
Determine and perform the scope of work necessary to develop credible assignment results
Disclose the scope of work in the report
In the appraisal of a complex property, who is responsible for making appropriate decisions necessary to
produce a credible appraisal? Correct Answer: The appraiser
How is the credibility of assignment results measured? Correct Answer: Within the context of the
intended use
What rule requires the appraiser to use methods and techniques that are recognized by appraisers and
users of appraisal service? Correct Answer: Standards Rule 1-1
Scope of work includes Correct Answer: The extent of the property inspection
The type and extent of data research
The type and extent of analyses applied
What is an appraiser's best source for information about conventional residential mortgage
underwriting guidelines? Correct Answer: Fannie Mae
A large detached garage costs $80,000 to construct, but it only adds $25,000 to the value of the
property. This is an example of the principle of Correct Answer: Contribution
Which type of classification applies to the appraisal of one to four residential units without regard to
transaction value or complexity? Correct Answer: The Certified Residential Real Property Appraiser
Classification
If an appraisal assignment cannot be completed competently Correct Answer: The appraiser must turn
down or withdraw from the assignment
