BASIC APPRAISAL PROCEDURES, TEST REVIEW
QUESTIONS WITH CORRECT ANSWERS 2026
"The age of property that is based on the amount of observed deterioration and obsolescence it
has sustained" is the definition of age. - CORRECT ANSWER -effective
In what type of heating system would you find an expansion tank? - CORRECT ANSWER -
hot water
Which of the following would be general data? - CORRECT ANSWER -
mortgage rates, unemployment rates, property tax rates
A comparable new house just sold for $440,000. You estimate the value of the site at $90,000 an
d the cost of the site improvements at $15,000. It has 2,885 square feet of GLA. What is its unit c
ost? - CORRECT ANSWER -$116.12
"A method of estimating land value in which the depreciated cost of the improvements on an im
proved property is calculated and deducted from the total sale price to arrive at an estimated sal
e price for the land" is the definition of the method of site valuation. -
CORRECT ANSWER -extraction
A factory-built house constructed in compliance with the HUD code is home. -
CORRECT ANSWER -manufactured
Appraisal fees are examples of costs. - CORRECT ANSWER -indirect
The most common unit of comparison for land in rural areasPis price per .-
CORRECT ANSWER -acre
Which entity produces the most commonly-used land appraisal report form? -
CORRECT ANSWER -it is a generic form
, Condemnation occurs when a municipality exercises - CORRECT ANSWER -eminent domain
"A condition, directly related to a specific assignment, which is contrary to what is known by the
appraiser to existPon the effective date of the assignment results, but is used for the purpose of a
nalysis" is the definition of - CORRECT ANSWER -hypothetical condition
USPAP says a cost approach must be developed when it is necessary for - CORRECT ANSWER -
credible results
Construction materials and workers' wages are examples of costs. -
CORRECT ANSWER -direct
You examine a construction contract to build a 2,448 square foot house and the total cost is $19
7,450. What was the cost per square foot? - CORRECT ANSWER -$80.66
Most residences today require a minimum of _____ amps. - CORRECT ANSWER -100
Footings need to be below average frost penetration levels. -
CORRECT ANSWER -at least 12 inches
In the sales comparison approach, sales data on sales should be collected. -
CORRECT ANSWER -at least three
"Real property for which the expansion, redevelopment, or reuse of the real estate may be com
plicated by the presence of environmental contamination that needs to be remediated to appro
priate regulatory standards " is the definition of -PCORRECT ANSWER -brownfield
QUESTIONS WITH CORRECT ANSWERS 2026
"The age of property that is based on the amount of observed deterioration and obsolescence it
has sustained" is the definition of age. - CORRECT ANSWER -effective
In what type of heating system would you find an expansion tank? - CORRECT ANSWER -
hot water
Which of the following would be general data? - CORRECT ANSWER -
mortgage rates, unemployment rates, property tax rates
A comparable new house just sold for $440,000. You estimate the value of the site at $90,000 an
d the cost of the site improvements at $15,000. It has 2,885 square feet of GLA. What is its unit c
ost? - CORRECT ANSWER -$116.12
"A method of estimating land value in which the depreciated cost of the improvements on an im
proved property is calculated and deducted from the total sale price to arrive at an estimated sal
e price for the land" is the definition of the method of site valuation. -
CORRECT ANSWER -extraction
A factory-built house constructed in compliance with the HUD code is home. -
CORRECT ANSWER -manufactured
Appraisal fees are examples of costs. - CORRECT ANSWER -indirect
The most common unit of comparison for land in rural areasPis price per .-
CORRECT ANSWER -acre
Which entity produces the most commonly-used land appraisal report form? -
CORRECT ANSWER -it is a generic form
, Condemnation occurs when a municipality exercises - CORRECT ANSWER -eminent domain
"A condition, directly related to a specific assignment, which is contrary to what is known by the
appraiser to existPon the effective date of the assignment results, but is used for the purpose of a
nalysis" is the definition of - CORRECT ANSWER -hypothetical condition
USPAP says a cost approach must be developed when it is necessary for - CORRECT ANSWER -
credible results
Construction materials and workers' wages are examples of costs. -
CORRECT ANSWER -direct
You examine a construction contract to build a 2,448 square foot house and the total cost is $19
7,450. What was the cost per square foot? - CORRECT ANSWER -$80.66
Most residences today require a minimum of _____ amps. - CORRECT ANSWER -100
Footings need to be below average frost penetration levels. -
CORRECT ANSWER -at least 12 inches
In the sales comparison approach, sales data on sales should be collected. -
CORRECT ANSWER -at least three
"Real property for which the expansion, redevelopment, or reuse of the real estate may be com
plicated by the presence of environmental contamination that needs to be remediated to appro
priate regulatory standards " is the definition of -PCORRECT ANSWER -brownfield
