Real Estate Appraisal Exam questions with correct
answers
value - ANSWER the monetary relationship between properties and those who buy
Are NOT - ANSWER Value and Price/Cost ARE or ARE NOT the same thing?
So you get a clear understanding of the interest rate - ANSWER Why does an
appraiser reconstruct the income statement of rental property?
10% - ANSWER When you "go to the market for a cap rate", what is your
interest/return??
Education and continuing education - ANSWER What does it take to be a
professional?
A board; you have to take a test - ANSWER Who determines what a professional
is?
Education, knowledge, experience, judgement - ANSWER Appraiser's background
consists of...
Competency Rule - ANSWER an appraiser must properly identify the problem to be
addressed and have the knowledge and experience in the property type and location
to complete the assignment competently.
If property is contaminated, value will decrease.
If it was cleaned up, it could return a higher amt of money each year - ANSWER
What is the role of the appraiser and contaminated property?
if it's not usable or properly cared for, you can't generate more value or build
schools/other buildings on it and create more value - ANSWER What is the "value
as collateral & generation of income" aspect regarding the role of appraiser &
contaminated property?
Cost of barn & value of land(acreage) - ANSWER How did Gary Earnes appraise
the horse farm?
regression - ANSWER when a property is surrounded by lower value homes,
making your property go down in value
progression - ANSWER when a lower value home/property goes up in value
because surrounding properties are higher in value
-Sales comparison, cost, and income approaches to value - ANSWER the Valuation
System is comprised of... (3 things)
answers
value - ANSWER the monetary relationship between properties and those who buy
Are NOT - ANSWER Value and Price/Cost ARE or ARE NOT the same thing?
So you get a clear understanding of the interest rate - ANSWER Why does an
appraiser reconstruct the income statement of rental property?
10% - ANSWER When you "go to the market for a cap rate", what is your
interest/return??
Education and continuing education - ANSWER What does it take to be a
professional?
A board; you have to take a test - ANSWER Who determines what a professional
is?
Education, knowledge, experience, judgement - ANSWER Appraiser's background
consists of...
Competency Rule - ANSWER an appraiser must properly identify the problem to be
addressed and have the knowledge and experience in the property type and location
to complete the assignment competently.
If property is contaminated, value will decrease.
If it was cleaned up, it could return a higher amt of money each year - ANSWER
What is the role of the appraiser and contaminated property?
if it's not usable or properly cared for, you can't generate more value or build
schools/other buildings on it and create more value - ANSWER What is the "value
as collateral & generation of income" aspect regarding the role of appraiser &
contaminated property?
Cost of barn & value of land(acreage) - ANSWER How did Gary Earnes appraise
the horse farm?
regression - ANSWER when a property is surrounded by lower value homes,
making your property go down in value
progression - ANSWER when a lower value home/property goes up in value
because surrounding properties are higher in value
-Sales comparison, cost, and income approaches to value - ANSWER the Valuation
System is comprised of... (3 things)
