General appraiser exam - Study guides, Class notes & Summaries

McKissock Basic Appraisal Principles Exam QUESTIONS With Answers Latest 2024/2025 Graded A+. The primary purpose of USPAP is to protect CORRECT ANSWERS: public trust Normally the first step in highest and best use analysis is to research the uses that are CORRECT ANSWERS: legally permissible An appraiser is appraising a property with two structures on one tract of land. The client asks the appraiser not to mention the second structure, as it is in poor condition. Which statement is TRUE reg...

Aceable Agent - Principles of Real Estate II Exam 2023 with 100%Correct Answers. TOTAL = PART/PERCENTAGE PART = TOTAL x PERCENTAGE PERCENTAGE = PART/ TOTAL - correct answer -Formulas to calculate commission? PRINCIPAL - correct answer -What is the term that describes the money that is lent? CASH TO CLOSE - correct answer -Down payment minus earnest money? TOTAL SALES PRICE - correct answer -Loan payment + loan principal? ORIGINATION POINTS - correct answer -Loan points/fees charged 1% to ...

Real Estate Exam Review (MN and National) Rated A Attorney's Opinion of Title a written opinion by an attorney who will investigate to make sure that the seller of the property is indeed the owner, and whether there are any "clouds" on the title such as encumbrances, claims, or questionable interests. To render this opinion, the attorney will review a search of public records and examine the abstract of title, which is a written history showing transfers of ownership. exists in ...

McKissock Basic Appraisal Principles Exam Questions With Correct Answers Latest 2024/2025 (Graded A+) Which entity is responsible for establishing the requirements to become an appraiser? CORRECT ANSWERS: the AQB True or False: An applicant for Certified General appraiser must possess at least an associate's degree from an accredited college or university. CORRECT ANSWERS: False The requirements for state licensed and certified appraisers had their genesis in CORRECT ANSWERS: FIRREA An ap...

hypothetical condition a condition, directly related to a specific assignment, which is contrary to what is KNOWN by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of analysis. Extraordinary Assumption something that is BELIEVED to be True for the sake of the Appraisal... but may or may not be True as of the Effective Date of the Appraisal. Appraisal the act or process of developing an opinion of value Marketing Period ...

Basic Appraisal Procedures Exam with Complete Solutions | Top Rated Assumption That which is taken to be true Effective Date The context for the appraiser's opinions and conclusions. Effective dates can be current, retrospective, or prospective Exposure Time Estimated length of time a property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal. Extraordinary Assumption An ...

Basic Appraisal Principles Exam Questions with 100% Correct Answers When are appraisers needed? -Answer-to set asking/offering prices, settle estates, refinance, divorce, taxes, rental rates, valuation, condemnation & foreclosure Appraiser -Answer-One who is expected to perform valuation services competently & in a manner that is independent, impartial & objective. Attributes of an Appraiser -Answer-competent, independent, impartial, objective, prompt, organized, educated, honest & dilige...

5% of 1,500 = The answer is 75. To determine a part of a whole, multiply the rate by the total. For example, 5% of 1,500 = 75 (0.05 × 1,500 = 75). This formula is used in calculating mortgage loan interest, brokers' commissions, loan origination fees, discount points, and income on investment property. Remember: MULTIPLY when PART is the UNKNOWN. In 2016, taxes on Don Mark's home were paid in full and amounted to $1,468. He sold the home to Chuck Harris and closed the sale on August 29, 2017...

Basic Appraisal Procedures Exam Questions and Answers Latest 2024/2025 (Already GRADED A+) Valuation process A systematic procedure used in the valuation of real property. Client The party or parties who engage, by employment or contract, an appraiser in a specific assignment. Steps in Defining the problem Identification and location of the real estate; Identification of the property rights; Definition of value; Purpose and intended use of the appraisal; Effective date of the opinion of ...

ASREB Practice Exam Questions with Verified Answers A 3.45-acre lot sells for 50 cents per square foot. What was the selling price? a. $37,570 b. $75,141 c. $76,230 d. $78,712 b. $75,141 A blind ad refers to an ad that a. provides no price b. provides no address c. gives no indication that the property is listed with a broker d. gives no indication that the property has been sold or not c. gives no indication that the property is listed with a broker A borrower is required t...