APPRAISAL CHP 5

Question 1

When preparing an appraisal, an appraiser would NOT collect
a. general data on a national and local level.
b. specific data about the subject property.
c. specific data for comparative purposes.
d. general data on current mortgage interest rates.

Answer 1

d. general data on current mortgage interest rates.

Question 2

A primary purpose of gathering general data is to
a. act as a means of verifying and cross-checking specific data.
b. correlate general data with a specific subject property and its selling price.
c. look at general trends that may affect value in the real estate market.
d. make specific predictions about future interest rate levels.

Answer 2

c. look at general trends that may affect value in the real estate market.

Question 3

The most reliable resource for gathering specific data about the subject property is
a. the FHA or other government agencies
b. personal inspection
c. professional journals
d. the property owner

Answer 3

b. personal inspection

Question 4

Which is important to the data collection process?
a. analysis of data only
b. both analysis of data and verification of data
C. neither analysis of data nor verification of data
d. verification of data only

Answer 4

b. both analysis of data and verification of data

Question 5

Which data section does NOT appear in the Uniform Residential Appraisal Report?
a. neighborhood data
b. site data
c. subject data
d. cost manual data

Answer 5

d. cost manual data