BASIC APPRAISAL PROCEDURES EXAM QUESTIONS AND CORRECT ANSWERS 2025/2026

BASIC APPRAISAL PROCEDURES EXAM QUESTIONS AND CORRECT ANSWERS 2025/2026 When developing an appraisal, you calculate the following GRMs for comparable properties: 94.3, 90.1, 95.6, 109.2, 84.5, 100.7, 99.9. What is the mean of the GRMs? - Answer -96.3 "The process of valuing a universe of properties as of a given date using standard methodology, employing common data, and allowing for statistical testing" is the definition of - Answer -mass appraisal What is the most common type of framing currently being used in new homes? - Answer -platform frame Fannie Mae requires a single-unit residential appraisal report to include photographs of - Answer -the subject property and the comparable sales When measuring a condominium you should calculate ____ using _______ measurements. - Answer -GLA, interior A parcel is valued at $450,000 as a single unit. Zoning allows it to be subdivided into 8 lots and it is estimated that each lot could sell for $70,000. Site development costs (sewer, grading, road, etc.) would cost $65,000. What is the highest and best use? - Answer -subdivide itAn appraiser encounters an underground storage tank and there are no signs of leakage or failure. An appraisal could be performed under the presumption that the tank is not leaking and the property is not contaminated. This would be an example of a(n) - Answer - extraordinary assumption A deed could provide all of the following information about a property EXCEPT owner of record easements deed restrictions zoning - Answer -zoning You examine a construction contract to build a 2,448 square foot house and the total cost is $197,450. What was the cost per square foot? - Answer -$80.66 Which would NOT be an appropriate legal description of a subject property? postal address metes and bounds description rectangular survey description lot and block description - Answer -postal address