Preview Questions Real Estate Appraiser | Role Specific Skill

Question 1: How does a septic system inspection impact the appraisal of a property located in a rural area?

Which action should you take?

Choose only one option

It has no impact on property value

It's only relevant for new constructions

It's critical to confirm functionality and compliance

It could increase the value if well-maintained

Question 2: When conducting a sales comparison approach, what is the purpose of adjustments?

Which action should you take?

Choose only one option

To calculate depreciation

To account for differences between comparable properties

To determine the income potential of the property

To estimate the replacement cost of a structure

Question 3: How would you assess cosmetic damages (e.g., peeling paint, scratched floors) during a property inspection, and how do they influence the appraisal?

Which action should you take?

Choose only one option

They increase value by suggesting the property is lived in

They have minimal impact on value and are mostly considered aesthetic issues

Cosmetic damages only affect properties in poor locations

Cosmetic damages usually decrease the property value due to the costs of repairs

Question 4: What is the main limitation of the Cost Approach when appraising older properties?

Which action should you take?

Choose only one option

It fails to adjust for future market trends

It ignores external factors like neighborhood trends

It does not account for depreciation due to age and market obsolescence

It assumes all improvements are of equal value regardless of use

Question 5: What is the main concern when inspecting chimneys during property evaluation?

Which action should you take?

Choose only one option

Type of bricks used

Cracks, creosote buildup, and proper draft

Visual alignment

Height of the chimney

Question 6: During a property inspection, how do you assess the impact of site conditions, such as soil stability, on the structural integrity and property value?

Which action should you take?

Choose only one option

Soil conditions only affect the property's marketability, not its value

Soil conditions have no effect unless they cause visible damage

Unstable soil can lead to foundation issues, significantly lowering property value

Soil conditions are not considered unless the property is near water