
Session 3.1A: Key Concepts of Appraisal Quiz

Quiz
•
Other
•
Professional Development
•
Medium
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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