National Appraiser Practice Exam

These questions are part of the practice quiz. Start practicing

• Which term describes the combination of social, economic, and governmental factors when assessing real estate value?
• What is the primary focus of GIM?
• In the sales comparison approach, what must you multiply by before adding adjusted sales prices?
• Which measurement is used to determine the distance of a field in surveying?
• What characterizes fixed expenses in property management?
• What do indirect costs generally include?
• What characteristic of land refers to its inability to be moved?
• Which mortgage option allows for an initial lower interest rate?
• Social trends, such as a pandemic, typically influence real estate by altering what?
• What is the key focus of a supply/demand analysis in real estate?
• What does a low Operating Expense Ratio signify?
• What environmental factor can negatively impact real estate value?
• What is a major disadvantage of the allocation method?
• What is the primary advantage of a fully amortized loan?
• How does an adjustable-rate mortgage function?
• What type of loan structure might lead to a large final payment?
• Which of the following is a critical aspect of police power?
• Which of the following would generally be considered a short-term item?
• Which of the following is NOT a method used for estimating site value?
• What are governmental powers?
• When does an appraiser determine the intended use and user of an appraisal report?
• What aspects are included when evaluating 'Market Conditions' in real estate?
• What is the formula used to calculate the allocation ratio in the context of real estate appraising?
• Which valuation method is most reliable for assessing partial interest properties?
• What is the primary distinction between quantitative and qualitative adjustments in appraising?
• What is an example of a physical/environmental influence affecting real estate value?
• What are the required hours to become a Certified General Appraiser?
• What is the highest point on a gable roof called?
• What is the formula for the modified age-life method?
• What characterizes an incurable item in property appraisal?
• What is the general application of cap rates in real estate?
• FIRREA is best described as which of the following?
• What is an example of a governmental influence affecting real estate value?
• Which of the following indicates the highest and best use of a property?
• Which expenses are considered variable in real estate management?
• What is the formula for debt coverage ratio?
• What is assemblage in the context of land appraisal?
• Which of the following is an example of police power?
• When is the highest and best use of a property achieved?
• Which of the following is NOT a physical characteristic of land?
• Where can the footing and piers be found in architectural plans?
• What does fully amortized mean for a loan?
• What does the scope of work primarily apply to?
• What does the formula for an adjustable-rate mortgage (ARM) include?
• What distinguishes land from a site in real estate terms?
• Which type of appraisal report explicitly states findings?
• What is the primary difference between a 15-year fixed loan and a 30-year fixed loan?
• What is the formula for annual depreciation percentage?
• What is an effective Operating Expense Ratio (OER)?
• Which of the following is an example of a social influence affecting real estate value?
• True or False: A management company that maintains low rent levels and low vacancies will likely increase their Effective Gross Income.
• What is the formula for the index method of valuation?
• When a buyer 'buys down' a loan, what action do they take?
• What is the focus of a prospective appraisal?
• Which of the following is an example of a physical/environmental influence affecting real estate value?
• Which method values vacant land based on income generated in a given year?
• What distinguishes the direct capitalization method from the yield capitalization method?
• In real estate, what type of analysis is conducted to assess developmental potential of land?
• When a question refers to quarterly calculations on the HP 12c, what is the appropriate adjustment?
• What is one effect of a mortgage buy down on a borrower's loan?
• What are the components of the acronym "CELL" in relation to factors of productivity?
• Which appraiser license represents the highest level of certification?
• How is the compensation for land taken under eminent domain described?
• Which of the following is NOT a factor included in the acronym "PEGS"?
• How is the formula for long-lived incurable depreciation calculated?
• How do you calculate the amount the seller is paying towards a buydown using discount points?
• What type of environmental influence is present for a house located on a busy street?
• Which of the following describes ground rent capitalization?
• Which rating is commonly associated with windows?
• How do you calculate total economic life?
• What is the acronym used to remember the steps for solving NOI?
• Where can you find the dimensions of exterior walls in architectural plans?
• Which is NOT one of the four tests of highest and best use?
• Which type of costs are involved in labor and materials directly related to a project?
• Which factor would be considered in quantitative adjustments?
• Which house in a neighborhood of three identical houses sold for the least when demand is stable?
• If a building is priced at 1 million and generates 100K in net revenue, what is its cap rate?
• Which type of power involves the ability to enforce land use regulations?
• What is defined as the balance of mental, social/emotional, and physical well-being of an individual, particularly relevant for appraisers?
