Question: Which situations would likely require an appraisal?

Answer Options: A. A divorce settlement B. A home warranty purchase C. A pest control assessment D. A property inspection

Answer: A. A divorce settlement

Question: Which type of appraiser may appraise one- to four-unit residential properties without regard to value or complexity?

Answer Options: A. Trainee appraiser B. Licensed residential appraiser C. Licensed general appraiser D. Certified residential appraiser

Answer: D. Certified residential appraiser

Question: Which situation would likely require an appraisal?

Answer Options: A. A bankruptcy proceeding B. A property renovation C. A new insurance policy D. A new lease for commercial property

Answer: A. A bankruptcy proceeding

Question: Which appraiser is qualified to perform an FHA appraisal?

Answer Options: A. A trainee appraiser under supervision B. A licensed residential appraiser on the FHA-approved list C. A certified general appraiser on the FHA-approved list D. Any certified general appraiser

Answer: C. A certified general appraiser on the FHA-approved list

Question: Which is an acceptable way for an appraiser to determine their fee?

Answer Options: A. Based on the complexity of the assignment B. Based on reaching a predetermined value C. Contingent on the final sales price D. As a percentage of the property value

Answer: A. Based on the complexity of the assignment

Question: A real estate licensee wants to avoid unauthorized appraisal practice. Which action would be MOST appropriate?

Answer Options: A. Including written disclaimers with any value opinions B. Marketing their services as “appraisal services” C. Representing their opinion of value as an appraisal D. Using standard appraisal forms to present market analyses

Answer: A. Including written disclaimers with any value opinions

Question: A tenant installs specialized equipment necessary for their restaurant business in a leased building. The equipment would be considered:

Answer Options: A. real property B. improvements C. permanent fixtures D. trade fixtures

Answer: D. trade fixtures