Our appraisal exam prep course provides detailed feedback on the questions that you miss. Spend less time reviewing what you know, and focus on the topics where the review is most useful.
| Question | Answers |
|---|---|
| Question: Standard Rule 1 provides the appraiser with tools to:
|
1. Compose a consulting assignment
CORRECT ANSWER
2. Prepare a real property appraisal assignment
3. Prepare a review report on another appraiser's work
YOUR ANSWER
4. communicate the appraisal report
|
|
Question: Which of the following is NOT an element of comparison?
|
1. Location differences
YOUR ANSWER
2. Physical characteristics
3. Special financing terms
CORRECT ANSWER
4. Sales price of subject property
|
Our final exams closely match your state licensing exam, and provide a statistical results breakdown.
Overall Exam Score: 85%
| Category | Pass Rate |
Questions Given |
Correct Answers |
|---|---|---|---|
| Influences on Real Estate Value | 100% | 8 | 8 |
| Physical and Environmental | 3 | 3 | |
| Economic | 1 | 1 | |
| Governmental | 2 | 2 | |
| Social | 2 | 2 | |
| Legal Considerations in Appraisal | 75% | 8 | 6 |
| Real Estate vs Real Property | 2 | 2 | |
| Real Property vs Personal Property | 2 | 1 | |
| Limitations on real estate ownership | 0 | 0 | |
| Legal Rights and Interests | 1 | 1 | |
| Forms of Property Ownership | 1 | 1 | |
| Legal Descriptions | 1 | 0 | |
| Transfer of Title | 1 | 1 | |
| Types of Value | 50% | 8 | 4 |
| Market value or value in exchange | 1 | 1 | |
| Price | 1 | 1 | |
| Cost | 1 | 0 | |
| Investment value | 1 | 0 | |
| Value in use | 0 | 0 | |
| Assessed Value | 3 | 2 | |
| Insurable Value | 1 | 0 | |
| Economic Principles | 100% | 8 | 8 |
| Anticipation | 0 | 0 | |
| Balance | 1 | 1 | |
| Change | 1 | 1 | |
| Competition | 0 | 0 | |
| Conformity | 2 | 2 | |
| Contribution | 1 | 1 | |
| Increasing and decreasing returns | 1 | 1 | |
| Substitution | 1 | 1 | |
| Supply and demand | 1 | 1 | |
| Surplus productivity | 0 | 0 | |
| Real Estate Markets and Analysis | 66% | 6 | 4 |
| Characteristics of real estate markets | 2 | 2 | |
| Absorption analysis | 2 | 2 | |
| Role of money and capital markets | 1 | 0 | |
| Real estate financing | 1 | 0 | |
| Property Description | 100% | 16 | 16 |
| Site description | 6 | 6 | |
| Improvement description | 6 | 6 | |
| Basic construction and design | 4 | 4 | |
| Highest and Best Use Analysis | 77% | 13 | 10 |
| Four tests | 4 | 3 | |
| Vacant site or as if vacant | 4 | 3 | |
| As improved | 3 | 2 | |
| Interim use | 2 | 2 | |
| Appraisal Statistical Concepts | 20% | 5 | 1 |
| Mean | 2 | 0 | |
| Median | 1 | 0 | |
| Mode | 1 | 0 | |
| Range | 0 | 0 | |
| Standard Deviation | 1 | 1 | |
| Sales Comparison Approach | 91% | 22 | 20 |
| Research and selection of comparables | 5 | ||
| Elements of comparison | 5 | 5 | |
| Adjustment process | 7 | 6 | |
| Application of sales comparison approach | 5 | 5 | |
| Site Value | 100% | 8 | 8 |
| Sales Comparison | 2 | 2 | |
| Land Residual | 2 | 2 | |
| Allocation | 2 | 2 | |
| Extraction | 1 | 1 | |
| Plottage and assemblage | 1 | 1 | |
| Cost Approach | 100% | 13 | 13 |
| Steps in cost approach | 8 | 8 | |
| Application of the cost approach | 5 | 5 | |
| Income Approach | 80% | 10 | 8 |
| Estimation of income and expenses | 6 | 5 | |
| Operating expense ratios | 4 | 3 | |
| Valuation of Partial Interests | 100% | 1 | 1 |
| Partial Interests | 1 | 1 | |
| Interests created by a lease | 0 | 0 | |
| Appraisal Standards and Ethics | 83% | 24 | 20 |
| Appraisal Standards and Ethics | 24 | 20 |
