APPRAISAL CHP 12

Question 1

During the reconciliation process,
a. the appraiser decides which approach to give the most weight, then throws out the other approaches.
b. the appraiser decides which approach or approaches to give the most weight.
c. the appraiser must always determine an exact dollar amount to present as his final opinion of value.
d. value approaches are mathematically averaged.

Answer 1

b. the appraiser decides which approach or approaches to give the most weight.

Question 2

In the final appraisal report, the appraiser will NOT
a. detail the reasoning they used in arriving at the final opinion of value.
b. explain why one or more of the appraisal methods may not have been used.
c. note any specific conditions, unusual circumstances, or assumptions.
d. reference the listing or sales contract price of the subject property as a factor in developing the value opinion.

Answer 2

d. reference the listing or sales contract price of the subject property as a factor in developing the value opinion.

Question 3

When using the URAR form, which income approach technique does the form accommodate?
a. comparative unit
b. direct capitalization
c. gross income multiplier
d. gross rent multiplier

Answer 3

d. gross rent multiplier

Question 4

During reconciliation, the value indication produced by the sales comparison approach for a residential property
a. cannot be the only appraisal approach used to develop a final value opinion.
b. is never used as the final opinion of value; it is used as support for either the income or cost approached
c. may be given the most weight if the data is reliable and the approach is applicable.
d. must be used in every assignment to develop a final value opinion

Answer 4

c. may be given the most weight if the data is reliable and the approach is applicable.

Question 5

When an appraiser decides to use one particular approach as a primary indicator of value in an appraisal,
a. any other approaches developed are not reported in the appraisal report.
b. he has violated USPAP as it prohibits correlating with only one approach.
c. he must not discuss in the report the other approaches developed.
d. other approaches may be used to support that opinion.

Answer 5

d. other approaches may be used to support that opinion.