WMU FIN 4330 EXAM QUESTIONS WITH CORRECT ANSWERS LATEST UPDATE 2025/2026
Metes and bounds is a legal description - Answers True
Primary data is defined as data gathered first hand by the appraiser. - Answers True
The book describes three types of towns one of which is called a Renaissance town - Answers
False
The real estate market is typically characterized as an example of a perfect market - Answers
False
The Uniform Standards of Professional Appraisal Practices (USPAP) Ethics and Competency
Standards has four sub-categories one of which is management. - Answers True
Appraisers are all licensed by the Federal Government - Answers False
The first step in the appraisal process is the "preliminary survey and appraisal plan". - Answers
True
An easement is where one person has the right to use the land of another - Answers True
An appraiser who obtains the complete real estate appraiser license can complete an appraisal
on any type of real estate - Answers False
Neighborhood boundaries are always clearly defined - Answers False
The date of valuation must always be the date of the appraised value. - Answers True
Filtering is the process the appraiser goes through in analyzing the market data - Answers False
Exposure time is the estimated time a property would have to be on the market prior to the date
of the appraised value. - Answers True
Most fee appraisers work for lending institutions - Answers True
To obtain an appraisal license the candidate must complete required coursework, pass the
state exam, have sufficient work experience and submit a completed appraisal for field review. -
Answers True
The four essential elements of value are utility, scarcity, demand, and transferability - Answers
True
The four agents of production are land, labor, developer's and financial insitutions - Answers
False
The principle of balance states that real estate markets are always changing and rarely in
balance - Answers False
, The principle of externalities is based on the premise that factors outside of the real estate
parcel can influence the parcels value - Answers True
The Uniform Appraisal dataset quality ratings has six different quality classifications as
discussed in class - Answers True
An in ground swimming pool is an improvement on the site - Answers True
Every county government level must have an assessor for implementing the property tax in the
county - Answers False
A common type of residential framing is called platform - Answers True
Hot water heat is only used in commercial buildings - Answers False
A well maintained home that was recently constructed would generally be rated a C-6 or a C-5
rating by an appraiser - Answers False
All assessors in Michigan must first earn the Michigan Master Assessing Officer designation -
Answers False
Building style is defined as the character of the buildings form and ornamentation - Answers
True
All kitchens and bathrooms are rated by the appraiser in one of the following four classifications,
Not updated, Updated, Remodeled or renovated - Answers False
Gutters are attached to the box sill on a house - Answers False
Insulation is measured by it's HQ factor, the higher the HQ factor the better the insulating quality.
- Answers False
A residential lot a half acre in size or larger always has excess land - Answers False
The taxable value of your house should always by 50% - Answers False
Appraisers follow the ANSI standard for measuring a house - Answers True
The inspection of the building site should always include the site's plottage factor - Answers
False
A "Key" lot is shaped like a key - Answers False
In most building codes and construction cost manuals basic construction types are classified
by either A, B, C, D or 1, 2, 3, 4. - Answers True
The "gross building area" of a single-family detached residential house is measured by: -
Answers Exterior measurements of above grade house only
Metes and bounds is a legal description - Answers True
Primary data is defined as data gathered first hand by the appraiser. - Answers True
The book describes three types of towns one of which is called a Renaissance town - Answers
False
The real estate market is typically characterized as an example of a perfect market - Answers
False
The Uniform Standards of Professional Appraisal Practices (USPAP) Ethics and Competency
Standards has four sub-categories one of which is management. - Answers True
Appraisers are all licensed by the Federal Government - Answers False
The first step in the appraisal process is the "preliminary survey and appraisal plan". - Answers
True
An easement is where one person has the right to use the land of another - Answers True
An appraiser who obtains the complete real estate appraiser license can complete an appraisal
on any type of real estate - Answers False
Neighborhood boundaries are always clearly defined - Answers False
The date of valuation must always be the date of the appraised value. - Answers True
Filtering is the process the appraiser goes through in analyzing the market data - Answers False
Exposure time is the estimated time a property would have to be on the market prior to the date
of the appraised value. - Answers True
Most fee appraisers work for lending institutions - Answers True
To obtain an appraisal license the candidate must complete required coursework, pass the
state exam, have sufficient work experience and submit a completed appraisal for field review. -
Answers True
The four essential elements of value are utility, scarcity, demand, and transferability - Answers
True
The four agents of production are land, labor, developer's and financial insitutions - Answers
False
The principle of balance states that real estate markets are always changing and rarely in
balance - Answers False
, The principle of externalities is based on the premise that factors outside of the real estate
parcel can influence the parcels value - Answers True
The Uniform Appraisal dataset quality ratings has six different quality classifications as
discussed in class - Answers True
An in ground swimming pool is an improvement on the site - Answers True
Every county government level must have an assessor for implementing the property tax in the
county - Answers False
A common type of residential framing is called platform - Answers True
Hot water heat is only used in commercial buildings - Answers False
A well maintained home that was recently constructed would generally be rated a C-6 or a C-5
rating by an appraiser - Answers False
All assessors in Michigan must first earn the Michigan Master Assessing Officer designation -
Answers False
Building style is defined as the character of the buildings form and ornamentation - Answers
True
All kitchens and bathrooms are rated by the appraiser in one of the following four classifications,
Not updated, Updated, Remodeled or renovated - Answers False
Gutters are attached to the box sill on a house - Answers False
Insulation is measured by it's HQ factor, the higher the HQ factor the better the insulating quality.
- Answers False
A residential lot a half acre in size or larger always has excess land - Answers False
The taxable value of your house should always by 50% - Answers False
Appraisers follow the ANSI standard for measuring a house - Answers True
The inspection of the building site should always include the site's plottage factor - Answers
False
A "Key" lot is shaped like a key - Answers False
In most building codes and construction cost manuals basic construction types are classified
by either A, B, C, D or 1, 2, 3, 4. - Answers True
The "gross building area" of a single-family detached residential house is measured by: -
Answers Exterior measurements of above grade house only
