Real Estate Appraisal Quiz

An appraisal can be simply described as-

• A opinion of value  

• A statement

People turn to professionals for appraisals in order to-

• Get a more reliable estimate of value than their own

• Get an unbiased and disinterested estimate of value

• Obtain a document capable of being reviewed

• ALL THE ABOVE

Which of the following suggests a market transaction, rather than a legal transaction, that may require an appraisal?

• Exercise of a purchase option  

• purchasing a house

Which of the following is not true?

• Fixtures are always personal property even when attached to real estate  

• personal property

The four components of real property include-

• Land, permanently affixed objects, appurtenant rights, and that which is immovable by law  

• land, house, objects

• cars, house, land,

Which of the following requires using a Hypothetical Condition, as defined in USPAP?

• A prospective appraisal  

• introspective appraisal

The first step in the appraisal process is to-

(a)  

The typical appraisal assignment is to appraise-

(a)  

Investment properties are most often appraised by placing emphasis on the-

(a)  

The boundary of a neighborhood is influenced by-

• Economic factors

• Physical features

• Legal boundaries

• ALL THE ABOVE