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

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The Real Estate Market 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. Jack wants to sell his three bedroom Tudor house for $250,000, but all other similar homes in the area are selling for $225,000. According to the principle of _____, Jack's home is more likely to be worth $225,000.

Question 2 2. What is the name of the provision in a contract which states that the purchase depends upon the occurrence of a condition or event?

Question 3 3. What should an appraiser not consider in performing an area-regional and neighborhood analysis of a residential property?

Question 4 4. All of the following are legal factors considered in performing a site analysis EXCEPT:

Question 5 5. Which of the following is NOT one of the four foundational pillars of property valuation?

Page 2

Question 6 6. Two houses are almost identical but one is in an A+ rated school district and the other nearby home is in a mediocre school district. Because of this, the house in the A+ school district is likely to sell for more money. What type of consideration is this indicative of?

Question 7 7. All of the following are physical factors considered in performing a site analysis EXCEPT:

Question 8 8. What kind of appraisal are retail purchasers most likely to rely on?

Question 9 9. What's the best source to determine the legally recognizable location and boundaries of a parcel of real estate?

Question 10 10. What is the purpose of the reconciliation of value?

Page 3

Question 11 11. Jamie has offered to purchase Chad's house, pending the results of a property inspection. The report indicates that the roof needs to be repaired. Jamie asks Chad to repair the roof. Which of the following is NOT a viable option for Chad?

Question 12 12. Which of the following is not a common approach to appraisal?

Question 13 13. Dane offers to purchase Kane's house, but includes an inspection contingency clause. The inspection reveals that the foundation needs to be repaired. Which of the following is NOT an option for Dane?

Question 14 14. Which of the following is NOT inspected during a professional property inspection?

Question 15 15. While performing a site analysis, Tom notices that a shed crosses over the subject property's boundary. What should Tom note?

Page 4

Question 16 16. Which of the following is an example of curable obsolescence?

Question 17 17. A copper mine was the town's biggest employer and recently closed. House values have collapsed and houses have become difficult to sell at any price. What type of consideration is this an example of?

Question 18 18. In the most general sense, what does depreciation refer to?

Question 19 19. Edward presents an offer to purchase Tanya's house. He includes a provision which states that he can terminate the contract if an inspection reveals that necessary repairs to the house will exceed one percent of the purchase price. What's the best description of this clause?

Question 20 20. A residential home is built in the middle of an industrial park. This will cause the value of the property to be much less than if a manufacturing plant was built on the site. Which principle is this an example of?

Page 5

Question 21 21. Fading paint is an example of what kind of obsolescence?

Question 22 22. The loss of a city's major employer is what type of obsolescence?

Question 23 23. What is the purpose of property appraisal?

Question 24 24. Which of the following is the most likely example of functional obsolescence?

Question 25 25. In which circumstance would a cost approach be most useful?

Page 6

Question 26 26. Which of the following is a public restriction on how one can use her land situated in a particular area of town?

Question 27 27. Jon builds a rustic log cabin in the middle of an urban residential area that features many ultramodern style homes. According to the principle of _____, the cabin will diminish in value.

Question 28 28. Nancy's house is the most dilapidated home in her neighborhood. However, her property has been valued higher than she expected. What principle of valuation is likely at play?

Question 29 29. The most important purpose of an area-regional and neighborhood analysis of a property is:

Question 30 30. A lot has amazing views of the ocean. This is an example of what type of consideration?

The Real Estate Market 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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