Basic Appraisal
Procedures- 2026 FINAL
EXAM QUESTIONS
2026
Master Exam Prep Bundle
(Verified Questions & Answers)
A+ Grade Guaranteed
,The most common heating systems in residential hot water
construction today are
-hot water
-heat pumps
-forced warm air
-electric radiant
A _______________ home has a permanent steel chassis, manufactured
wheels and axles.
-panelized
-modular
-pre-cut
-manufactured
"The total period a building lasts or is expected to last..." is physical
the definition of _________ life.
-useful
-expected
-real
-physical
"The actual rental income specified in a lease" is the contract
definition of ___________ rent.
-deficit
-contract
-market
-lease
A comparable new house just sold for $440,000. You -$116.12
estimate the value of the site at $90,000 and the cost of
the site improvements at $15,000. It has 2,885 square feet Comparative - Unit Method - Market Derivation. $440,000 - $90,000 - $15,000 =
of GLA. What is its unit cost? $335,000. $335,000 ÷ 2,885 = $116.12.
-$108.44
-$116.12
-$120.46
-$124.90
A one-and-a-half-story house is commonly known as a cape cod
-cape cod
-ranch
-split-level
-split-entry
Appraisal fees are examples of _______________ costs. indirect
-direct
-indirect
-unnecessary
-replacement
Separate site valuations would likely be required in which any of the above
of the following situations:
-cost approach
-condemnation appraisals
-highest and best use analysis
-any of the above
2026
, When measuring a condominium you should calculate GLA, interior
____ using _______ measurements.
-GLA, exterior
-GBA, interior
-GLA, interior
-GBA, exterior
When developing an appraisal, you calculate the following 24.7
GRMs for comparable properties: 94.3, 90.1, 95.6, 109.2,
84.5, 100.7, 99.9. What is the range of the GRMs?
-24.7
-25.6
-27.2
-28.7
It is common in appraisal reports to include a map that -subject property and comparable sales
shows the location of the _______________.
-subject property only
-subject property and support facilities
-subject property and comparable sales
-subject property and local schools
"Details about the property being appraised, comparable specific data
sale and rental properties, and relevant local market
characteristics" is the definition of
-specialized data
-specific data
-general data
-neighborhood data
In the sales comparison approach, sales data on at least three
__________ sales should be collected.
-one or two
-no more than two
-exactly three
-at least three
"The amount by which contract rent exceeds market rent excess
at the time of the appraisal...." is the definition of
__________ rent.
-excess
-deficit
-effective
-economic
Keyways are employed in which type of foundation walls? poured concrete
-stone
-wood
-concrete block
-poured concrete
A 5 year old water heater with an expected life of 12 years 344.03
and a replacement cost of $825 will have experienced
depreciation of $__________. Short-Lived Depreciation. 5 ÷ 12 = .417 or 41.7% depreciation. $825 X .417 =
$344.03
-318.50
-344.03
-364.00
-396.75
2026
Procedures- 2026 FINAL
EXAM QUESTIONS
2026
Master Exam Prep Bundle
(Verified Questions & Answers)
A+ Grade Guaranteed
,The most common heating systems in residential hot water
construction today are
-hot water
-heat pumps
-forced warm air
-electric radiant
A _______________ home has a permanent steel chassis, manufactured
wheels and axles.
-panelized
-modular
-pre-cut
-manufactured
"The total period a building lasts or is expected to last..." is physical
the definition of _________ life.
-useful
-expected
-real
-physical
"The actual rental income specified in a lease" is the contract
definition of ___________ rent.
-deficit
-contract
-market
-lease
A comparable new house just sold for $440,000. You -$116.12
estimate the value of the site at $90,000 and the cost of
the site improvements at $15,000. It has 2,885 square feet Comparative - Unit Method - Market Derivation. $440,000 - $90,000 - $15,000 =
of GLA. What is its unit cost? $335,000. $335,000 ÷ 2,885 = $116.12.
-$108.44
-$116.12
-$120.46
-$124.90
A one-and-a-half-story house is commonly known as a cape cod
-cape cod
-ranch
-split-level
-split-entry
Appraisal fees are examples of _______________ costs. indirect
-direct
-indirect
-unnecessary
-replacement
Separate site valuations would likely be required in which any of the above
of the following situations:
-cost approach
-condemnation appraisals
-highest and best use analysis
-any of the above
2026
, When measuring a condominium you should calculate GLA, interior
____ using _______ measurements.
-GLA, exterior
-GBA, interior
-GLA, interior
-GBA, exterior
When developing an appraisal, you calculate the following 24.7
GRMs for comparable properties: 94.3, 90.1, 95.6, 109.2,
84.5, 100.7, 99.9. What is the range of the GRMs?
-24.7
-25.6
-27.2
-28.7
It is common in appraisal reports to include a map that -subject property and comparable sales
shows the location of the _______________.
-subject property only
-subject property and support facilities
-subject property and comparable sales
-subject property and local schools
"Details about the property being appraised, comparable specific data
sale and rental properties, and relevant local market
characteristics" is the definition of
-specialized data
-specific data
-general data
-neighborhood data
In the sales comparison approach, sales data on at least three
__________ sales should be collected.
-one or two
-no more than two
-exactly three
-at least three
"The amount by which contract rent exceeds market rent excess
at the time of the appraisal...." is the definition of
__________ rent.
-excess
-deficit
-effective
-economic
Keyways are employed in which type of foundation walls? poured concrete
-stone
-wood
-concrete block
-poured concrete
A 5 year old water heater with an expected life of 12 years 344.03
and a replacement cost of $825 will have experienced
depreciation of $__________. Short-Lived Depreciation. 5 ÷ 12 = .417 or 41.7% depreciation. $825 X .417 =
$344.03
-318.50
-344.03
-364.00
-396.75
2026
