section 13 unit 4 exam

Which of the following statements about appraisal activities is true?

Appraisers' activities are highly regulated, especially when a federally related transaction is involved.

Which of these properties are exempt from the FIRREA federal appraisal guidelines?

Properties valued at $400,000 or less

Which statement best describes the most common approach used to reconcile the three appraisal approaches?

The appraiser may weigh one or two approaches more heavily than the others, as appropriate for the property type.

What entity sets the standards for the appraisal report?

USPAP

What type of property is Aileen appraising if she's using the income approach?

a short-term lake rental

What type of value is of interest to taxing authorities?

assessed value

Appraiser Jamie is looking past how a property is being used to determine a higher value. What is Jamie determining?

highest and best use

Appraiser Jerry is looking past how a property is being used to determine a more optimal function. What is he determining?

highest and best use

What type of value may consumers be interested in if they are looking for the potential rate of return?

investment value

Which appraisal approach will likely weigh most heavily during the reconciliation step when appraising a single-family residence?

sales comparison