S1/P1 Review Quiz

Question 1

A tax appeal assignment will commonly involve a ___________ effective date.

Answer 1

retrospective

Question 2

Intended use affects both appraisal __________ and reporting.

Answer 2

development

Question 3

A systematic procedure appraisers can employ to provide the answer to a client’s question about the value of a property is called the ___________.

Answer 3

valuation process

Question 4

In _____________ analysis, the appraiser analyzes the ideal improvement for the property.

Answer 4

highest and best use

Question 5

The relevant characteristics of a property are part of ___________ the problem.

Answer 5

identifying

Question 6

True/False

“Scope of work” is the type and extent of research and analyses in an appraisal review assignment.

Answer 6

True

Question 7

True/False

Identifying relevant characteristics of the subject property is specific data rather than general data.

Answer 7

True

Question 8

True/False

The “client” and “intended user” are never the same.

Answer 8

False

Question 9

True/False

A prospective appraisal has an effective date contemporaneous with the date of the report.

Answer 9

False

Question 10

True/False

Developing an opinion of insurable value can be identified as the purpose of an appraisal assignment.

Answer 10

True