• Which term describes the inability to destroy land?
• What is the formula for determining depreciation percentage?
• How many hours are required for a Licensed Appraiser?
• Which option best describes fiscal policy?
• What formula is used to calculate GRM?
• What total interest paid is calculated for a $250,000 loan at 10% over 20 years?
• Which of the following is a method of quantitative adjustment?
• What is NOT a method of qualitative adjustment?
• What method of construction is used to minimize fire hazards and cost?
• What is the primary purpose of conducting a subdivision analysis?
• What is a retrospective appraisal primarily based on?
• What characterizes a term loan?
• What is the function of a footing in construction?
• Which physical characteristic of land signifies that no two properties are the same?
• What defines a curable item in property appraisal?
• How many acres are in one section of land?
• When calculating land value using a cap rate, what is the first step?
• What does the acronym "PFGMLP" stand for in the sequence of adjustments?
• What does the margin in an adjustable-rate mortgage refer to?
• What does AQB stand for in the appraisal industry?
• In a market analysis, what does an absorption analysis focus on?
• What does the term "excess land" imply in appraisal?
• What does a mortgage buy down facilitate for home buyers during the early years of a loan?
• How many feet are there in one rod?
• If a borrower takes a $250,000 loan at 10% interest for 20 years, what is the monthly payment?
• How does plottage differ from assemblage?
• What is the riskiest method of site valuation, and why?
• What does the band of investment technique represent in a real estate transaction?
• What is the formula used in Ground Rent Capitalization to determine land value?
• What does mortgage insurance cover in an 80/20 loan scenario?
• Assuming a high demand, what might significantly drive up housing prices in a community?
• What aspect of appraisal is most relevant to client communication?
• What are reserves set aside to replace short-term items collectively known as?
• What is the required amount of hours for a Certified Residential Appraiser?
• What is the primary function of mortgage insurance?
• In which appraisal approach is an opinion of NOI derived?
• What are discount points primarily used for in real estate transactions?
• What is a roof truss?
• What is the first step in determining the highest and best use?
• How many feet are there in one acre?
• Which of the following convert acres to square feet accurately?
• What is the main difference between a market analysis and a market study?
• How do you calculate effective age in property appraisal?
• Which of the following factors is least likely to affect real estate value directly?
• What do the initials MUPI stand for in relation to expenses when calculating NOI?
• What are the four agents of production in real estate?
• Which calculation correctly relates rods and feet?
• Which of the following powers is not a part of PETE?
• When did the Supervisor Trainee Course become a requirement?
• To what does a floor joist typically attach?
• What could an extraordinary assumption impact in an appraisal?
• Which method estimates site value based on the rental income an improved site can generate?
• How many sections are typically in a township?
• Why is debt coverage ratio important in property valuation?
• What defines the allocation method in land valuation?
• A new postal office has opened nearby, impacting local amenities. What type of forces are influencing this change?
• What should be considered when assessing the impact of governmental powers on local property values?
• What is the purpose of taxation in local government?
• What is tilt-up construction?
• What is the key difference between surplus land and excess land?
• How is the cap rate determined in the ground rent capitalization method?
• Which of the following social influences includes changes in population characteristics?
• Which of the following is NOT considered an expense when determining Net Operating Income (NOI)?
• What information is typically provided in elevation plans?
• What does the appraised value in the mill rate formula refer to?
• What does the term "availability of financing" refer to in real estate?
• What does ASB stand for in the appraisal profession?
• Does land depreciate over time according to appraisal standards?
• What is an example of social influence affecting real estate value related to cultural changes?
• What type of influence can cause both increased demands for certain types of housing?
• How is depreciation calculated using the Age-Life Method?
• What characterizes a fully amortized loan?
• What is the unit of measurement commonly used by land surveyors?
• How many feet are there in a mile?
• Which acronym represents the four influences on real estate?
• Which method is typically used to analyze the highest and best use for a property?
• What does the 'T' in the acronym 'DUST' stand for?
• In the allocation method, how do you calculate the land value from a subject value?
• Which construction material is considered the most fire-resistant and expensive?
• What is considered a short-term lease duration?
• How many acres are there in one square mile?
• Which of the following is an example of an interdependent economic factor that creates value?
• What characteristic applies to land as it relates to its geographic location and permanence?
• What is the abstraction method in the estimation of site value?
• What defines effective demand?
• How many acres are in one township?
