Michigan CG
Elite Member
- Joined
- Nov 1, 2006
- Professional Status
- Certified General Appraiser
- State
- Michigan
Most math questions in appraisal tests (classes) have information that you don't need, or at least that is my experience with Appraisal Institute classes.
The question might be what is the estimated remaining life of the subject property and might include GRM information (best example I can think of). Look at the question asked and eliminate the information not needed.
Most residential appraisers are not taught the income approach well, and some are taught absolutely wrong. If you have a question on the test about GRM and they give you the rent of the subject and sales price you would ignore those as we don't take the subject rent divided into the subject sales price to determine GRM yet many appraisers were taught that.
An income property question might have federal income taxes as one of the numbers in the question........that is not part of the income approach but put in there to see if you bite.
A cost approach question might ask about EI/EP that most appraisers don't account for in their cost approach.
The people who have trained you might not be the best source of information on the questions. These tests will include a lot of things that the typical residential appraiser does not EVER use. Many appraisers learn things for the tests and if they aren't used they forget the information/talents they were taught (I was a great drummer 30 years ago but not so much anymore). When I took the SRA designation classes I remember seeing questions on tests and noting to myself that I had never needed to know some of those things for my residential practice and I do some pretty complex work sometimes.
It might be advantageous to you to figure out what specifically you are having the most problems with and take the appropriate Appraisal Institute class on-line. AI classes are the best education you will ever take and the tests are not easy like some other providers. The class will count toward your CE so it is not wasted money.
The question might be what is the estimated remaining life of the subject property and might include GRM information (best example I can think of). Look at the question asked and eliminate the information not needed.
Most residential appraisers are not taught the income approach well, and some are taught absolutely wrong. If you have a question on the test about GRM and they give you the rent of the subject and sales price you would ignore those as we don't take the subject rent divided into the subject sales price to determine GRM yet many appraisers were taught that.
An income property question might have federal income taxes as one of the numbers in the question........that is not part of the income approach but put in there to see if you bite.
A cost approach question might ask about EI/EP that most appraisers don't account for in their cost approach.
The people who have trained you might not be the best source of information on the questions. These tests will include a lot of things that the typical residential appraiser does not EVER use. Many appraisers learn things for the tests and if they aren't used they forget the information/talents they were taught (I was a great drummer 30 years ago but not so much anymore). When I took the SRA designation classes I remember seeing questions on tests and noting to myself that I had never needed to know some of those things for my residential practice and I do some pretty complex work sometimes.
It might be advantageous to you to figure out what specifically you are having the most problems with and take the appropriate Appraisal Institute class on-line. AI classes are the best education you will ever take and the tests are not easy like some other providers. The class will count toward your CE so it is not wasted money.
