Are you wanting to pass your Basic Appraisal Procedures Exam?
If so, you’re in the right place. If you aren’t then you may way not want to waste the next 5 minutes of your life!
Before we get started, let me plug my site, www.appraisaltests.com . I’ve got a ton of sample questions here that come from people who have already taken the test. We have questions that are almost exactly what you will see on the exam. Pass our test, pass the exam. It’s that simple.
Ok guys, so back to the freebies info regarding Appraisal Procedures. It doesn’t matter what sort of appraiser you want to be. Commerical real estate appraiser? Gotta have it. Residential real estate appraiser? Gotta have it. It’s a necessity for getting your trainee license.
Basic Appraisal Procedures is different than Basic Appraisal Principles. Hopefully you paid attention in class to know what these differences are, but if not, let me throw you a list of what is going to be on the exam.
Now open up for daddy, I’m about to pour a lot of free information down your throat.
• Derive adjustments using paired sales analysis. (scary)
• Identify the basic components and processes used to derive a value indication when performing the income capitalization approach.
• There are six procedures for analyzing land or site value. Know what they are and how to use them.
• Reconcile the indicated values derived in the sales comparison approach to a single point value opinion.
• Apply component costs to estimate the cost of residential building improvements.
• Identify typical elements of comparison used in the sales comparison approach.
• There are eight steps in the valuation process. Know them.
• Analyze sales so you’re picking out the best comparable properties.
• Be able to list the types of reports used to communicate the appraisal results.
• Identify the three cost-estimating methods used by appraisers.
I can hear you moaning already. “But I want to see questions that will be on the test!”. Fine, you lazy millennial. Here are a few questions that are on our website, www.appraisaltests.com that are the exact same or similar to what you will see on the test.
Who determines who the intended users will be? – The Client
What are the four criteria to determine a property’s highest and best use? – Legally Permissible, Physically Possible, Financially Feasible and Maximally Productive
What are the three approaches used in valuing improved properties? Cost, Sales and Income
The conversion of income into value is called what? – Capitalization
There. I gave you four. Now, you will make at least a six on the exam!
Good luck on your test my e-friends! I’m sure you will crush it.
Your friendly neighborhood appraiser.