Appraisal Knowledge Quiz

Also known as a drive-by appraisal, used for low LTV and low-risk loans.

• Limited Appraisal

• Appraisal

• Field Review

• Loan-to-value ratio

• Desk Review

An appraiser's opinion of value

• Field Review

• Appraisal

• Desk Review

• Loan-to-value ratio

• Limited Appraisal

A review of the appraisal verifying the accuracy of the data, elements and procedures used by the original

appraiser.

• Limited Appraisal

• Appraisal

• Loan-to-value ratio

• Desk Review

• Field Review

The percentage of value or sales price that a lender is willing to finance.

• Limited Appraisal

• Appraisal

• Loan-to-value ratio

• Desk Review

• Field Review

A checklist of items an appraiser uses to analyze the appraisal report for completeness and acceptable conclusions.

• Limited Appraisal

• Appraisal

• Loan-to-value ratio

• Desk Review

• Field Review

The presence of lower valued properties in the area will cause a decline in the value of the subject property.

• Principle of Regression

• Principle of Substitution

• Principle of Change

• Principle of Contribution

• Principle of Supply and Demand

The value of a commodity is influenced by the cost of acquiring a substitute or comparable item.

• Principle of Substitution

• Principle of Supply and Demand

• Principle of Anticipation

• Principle of Conformity

The forces acting on a parcel of land are always affecting the value of the land.

• Principle of Change

• Principle of Contribution

• Principle of Regression

• Principle of Anticipation

An economic principle stating that when demand is great and supply is short, prices in the marketplace increase.

• Principle of Supply and Demand

• Principle of Substitution

• Principle of Conformity

• Principle of Contribution

The value of a property is equal to the value of the sum of the contributory value of each of its components, not their price.

• Principle of Contribution

• Principle of Regression

• Principle of Change

• Principle of Anticipation