Real Estate Appraisal

Question 1

A broker opinion of value, or a broker price opinion, is a value estimation made by a real estate broker on the basis of several factors, including all of these, except:

Answer 1

The seller’s degree of urgency

Question 2

Subjective value is:

Answer 2

Based on personal feelings, tastes, and/or opinions.

Question 3

Innate features include items such as:

Answer 3

1. Number of bathrooms
2. The type of roofing
3. The location, and the size of the property

Question 4

A comparative market analysis is a report on:

Answer 4

The estimated value of a property

Question 5

A “best and highest” use must meet the following four criteria, except:

Answer 5

Financially challenging

Question 6

A licensed Residential Appraiser is one who is authorized to appraise:

Answer 6

complex one-to-four residential units having a transaction value less than $25000
and
non-complex one-to-four residential units having a transaction value less than $1 million

Question 7

The _______ has tules and regulations that lay down the basic situations where appraisal by a licensed appraiser is required.

Answer 7

Federal Deposit Insurance Corporation

Question 8

USPAP stands for:

Answer 8

Uniform standards of professional appraisal practice

Question 9

FDIC regulation 12 CFR section 323.2 defines “market value” as:

Answer 9

The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeable, and assuming the price is not affected by undue stimulus.