Practice Exam #2

Quiz #2: Agents and the New Appraisal Process

In this new era of real estate, today’s agent must know more about appraisers and the appraisal process, and know how to turn low appraisals into closed sales. Take this short quiz to find out how well you measure up on the new appraisal process.   

Q. When most people ask about an appraisal they only want to know one answer:
Q. USPAP defines an appraisal as:
Q. Property valuation is:
Q. Regardless of who provides it or where it comes from, once any details are reported in the “closed” or “sold” information within MLS:
Q. An appraisal is a series of steps that leads to:
Q. Sometimes after you lose a listing, and then find out it is listed for a much higher price than you recommended:
Q. When three brokers (or appraisers) look at the same house:
Q. At some point in every loan transaction:
Q. At some point __________can become a deterrent rather than a benefit to value:
Q.What is the first line most people look at in an appraisal report?
Q. What is NAR’s new “ultimate information resource” set to be released in 2010, which will provide access to tax and assessment data; property data; neighborhood, demographic and psychographic information; maps, trends and reports; and zoning, permits, environmental, neighborhoods, and school districts - and be exclusive to members of NAR? 
Q. Making a determination of value requires:
Q. After the buyer’s agent gets notified the appraisal is “at or above” the sales price:
Q. Residential property values are typically based on:
Q. One method of determining a proper per-item adjustment is by the use of:
Q. The circumstances of comparable sales often play a key role in the valuation process and are one of the reasons why local knowledge is imperative:
Q. Being a professional real estate practitioner requires all the following, Except:
Q. The MLS is one of the most powerful databases in the world, and is:
Q. Whenever there is an appraisal that comes in below the contract price:
Q. Agents and appraisers ______ the market, they do not _______ the market.