Property Appraisal: Definition, Purpose & Process

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What is the purpose of property appraisal?

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

2. What is the purpose of the reconciliation of value?

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About This Quiz & Worksheet

Property appraisals are necessary for determining the true value of real estate. The quiz covers definitions and methods related to the valuation of property.

Quiz & Worksheet Goals

You will be quizzed on:

  • The purpose of a property appraisal
  • Common approaches to appraisal
  • The reconciliation of value
  • When to use a cost approach for an appraisal
  • An appraisal approach that is commonly used by retail purchasers

Skills Practiced

  • Knowledge application - use your knowledge to identify when a cost approach should be used to determine property value
  • Information recall - consult your understanding to name the appraisal method often used by retail purchasers
  • Reading comprehension - ensure that you pull the most essential information from the lesson on property appraisals

Additional Learning

The lesson entitled Property Appraisal: Definition, Purpose & Process takes a deeper look at this subject. You will learn about:

  • What property appraisal is and involves
  • A factor that causes value to change
  • Basic components of common appraisal types
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