Session 3.1A: Key Concepts of Appraisal Quiz

Session 3.1A: Key Concepts of Appraisal Quiz

Professional Development

15 Qs

quiz-placeholder

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Session 3.1A: Key Concepts of Appraisal Quiz

Session 3.1A: Key Concepts of Appraisal Quiz

Assessment

Quiz

Other

Professional Development

Medium

Created by

Mary Joy Cerillo_ RTU

Used 3+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of appraisal?

A legal document proving ownership of a property

A professional estimate of the value of property at a given time for a specific purpose

The sale price of a property in an open market

The amount of tax due on a property

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the accuracy of an appraisal depend on?

The number of bids received at auction

The availability of pertinent data and the competence of the appraiser

The market trends in the area

The condition of the local economy

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a purpose of appraisal?

To estimate the value of a property

To provide a basis for taxation

To set the government's minimum selling price

To increase the resale value of the property

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When is an appraisal typically required?

During routine maintenance

For financing and credit purposes

After a property is rented out

When no changes are needed in ownership

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Acquisition Cost (AC) refers to:

The appraised value of a property

The amount a property is expected to sell for

The price paid to acquire a property, including associated expenses like taxes and fees

The salvage value of the property at the end of its life

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The Appraised Value (AV) of a property is best described as:

The price determined at auction

An estimate provided by an appraiser based on facts and interpretation of the property's condition

The price of a property when first acquired

The price a property can sell for in the current market

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

A property is considered Beyond Economic Repair when:

The maintenance costs exceed 50% of its current market value

It has been in use for over 20 years

It is no longer functional

Its appraisal value drops significantly

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