On a scale of 1 to 10 how critically important is price and value to the typical buyer and seller in almost EVERY real estate transaction? Answer: 10+!!! So, maybe we could/should regularly sharpen or skills on helping guide today’s consumer thru the mystical maze of, “Price-Value-and the Appraisal Process”. Facts, fun and a few gems thrown in to walk away with makes this 3-hour elective a highest and best use item for your day.
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Question 1 of 30
Which of the following do appraisers not consider?
Question 2 of 30
Which is not a characteristic of value?
Question 3 of 30
Does an appraiser typically look at both the interior and exterior of the subject property?
Question 4 of 30
How does an appraiser obtain the square footage of a subject property?
Question 5 of 30
The minimum number of comparables that is part of most residential appraisal reports is?
Question 6 of 30
Does the cost approach to value and the sales comparison approach to value always produce the same value?
Question 7 of 30
Which approach to value best applies to most single family dwelling?
Question 8 of 30
Tiny Town, with a population of 972 people, just had a giant technology company move into their town with 150 job openings. Based on this information alone, property values would be expected to:
Question 9 of 30
Peeling paint on the sides of a house are what type of loss in value?
Question 10 of 30
A rectangular lot 100 ft. by 150 ft. has how many square feet?
Question 11 of 30
Do appraisers typically average the three approaches to value to come up with their final estimate?
Question 12 of 30
Normally, will an appraiser use a comparable sale if said sale is from the previous month?
Question 13 of 30
If a tennis court cost $30,000 for Tom to put on his 3 acre lot behind the house, what will happen if he needs to sell 45 days after completion?
Question 14 of 30
Will a 1,500 square foot house always sell for more than a neighboring home that has 1,400 square feet?
Question 15 of 30
Which of the following is not part of a house’s square footage?
Question 16 of 30
Which of the following properties is likely to have the most “showings” next Sunday?
Question 17 of 30
To do a CMA or Appraisal, one should approach it in a _________ manner.
Question 18 of 30
Which best describes an appraisal?
Question 19 of 30
If three appraisers appraise the same property, how many value estimates are possible?
Question 20 of 30
Ann and Tom have an old 4 bedroom, 1 bath home. All of the neighbors have added at least an additional full bathroom to their properties over the years. If Tom and Ann want to sell in the next five years, they will probably get their best return on their dollar by adding what?
Question 21 of 30
Which of the following is not physical depreciation?
Question 22 of 30
Which best describes a CMA?
Question 23 of 30
Which of the following is the poorest comparable sale?
Question 24 of 30
Which of the following is least likely to be of value to the appraiser in her analysis?
Question 25 of 30
Why might an appraisal be done?
Question 26 of 30
Which would have the best chance of increasing a property value?
Question 27 of 30
It is always best for the sellers to increase their asking price by at least 10% to have room to negotiate.
Question 28 of 30
Current competitive listings are:
Question 29 of 30
FNMA form 1004 is best used for what type of property?
Question 30 of 30
Is it possible that an appraisal comes in lower than a year ago, but has better data than the appraisal from one year ago?