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California Real Estate Exam Principles Chapter 11 Appraisals Questions And Answers With Verified Solutions Already Passed!!! $12.49   Add to cart
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California Real Estate Exam Principles Chapter 11 Appraisals Questions And Answers With Verified Solutions Already Passed!!!
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  • California Real Estate

California Real Estate Exam Principles Chapter 11 Appraisals Questions And Answers With Verified Solutions Already Passed!!!

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Document information

  • October 9, 2024
  • 21
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • appraisal
  • appraisal report
  • california real estate exam principles chapter 11
  • requirements of an appraiser
  • who an appraiser works for

Written for

  • California Real Estate
  • California Real Estate

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California Real Estate Exam Principles
Chapter 11 Appraisals Questions And
Answers With Verified Solutions Already
Passed!!!
Appraisal - ANSWER✔✔An unbiased estimate or valuation of the property value
on a given date.


Appraisal Report - ANSWER✔✔Written statement stating the appraiser's opinion


Requirements of an Appraiser - ANSWER✔✔Identify the highest and best use of
raw land
Estimate the value of the property for taxation purposes
Establish rental rates
Estimate the relative value of properties being exchanged
Find out the necessary amount of hazard insurance coverage
Estimate the remodeling costs or their contribution to value
Help to establish fair compensation in a condemnation
proceeding
Estimate the value of properties included in the liquidation of estates, corporate
mergers and acquisitions, or bankruptcies


Who an Appraiser Works For - ANSWER✔✔- A financial institution
- A government agency
- A private corporation
- An active real estate department
- An appraisal company

,Fee Appraiser - ANSWER✔✔A self-employed appraiser hired to appraise a
property for a fee.


Uniform Standards of Professional Appraisal Practice (USPAP) - ANSWER✔✔A
set of guidelines adopted by a non-profit organization called the Appraisal
Foundation. An appraiser who does not abide by these standards
and defrauds a federally-insured lender might be charged with a felony.


Certified General Real Estate Appraisers - ANSWER✔✔*May appraise any kind
of real estate.
*300 hours of appraisal related education and *3,000 hours of appraisal experience
*1,500 hours of appraising non-residential properties
*30 months of appraisal experience.
*BA or 30 semester credits
*Must pass the Uniform State Certified General Real Property Appraiser
Examination.


Certified Residential Real Estate Appraisers - ANSWER✔✔May appraise any
one- to four-unit residential property, and any non- residential property which is
valued up to $250,000.
200 hours of appraisal education and a minimum of 2,500 hours of appraisal
experience gained over at least 30 months are required.
Associate degree or 21 semester credits in specific subject areas.
Must pass the Uniform State Certified Residential Real Property Appraiser
Examination.

, Residential License - ANSWER✔✔May appraise any one- to four unit residential
property whose transaction value is up to $1
million and any non-residential property worth up to $250,000.
150 hours of appraisal education
A minimum of 2,000 hours of appraisal experience over at least 12 months (or
1,000 hours of experience for a California real estate broker license holder)
Must pass the Uniform State Licensed Residential Real Property Appraiser
Examination.


Trainee License - ANSWER✔✔Have to work under the technical supervision of a
licensed appraiser.
May assist on any appraisal within the scope of the supervisor's appraisal license.
150 hours of instruction within the past five years Must pass the Trainee Level
Appraiser Examination.


Value - ANSWER✔✔The present worth of future benefits.
Or "the ability of an item or service to command other items or services in
exchange."
Generally measured in terms of money.


Elements of Value - ANSWER✔✔1)Utility
2)Scarcity
3)Demand
4)Transferability


Utility - ANSWER✔✔Provides a service or fulfill a need.

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