CE 100 - Appraisal Basics (Exam)

Appraisal Basics (Test)

edited by Lei Bao

Question 1
What document specifies the procedures and ethical rules for appraisal practice?

Question 2
What entity developed the Uniform Standards of Professional Appraisal Practice (USPAP)?

Question 3
Which one is NOT the intended use of an appraisal?
A. to facilitate the transfer of ownership of real property
B. to assist the underwriter in establishing a value of security for a mortgage loan
C. to estimate the market value of a property in eminent domain proceedings
D. to estimate the original construction cost of real property

Question 4
Can the mortgage borrower initiate the appraisal and have the first contact with the appraiser? Why or why not?

Question 5
Is that possible that Bank A uses an appraisal prepared for Bank B?

Question 6
Collect three principles of value from the accordant paragraph.

Question 7
What are the four independent economic factors?

Question 8
What are the three approaches that appraisers use to value property?

Question 9
What is a critical step in the development of a market value opinion?

Question 10
What are the four criteria a highest and best use must have?

Question 11
What is the equation of cost approach?

Question 12
How can an appraiser determine the current cost to construct an improvement?

Question 13
How many types of depreciation? What are they?

Question 14
All of the following factors would be important in comparing properties under the sales comparison approach to value EXCEPT
A. differences in dates of sale.
B. differences in financing terms.
C. differences in appearance and condition.
D. differences in original cost.

Question 15
What are the three written formats for an appraisal report?