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Appraisal test questions help

DanCD

Thread Starter
Freshman Member
Joined
May 15, 2003
Professional Status
Licensed Appraiser
State
California
Hi,

Here are some questions in the test I was not sure of the answer. Please help. Thanks a lot.

1. The subject is located on 9th floor.
Comp 1 is located on 10th floor. Com 2 is located on 7th floor. Comp 3 is located on 6th floor. What methods are used in this case? Pair sale or quantitative analysis?

2. Which is most reliable to least reliable for comps search? time of sale, number bed/bathroom, neighborhood, GLA, price
 

DanCD

Thread Starter
Freshman Member
Joined
May 15, 2003
Professional Status
Licensed Appraiser
State
California
I just passed the state test last weekend after couple times. I used Compucram and practicted the test until 90%. I also studied the book from AI. Everything in the state exam was worded so much differently from the study. Thanks forums.
 

Michigan CG

Moderator
Staff member
Moderator
Joined
Nov 1, 2006
Professional Status
Certified General Appraiser
State
Michigan
Hi,

Here are some questions in the test I was not sure of the answer. Please help. Thanks a lot.

1. The subject is located on 9th floor.
Comp 1 is located on 10th floor. Com 2 is located on 7th floor. Comp 3 is located on 6th floor. What methods are used in this case? Pair sale or quantitative analysis?

2. Which is most reliable to least reliable for comps search? time of sale, number bed/bathroom, neighborhood, GLA, price

1. Who the heck wrote these questions? Floor location is a factor in value in some markets and therefore given there are sold comps on different floors you would be using matched pairs (pair sale) so as to derive a quantitative adjustment. The question is worded badly.

2. Another poorly worded question. This would depend on the location but let's go with the choices. I would put neighborhood first (location, location, location). After that I would say GLA but bath/bed count would be similar with similar GLA homes. We are down to time of sale and price. Most would say you should never search by price which is incorrect. If I know the house is worth between $250 and $300 then I can use those as parameters.

If I am in an exclusive neighborhood a dated sale may be one of the best sales if it is in that neighborhood. However if I am in cookie-cutter-ville there is no reason to use a dated sale.

I am going to say the question is looking for: Neighborhood, GLA, Bed/bath count, time of sale and finally price.
 

Mark K

Senior Member
Joined
Jan 27, 2004
Professional Status
Certified Residential Appraiser
State
Indiana
Congrats!

From what I've encountered, the test questions must be written by people unfamiliar with the subject matter. Successfully passing these tests relies a lot on your ability to decipher the questions and taking a stab at what they're asking. Your two examples are poorly worded but common in online CE classes.
 

glenn walker

Elite Member
Joined
Oct 11, 2006
Professional Status
Certified Residential Appraiser
State
California
Gee I think I failed the test :)
 
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