Question 1

Well-prepared Restricted Use Appraisal Reports are considered to be less reliable than Self-Contained Appraisal Reports.

Accepted Answer

A) True 
 B)False  False

Question 2

The typical appraisal assignment is to appraise the "fee simple" ownership.

Accepted Answer

A) True 
 B)False  True

Question 3

The cost approach is normally given more weight in the appraisal of old and substantially obsolete buildings.

Accepted Answer

A) True 
 B)False

Question 4

The type of appraisal report used, (Self-Contained, Summary, or Restricted Use) should be decided upon in advance between the appraiser and the client.

Accepted Answer

A) True 
 B)False

Question 5

In simple terms, market value essentially means the most probable sales price in an open market.

Accepted Answer

A) True 
 B)False

Question 6

Value in use is an objective kind of value that means the value to people in general.

Accepted Answer

A) True 
 B)False

Question 7

If you are a state licensed or certified appraiser, in most states your appraisals must always conform to USPAP.

Accepted Answer

A) True 
 B)False

Question 8

In the sales comparison approach, the appraiser adjusts comparable sales by adding or subtracting amounts from their sale price to "improve" their comparability.

Accepted Answer

A) True 
 B)False

Question 9

Income and commercial properties are most often appraised by emphasizing the income approach to value.

Accepted Answer

A) True 
 B)False  True

Question 10

Written appraisals usually consist of a letter, a printed form, or a narrative report.

Accepted Answer

A) True 
 B)False

Exam 3: The Formal Appraisal Process

Well-prepared Restricted Use Appraisal Reports are considered to be less reliable than Self-Contained Appraisal Reports.

Correct Answer
verified
False

The typical appraisal assignment is to appraise the "fee simple" ownership.

Correct Answer
verified
True

The cost approach is normally given more weight in the appraisal of old and substantially obsolete buildings.

Correct Answer
verified

The type of appraisal report used, (Self-Contained, Summary, or Restricted Use) should be decided upon in advance between the appraiser and the client.

Correct Answer
verified

In simple terms, market value essentially means the most probable sales price in an open market.

Correct Answer
verified

Value in use is an objective kind of value that means the value to people in general.

Correct Answer
verified

If you are a state licensed or certified appraiser, in most states your appraisals must always conform to USPAP.

Correct Answer
verified

In the sales comparison approach, the appraiser adjusts comparable sales by adding or subtracting amounts from their sale price to "improve" their comparability.

Correct Answer
verified

Income and commercial properties are most often appraised by emphasizing the income approach to value.

Correct Answer
verified
True

Written appraisals usually consist of a letter, a printed form, or a narrative report.

Correct Answer
verified

Exam 3: The Formal Appraisal Process

Well-prepared Restricted Use Appraisal Reports are considered to be less reliable than Self-Contained Appraisal Reports.

Correct AnswerverifiedFalse

The typical appraisal assignment is to appraise the "fee simple" ownership.

Correct AnswerverifiedTrue

The cost approach is normally given more weight in the appraisal of old and substantially obsolete buildings.

Correct AnswerverifiedShow Answer

The type of appraisal report used, (Self-Contained, Summary, or Restricted Use) should be decided upon in advance between the appraiser and the client.

Correct AnswerverifiedShow Answer

In simple terms, market value essentially means the most probable sales price in an open market.

Correct AnswerverifiedShow Answer

Value in use is an objective kind of value that means the value to people in general.

Correct AnswerverifiedShow Answer

If you are a state licensed or certified appraiser, in most states your appraisals must always conform to USPAP.

Correct AnswerverifiedShow Answer

In the sales comparison approach, the appraiser adjusts comparable sales by adding or subtracting amounts from their sale price to "improve" their comparability.

Correct AnswerverifiedShow Answer

Income and commercial properties are most often appraised by emphasizing the income approach to value.

Correct AnswerverifiedTrue

Written appraisals usually consist of a letter, a printed form, or a narrative report.

Correct AnswerverifiedShow Answer

Correct Answer
verified
False

Correct Answer
verified
True

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
True

Correct Answer
verified