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

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Understanding Real Estate Value 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. What is highest and best use?

Question 2 2. Why is it important to check zoning laws?

Question 3 3. What should be the first step when determining highest and best use?

Question 4 4. When analyzing an improved property that requires an extensive amount of work, what other alternatives would you suggest?

Question 5 5. What is financial feasibility?

Page 2

Question 6 6. Which is an example of social factors affecting the value of a property?

Question 7 7. The ability to properly determine the approximate value of a piece of property requires that many factors be considered. These factors are generally of which nature?

Question 8 8. Zoning and building codes are both examples of _____ influence on value

Question 9 9. If John wants to open a nursery school business in the area that he is going to live in, not only does he have to check the building codes and regulations, but if he wants to make a proper business decision, he would also do some research on determining the number of potential students he could attract by learning more about which external factor used in determining market value?

Question 10 10. The most reliable factors that can influence the value of a property are:

Page 3

Question 11 11. What is the ultimate goal of the Financially Feasible Test as part of the four-part Highest and Best Use test?

Question 12 12. When applying the Legal Use test as directed by the four-part Highest and Best Use test, proper due diligence requires that the investor DOES NOT consider:

Question 13 13. Don Developer has determined that his proposed grocery store is physically able to be built on his parcel, is legally permitted, and is financially feasible. What is Don's last step of the four-part test to determine his property's Highest and Best Use?

Question 14 14. What test would Debbie the developer use to determine whether her proposed 200,000 Sq. Ft. warehouse can be built on her 20 acre parcel?

Question 15 15. David Developer wants to buy a 10 acre parcel of land and plans to develop a strip mall on it. He wants to get into the strip mall business because his father made a lot of money on strip malls in the 1990's. Why would a Highest and Best Use determination be beneficial for David?

Page 4

Question 16 16. What is the real estate investment value?

Question 17 17. What is a real estate assessed value?

Question 18 18. What is considered when looking at real estate value in use?

Question 19 19. What is real estate market value?

Question 20 20. What is real estate value?

Page 5

Question 21 21. Which of the following is not appropriate when using a retroactive date on a real estate appraisal

Question 22 22. A divorce proceeding is pending and part of the process includes getting an appraisal of the previously owned home and its value as of the date of dissolution. This type of appraisal would be a:

Question 23 23. All of these are possible dates that can be used for a real estate appraisal EXCEPT:

Question 24 24. A homeowner who is getting a loan through a lender and needs an appraisal on their new construction and their house is not quite finished will need this date on their appraisal:

Question 25 25. An appraisal that needs to be valued as of the date of death of a decedent would need to have this date of value on it:

Understanding Real Estate Value 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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