My name is Cherish and I have just passed my trainee appraisal exam! I'm a trainee baby!
I worked closely with the team here at Appraisal Tests when I was preparing for my Florida trainee appraisal exam and they asked if I would write an article for them to help whoever else is studying for this BEAST of an appraisal exam. Before we get in to the nuts and bolts, let me tell you that at least 15 of the questions that were on the exam were word for word what they have on this website. I would say another 15-20 questions were almost word for word as well.
Anyway, if you want their help (worth the small amount of $$), here is the link - Appraisal Trainee Exam Questions
It's cheap piece of mind and they give you a refund if you don't pass. How can you lose?! Love this site. Anyway...
Let me start off by saying you've got to pay attention. I have never seen so many trick questions in my entire life so they are trying to trip you up. Read the questions over and over again to make sure you are getting it.
The top 3 items to study are highest and best use, USPAP, and the three approaches to value. I think 35%-40% of the test cover these items.
Highest & Best Use - I felt like this was 25% of the trainee appraisal exam (it was everywhere!). Highest and Best Use is really confusing to me so this website was a big help. Understand what an interim use is, know the four tests of the Highest and Best Use (and their order) and always understand that the most profitable use for the site (if development is cost effective) is normally the highest and best use. Lot of trick questions here...
USPAP - Not a whole lot to say on this one. Know the Standards and what each one is responsible for. As long as you know those, you will be able to use the process of elimination on the answers to find the right one. Know the history of USPAP, who started it and why they started it.
Income Approach - This is where I felt this website really kicked ass. I don't think you have to buy the practice questions here but I will say that after going through these over and over on the website I smashed this part of the test. You've got to know about gross income, expenses, ROI and cap rates. I didn't see anything about discount rates on the appraisal exam (thank God).
Vocabulary on the trainee appraisal exam (Ones that I remember being specifically on there)
- Principle of Substitution
- Market Value
- Principle of Anticipation
- What does USPAP stand for?
- Real Property
- Personal Property
- Fee Simple Estate vs Leased Fee Estate
There was some statistics on the exam but honestly, they were very easy. Can you average 5 numbers together (mean)? Can you line up the numbers from smallest to largest and pick the one in the middle (median)? Can you find the number that is listed the most often (mode)? You get my drift, it's not hard.
I will probably come back and add to this list if and when I think of some more trainee appraisal exam questions.
I've never written publicly before so I want to thank you in advance for not destroying me in the comments about my awful writing. HA! Best of luck guys!
P.S. If you're reading this and wanting more information on how to become a real estate appraiser, this website is a really good start!