• What is a key difference between fully amortized and partially amortized loans regarding payments?
• What type of property valuation is best suited for properties with differing income and expenses?
• What aspect of income is the GRM based on?
• In terms of GRM, what does a lower value signify?
• In qualitative adjustments, what method ranks properties based on subjective criteria?
• What is the significance of the Appraisal Subcommittee?
• What is the purpose of calculating taxes using the mill rate?
• What is the first step to calculate the mill levy?
• What does TEL stand for in relation to property appraisal?
• What do management fees typically calculate as a percentage of?
• Which of the following is considered 'soft costs' in appraisals?
• What is an economic influence that affects real estate value?
• What is the primary purpose of monetary policy?
• What does the term 'curable physical depreciation' refer to?
• What formula is used to solve for replacement cost new less depreciation?
• What is the primary purpose of measuring land in acres?
• What is the outcome of maximizing Effective Gross Income in property management?
• How is the cap rate calculated in real estate appraisal?
• What is typically considered a long-term item in property valuation?
• Which of the following is NOT classified as a commercial comparative unit?
• How does a homeowner ascertain the value of their property based on local sales?
• Which factor is an example of buyer preference that can impact real estate values?
• Which two components together determine the property value calculation?
• If a neighborhood has three identical houses with stable demand, which house typically sells for the most?
• What is typically included in a market analysis?
• Which term describes an engineered framing for the floor?
• Which formula is used to calculate the land income in relation to building income?
• What does the term plottage refer to in real estate?
• What formula represents Income, Rate, and Value?
• In terms of property valuation, when would you use the yield capitalization method?
• Which of the following is a primary function of the Appraisers Qualifications Board?
• When using the HP 12c calculator, what should you do if a question specifies monthly calculations?
• What is an important aspect of a market rental analysis?
• What does direct capitalization assess in property valuation?
• In a stable market, how should cap rates be approached?
• What is an extraordinary assumption in appraisal?
• How do you calculate the percentage of depreciation?
• What is the term used to rate insulation effectiveness?
• How much would a $150,000 mortgage payment be amortized over 30 years at a 3.45% interest rate using the HP 12c?
• What type of government power allows for appropriation of private property for public purposes?
• What social influence has significantly affected real estate values during the pandemic?
• What is the act of taking land via eminent domain known as?
• What formula is used to find the subject's value using ground cap rate?
• What does the acronym "DUST" refer to in the context of value characteristics?
• How is total physical depreciation determined?
• How long is one side of a square lot that measures 160 acres?
• What does the term 'OPEX' refer to in the context of calculating NOI?
• What does a market analysis study involve?
• To solve for the value of property using the I/R = V formula, what do I represent?
• Which acronym is used to remember the four stages of a neighborhood?
• Which factor is considered a physical/environmental influence on real estate value?
• Which method is used to measure depreciation using an effective age calculation?
• What does the mill rate formula calculate?
• What does a feasibility study evaluate?
• What type of payment structure is associated with a partially amortized loan?
• What calculation is required to determine the length of one side of a 160-acre square lot?
• How is straight-line depreciation calculated?
• Which method of estimating site value involves a comparison to recent sales of comparable properties?
• What does ARM stand for in mortgage terminology?
• How many square miles are there in a standard township?
• Which of the following is considered the least useful method of valuing land?
• Which of the following is considered a direct cost in appraisal?
• Which of the following is an example of governmental powers?
• When computing mortgage payments, what do you typically see when using larger loan amounts with lower interest rates?
• When might the current highest and best use of a property change?
• Which entity oversees the state licensing and certification activities of state appraisal agencies?
• What does GRM stand for in real estate valuation?
• What does the acronym PETE stand for in relation to types of government power?
• What type of value does a homeowner use when determining the increase in their home value based on the neighborhood's worth?
• What is the formula for calculating cap rate when determining land value?
• Governmental powers are designed to protect consumers while also restricting what?
• Which of the following is considered an economic influence affecting real estate value?
• What is another name for the income approach in property appraisal?
• How do you calculate accrued depreciation in dollars?
• Who is allowed to perform FHA appraisals?
• What is the formula for calculating the Operating Expense Ratio (OER)?
• What characterizes Interim Use of a property?
• Which formula represents the interest rate on an adjustable-rate mortgage (ARM)?
• What does eminent domain allow the government to do?
• What analysis method can be used to perform a market analysis?
• What is a buy-down mortgage?
• How is cash flow calculated in relation to NOI?