Licensed Appraiser Exam Questions
with 100% Correct Answers | Rated A+
Appraisal Process - ✔✔1-Definition of Problem
2-Scope of Work
3-Collection & Analysis of Data
4-Highest & Best Use
5-Value Land
6-Application of Approaches to Value
7-Reconciliation & Final Value Estimate
8-Appraisal Report
Defining the Problem - ✔✔-Step 1 in the Appraisal Process
-Identifying info the Appraiser uses to determine the Scope of Work
(Client & Intended Users/Intended Use/Purpose/Effective Date/Property
Characteristics/Assignment Conditions/Extraordinary Assumptions &
Hypothetical Conditions)
Client - ✔✔The party who "Engages" the appraiser / Not necessarily the party
that pays
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©KERRYMARTIN 2025/2026. YEAR PUBLISHED 2025.
,Intended Uses - ✔✔The party identified by the appraiser at the time of the
assignment after communication with the client
Use of Appraisal - ✔✔Key determinant of the Research & Analysis performed
during the appraisal's development.
-Financing
-Litigation
-Asset Valuation
-Property Tax
Purpose of the Appraisal - ✔✔AKA Type & Definition of Value
To determine a value of opinion for a defined type of value
Exposure Time - ✔✔Expresses "For the property to have sold for market value
on the effective date, the property would have had to have been on the market
for a particular time."
Marketing Time - ✔✔The appraiser looks to the future & forecasts that "for the
property to sell for market value determined on the effective date, the property
will need to be on the market for a particular period of time."
Effective Date - ✔✔Establishing the context for the value opinion.
Assessor's Office is effective as of January 1st
2|Page
©KERRYMARTIN 2025/2026. YEAR PUBLISHED 2025.
, Only good for 1 day.
Date of Report - ✔✔An indication of a perspective from which the appraiser is
examining the market.
Date on report
Retrospective Appraisal - ✔✔The appraiser establishes the value of opinion on
the date of the report in the context of prior conditions.
Relevant Property Characteristics - ✔✔Include both the physical & legal
specifics of the real estate & the rights being considered in the assignment.
Prospective Appraisal - ✔✔The appraiser is determining an opinion of a value
on the date of the report as of a date in the future.
Assumptions - ✔✔That which is taken to be true.
-No unobservable adverse conditions
-Is income producing & will continue to be
-Has a good title
-No environmental concerns
-No zoning violations
-Property adequately managed
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©KERRYMARTIN 2025/2026. YEAR PUBLISHED 2025.
with 100% Correct Answers | Rated A+
Appraisal Process - ✔✔1-Definition of Problem
2-Scope of Work
3-Collection & Analysis of Data
4-Highest & Best Use
5-Value Land
6-Application of Approaches to Value
7-Reconciliation & Final Value Estimate
8-Appraisal Report
Defining the Problem - ✔✔-Step 1 in the Appraisal Process
-Identifying info the Appraiser uses to determine the Scope of Work
(Client & Intended Users/Intended Use/Purpose/Effective Date/Property
Characteristics/Assignment Conditions/Extraordinary Assumptions &
Hypothetical Conditions)
Client - ✔✔The party who "Engages" the appraiser / Not necessarily the party
that pays
1|Page
©KERRYMARTIN 2025/2026. YEAR PUBLISHED 2025.
,Intended Uses - ✔✔The party identified by the appraiser at the time of the
assignment after communication with the client
Use of Appraisal - ✔✔Key determinant of the Research & Analysis performed
during the appraisal's development.
-Financing
-Litigation
-Asset Valuation
-Property Tax
Purpose of the Appraisal - ✔✔AKA Type & Definition of Value
To determine a value of opinion for a defined type of value
Exposure Time - ✔✔Expresses "For the property to have sold for market value
on the effective date, the property would have had to have been on the market
for a particular time."
Marketing Time - ✔✔The appraiser looks to the future & forecasts that "for the
property to sell for market value determined on the effective date, the property
will need to be on the market for a particular period of time."
Effective Date - ✔✔Establishing the context for the value opinion.
Assessor's Office is effective as of January 1st
2|Page
©KERRYMARTIN 2025/2026. YEAR PUBLISHED 2025.
, Only good for 1 day.
Date of Report - ✔✔An indication of a perspective from which the appraiser is
examining the market.
Date on report
Retrospective Appraisal - ✔✔The appraiser establishes the value of opinion on
the date of the report in the context of prior conditions.
Relevant Property Characteristics - ✔✔Include both the physical & legal
specifics of the real estate & the rights being considered in the assignment.
Prospective Appraisal - ✔✔The appraiser is determining an opinion of a value
on the date of the report as of a date in the future.
Assumptions - ✔✔That which is taken to be true.
-No unobservable adverse conditions
-Is income producing & will continue to be
-Has a good title
-No environmental concerns
-No zoning violations
-Property adequately managed
3|Page
©KERRYMARTIN 2025/2026. YEAR PUBLISHED 2025.
