Arizona AQB Certified General Appraiser Exam: Study Guide  /  Business Courses

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Reconciliation in Real Estate Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

Page 1

Question 1 1. Should Judy make an investment in the duplex in Question 2? Why or why not?

Question 2 2. Judy is considering the purchase of a duplex that is at 100% occupancy. To determine if Judy should make the investment in the duplex, she should have a(n) _____ completed by an appraiser.

Question 3 3. Judy is considering purchasing a rental property. She has her choices narrowed down to two. Property A has a sales price of $302,500 and a capitalization rate of 10%. Property B has a sales price of $298,000, with a net operating income of $30,000. Using the income approach, I / R = V formula, calculate the value of Property A and Property B. Round percentages to two decimals. Round the final answer to the nearest integer.

Question 4 4.

Judy is considering purchasing a rental property. She has her choices narrowed down to two. Property A has a sales price of $302,500 and a capitalization rate of 10%. Property B has a sales price of $298,000, with a net operating income of $30,000. Using the income approach, I / R = V formula, calculate the value of Property A and Property B. Round percentages to two decimals. Round the final answer to the nearest integer.

Based on your calculations. which property should Judy purchase?

Question 5 5. Judy is considering the purchase of a duplex that is at 100% occupancy. The sales price is $249,500, and the net income is $24,000. Using the income approach, I / R = V formula, calculate the value of the duplex. Round percentages to two decimals. Round the final answer to the nearest integer.

Page 2

Question 6 6. Which of the following is not relevant for appraisers when completing an appraisal?

Question 7 7. Which one of these is not a market-driven adjustment that would affect an appraisal value?

Question 8 8. The final value estimate should not be _____

Question 9 9. Which of the following is not a factor to consider when making an adjustment on an appraised property?

Question 10 10. In real estate appraisals, reconciliation is a process that utilizes _____.

Page 3

Question 11 11. The purpose of the cost approach is to determine _____.

Question 12 12. Joe has been asked to determine the replacement cost of a 2,800 square foot 21-year-old brick home on an 11,000 square foot lot. Joe estimated a replacement cost of the home to be $48 per square foot and the lot value of $2 per square foot. The average lifespan of a brick home is 60 years. Using the cost approach, what is the value of the home?

Question 13 13. Mike has been hired to appraise a new construction home in a new community, and he is not able to find any comparable properties. He decides to use the cost approach. Is the cost approach the best method for Mike to determine his opinion of value?

Question 14 14. Joe has been hired to appraise a new construction home in a new neighborhood. The 5,250 square foot home is on a 12,000 square foot lot. Joe estimated a replacement cost of the home to be $102 per square foot and the lot value of $12 per square foot. The average lifespan of a brick home is 60 years. Using the cost approach, what is the value of the home?

Question 15 15. What does reconciliation to indicated value mean?

Page 4

Question 16 16. Which of the following is NOT something used to reconcile an appraisal value?

Question 17 17. Which of the following can appraisers use to come up with a property's value?

Question 18 18. Appraisers can give _____ to justify their value for a piece of property.

Question 19 19. A comparable piece of property with similar attributes to the property at hand would be given more _____ than another.

Question 20 20. If the most similar property to the one up for appraisal has a price of $180,000 and the one that is the closest competitor sale has a price of $190,000, the most likely price the appraiser would reach for her property would be _____.

Reconciliation in Real Estate Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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