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STATE CERT EXAM - AI TEST QUESTIONS, CGA EXACT QUESTIONS WITH VERIFIED ANSWERS
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STATE CERT EXAM - AI TEST QUESTIONS, CGA EXACT QUESTIONS WITH VERIFIED ANSWERS...
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2024-2025 STATE CERT EXAM - AI TEST QUESTIONS,CGA EXACT QUESTIONS WITH VERIFIED ANSWERS
Is the appraiser permitted to consider information obtained after the effective date
of value when completing a market value evaluation with a retrospective date of
value, and why? - ANSWER Yes, the appraiser may use data collected after the
effective date to confirm trends.
Which of the following figures would a bank want for a new loan on an existing
hotel? - ANSWER Going concern value
Which of the following demand-side economic factors adds value? - ANSWER
Desire and effective purchasing power.
An appraiser used the income cap approach to arrive at a market-derived overall
capitalization rate of 9%. The appraisal user requested that the appraiser provide a
second estimate based on the user's necessary overall rate of 8.75%. What notion of
value is relevant to the secondary value conclusion? - ANSWER Investment value
Which of the following cost-estimating approaches is the most thorough and
accurate? - ANSWER Quantity Survey
A property manager contacts an appraiser to conduct an appraisal on a large and
complex non-residential property. The property manager requires the appraiser to
pay $3,000 to obtain the assignment. How can the appraiser accept the assignment
while being compliant with USPAP? - ANSWER The appraiser must mention the
commission in the certification and any letters of transmittal that include
conclusions.
What kind of buildings have wood or light steel frames and roof structures? -
Answer Class D.
,What phrase refers to the lump sum benefit received by an investor following the
termination of an investment or during the intermediate analysis period throughout
the investment's term? - Answer Reversion
A staff appraiser who has worked for a local bank for five years plans to depart to
start his own evaluation business. Must the appraiser remove all work files for bank
tasks completed? - ANSWER No, the appraiser can make arrangements with the
bank to obtain or collect the files.
An appraiser receives an appraisal assignment. The appraiser has not provided any
services in connection with this property in the last three years. What disclosures
are required by the USPAP? - ANSWER The appraiser must state in the report's
certification that no prior services have been done within the recent three years.
The task is to assess the worth of a 9,600-square-foot church on a 25-acre
single-family property. Residential land currently sells for $55,000 per acre.
However, demand for new single-family housing is eight years out, with a 15%
discount rate. Similar churches recently sold for $50 to $55 per square foot. What
kind of value is illustrated? - ANSWER Market value
A lot of the development path has been zoned for high-density apartment use. It
currently features a single-unit owner-occupied residence on the property. The
enhancements do not represent the site's greatest and best use, but the existing use
is expected to continue until competitive sites are constructed. How is the highest
and best use of the enhanced site described? - ANSWER Interim usage.
ANSWER The extent of owner-occupation has an economic impact on real estate.
In which section of the evaluation report must earlier services be disclosed? -
ANSWER Certification
, What form of assignment should be used to determine the overall conditions of
supply, demand, and pricing for a particular property? - ANSWER Market Analysis
The subject property measures 6,000 feet by 1,452 feet and includes a single-family
residence. When the land was platted, there was no zoning. The existing zoning
needs a minimum of 160 acres for a house. What is the current state of the lot? -
ANSWER Surplus land
The appraisal assignment for a structure under construction must include a value as
of the date of stabilized occupancy. What is the required value, and what
assignment condition is used? - ANSWER Expected market value and unusual
assumptions
What principle characterizes an individual or group's ability to participate in a
market? - ANSWER Effective Demand
What is the phrase for dividing an entire market based on buyer and seller
preferences? ANSWER Submarket
An appraisal report purportedly contains inaccurate information. What institution
has the authority to decide if a breach of USPAP has occurred? - ANSWER State
appraiser regulating agency
The scope of work for the assignment necessitates the creation of an opinion of the
leased fee interest in a commercial structure. Which interest is being valued? -
ANSWER Landlord
An appraisal review assignment includes the client's requirement that the reviewer
either agree with the appraiser's value or disagree and state the reviewer's value
opinion in the report as of the review date. Can this assignment be accepted, and
why? - ANSWER Yes, the review may produce an alternative value, but the
effective date must match the date of the work under review.
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