Licensed Residential Appraiser Exam Prep FREE Sample Exam

Highest and best use as improved primarily asks which question?

What should be built on a vacant site

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Whether the existing improvements should be retained, modified, or removed

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What the assessor will tax next year

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How much insurance the owner should carry

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A buyer pays more for a duplex today because a planned transit station is expected to raise rents nearby in three years. Which principle is most directly illustrated?

Anticipation

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Substitution

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Conformity

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Contribution

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Active listings rose from 80 in January to 100 in June. By what percentage did listings increase?

20%

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25%

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80%

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125%

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A state equalization agency raises a county’s overall assessment level after finding its assessments average well below those of comparable counties. The purpose of equalization is what?

To set each home's market value for lending

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To guarantee every assessment equals sale price

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To bring assessment levels toward uniformity so shared tax burdens are fairly distributed

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To exempt under-assessed counties from taxation

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A leased homesite produces ground rent of $9,600 per year. Capitalized at 8%, what is the land value?

$76,800

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$120,000

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$132,000

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$96,000

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Every closed sale an appraiser has found is larger than the subject, and none is smaller. What is the most sound response before finalizing the analysis?

Proceed without concern, because size bracketing is never relevant to credibility

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Adjust the subject's size on paper so it falls inside the range

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Use only listings to supply the missing smaller property

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Search further, accepting an older or slightly more distant sale if needed, so the subject's size is bracketed

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A recorded easement for a shared driveway crosses the comparable’s rear yard, limiting how that area can be used, while the subject’s site is unencumbered. This is best treated as what?

A market conditions difference

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A legal characteristic affecting the rights and utility of the comparable's site

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A financing difference

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A condition-of-sale difference

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Two bracketing sales sold for $290,000 (overall inferior to the subject) and $315,000 (overall superior). The subject’s features place it about 40% of the way from the inferior sale toward the superior one. What value position does that bracketing analysis suggest?

$290,000

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$315,000

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$300,000

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$302,500

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In a paired set, an otherwise equivalent home with a large deck sold for $274,000, and the home without a deck sold for $266,000, at the same time. A comparable in the grid has a similar deck and the subject does not. What adjustment does the pair support to that comparable?

Plus $8,000

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No adjustment, because decks are site improvements

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Minus $4,000

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Minus $8,000

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An appraiser who has never appraised homes in a small historic district is offered an assignment there. The homes sell infrequently and pricing depends heavily on preservation restrictions. What is the proper path to accept?

Tell the client nothing, but add a general disclaimer that local knowledge is limited

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Accept silently and rely entirely on county assessment records

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Accept and use only sales from a nearby newer subdivision where data are plentiful

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Tell the client about the lack of experience, take concrete steps to become competent such as studying the market and consulting an experienced local appraiser, and describe those steps in the report

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A lender orders a desktop appraisal of a home, with no physical inspection by the appraiser, for a low-risk portfolio loan. This scope can be acceptable under USPAP if:

The appraiser can still develop credible results for that intended use and the report clearly discloses the extent of inspection

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The appraiser has appraised a neighboring home before

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The borrower self-reports the home's condition

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The value conclusion is below the loan amount

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Exposure time in a market value appraisal refers to:

The number of days the appraiser spent inspecting the property

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The estimated length of time the property would have been offered on the market before a hypothetical sale on the effective date

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The period during which the report remains valid for lending

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The time a comparable sale was listed before it closed

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Licensed Residential Appraiser Exam Prep FREE Sample Exam — Fixed Set

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