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122. CH.2 Real Estate Appraisal questions with answers.
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122. CH.2 Real Estate Appraisal questions with answers.
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122. CH.2 Real Estate Appraisalquestions with answers.
To be an appraiser trainee, the applicant must be at least 18 years old. ANS - True
An Appraiser Trainee is a person who is authorized (approved, but not licensed) by TALCB to gain legal
real estate appraisal experience under the supervision of a Certified General or Certified Residential Real
Estate Appraiser ANS - True
A Licensed Residential Appraiser is a person who is licensed by TREC and has met the educational,
experience, and examination requirements for licensing. ANS - False
An appraisal is an assessment or estimation of the worth, or value of real estate. ANS - True
The Principle of Substitution states that the maximum value of a property is set by the cost of
purchasing a substitute property of the same value. ANS - True
Real Property: Includes the entire "bundle of rights." ANS - True
Metes and Bounds is part of the Rectangular Survey System. ANS - False
FNMA is the acronym for Final National Miners Act ANS - False
Assessed Value is the value of a property set by an insurance company. ANS - False
The fundamental premise of the cost approach is that a potential user of real estate won't, or shouldn't,
pay more for a property than it would cost to build an equivalent. ANS - True
, Reconciliation is the weighting of the findings from the approaches and forming an opinion of the value
of the property. ANS - True
To determine fair market value, residential agents choose the cost approach. ANS - False
Price is just one element to be taken into consideration when determining market value. ANS - True
What the property sold for is the market value and what it is worth is the price. ANS - False
Fannie Mae and Freddie Mac require an appraiser to comply with FNMA guidelines. ANS - True
Real estate agents are allowed to do appraisals. ANS - False
Physical deterioration, functional obsolescence, and economic obsolescence are forms of depreciation.
ANS - True
Generally, listings expire because they have been overpriced. ANS - True
Comps should be not more than six years old ANS - False
If two parcels are combined into one larger parcel that is worth more than the total value of the
individual parcels, that added value is called:
A. Adage
B. Estatage
C. Rentage
D. Plottage ANS - D. Plottage
The process of combining two parcels of land into one larger parcel that is worth more than the total
value of the individual parcels is called:
A. Adage
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