Basic Appraisal Principles
Basic Appraisal Principles will be one of the first appraisal classes you take on your path to becoming a real estate appraiser. If real estate appraising is a career you really considering, your first step starts here.
Here at AppraisalTests.com, we consider this course to the foundation for all your future classes. The knowledge you will gain from not only appraising income producing property but complex residential properties as well.
This course is a requirement in order to get your real estate appraiser trainee license and counts for 30 hours of your education requirements.`
In this article, we will cover
- What this class covers
- The best place to take the class online
- The best exam prep for this class
What topics will be the Basic Appraisal Principles Test cover?
- Real Property Characteristics
- Real Property Concepts
- Legal Descriptions
- Influences on Real Property value
- Basic economic principles
- Analyzing markets
- Appraisal theory and practice
- Real Estate Math
- And much more….
Passing the Basic Appraisal Principles Test
The vocabulary portion on this appraisal exam is what tricks so many people. You see, in the appraisal world, there are thousands of real estate terms that you will need to know and understand in your appraisal career.
Take a long look at the answers BEFORE you read the question. Eliminate the ones that you know are wrong and then make an educated guess. You’ll probably get it right.
Basic Appraisal Principles Test Questions
Below are a few questions that you will see on your exam.
- What is the capitalization rate if the sales price is $400,000 and the net operating income is $55,000(numbers may change)?
- The right of survivorship is most closely associated with what form of ownership?
- ______________ is the governmental right to affect the orderly transfer of property ownership to the state when the owner dies without a valid will and there is an absence of legal heirs.
- The principle of __________________ states that competition is good for a healthy free market, but too much competition may become ruinous.
- Townships are divided into 36 sections by ___________.
This is a solid sample of some questions what you will find on your exam.
In our December 2019 survey, we have found that almost 65% of people do not pass this exam their first try, but thankfully that number shoots up to 90% when they take it the second time.
Our users have a 90% pass rate which we are still trying to make higher.
Basic Appraisal Principles Online Course Providers
- Mckissock – My far the most popular. Their reviews are less than stellar though. Our clients who have taken them would only recommend them if you need to have a class online.
- Appraisal E-learning – This is an up and coming company with a lot of potential. One thing I do not like about them is their platform does not seem very professional. However, they are normally a cheaper option.
- Appraisal Institute – They are the gold standard for in-person training but their online platform is garbage. However, education from them does look great on your resume.
Basic Appraisal Principles Exam Prep
Preparing for this exam is really no different than preparing for other exams. You need to be able to complete the practice questions in your book without much trouble.
Additionally, you need our exam prep program for this class. Our questions are as close to the real thing you will find. We survey all our past students and constantly update material to make sure you know exactly what is on the exam.