Hello fellow Real Estate Appraisers! (and wannabe appraisers!)
I have a challenge for you.
My Real Estate Management students recently took their first quiz in our Basic Appraisal class.
Passing rate is 75%
How do you think you’ll do in this exam?
Guidelines: Only questions will be posted.
You may either (1) email me your answers for checking or (2) research the answers. (Of course, I want you to research on your own!)
1-5. Define MARKET VALUE
6-10. Define APPRAISAL
11-15. What is the difference between PRICE, COST and VALUE?
16-20. Enumerate 5 appraisal purposes. What is an appraisal for?
21-24. Identify 4 steps in doing real estate appraisal.
25-34. Enumerate 10 items that can be found in a real estate appraisal proposal.
35-38. Enumerate 4 bank loan process steps.
39-45. Enumerate 7 characteristics of a vacant lot.
46-50. If you were to choose between handling a property as a broker or doing an appraisal for it, what would you choose and why?
We are halfway through, how are you doing so far?
Easy? Let’s do some BASIC MATH.
Your client wants to build a fence on the following lots. Identify how many meters of fencing material he needs for each lot.
51-52. Square lot. 10m side
53-54. Rectangular lot. 10m x 20m
55-56. Triangular lot. Base=10m, Height=10m
57-58. Semi-circular lot with a diameter of 10m
Compute for the lot areas of the same lots.
59-60. Square lot. 10m side
61-62. Rectangular lot. 10m x 20m
63-64. Triangular lot. Base=10m, Height=10m
65-66. Semi-circular lot with a diameter of 10m
67-68. What is the Pythagorean Theorem? What is its practical application in appraisal?
Done with the maths! How well do you know your real estate/appraisal terms?
Define the following terms:
69-70. Caveat Emptor
71-72. Conflict of Interest
73-74. Arms-Length Transaction
75-76. Salvage Value
79-80. Ad Valorem
Draw and identify the following subdivision lots.
81. Corner Lot
82. Inner Lot
83. Through Lot
84. Corner-Through Lot
Identify the following common real estate acronyms:
90-92. Enumerate 3 documents you ask from a client requesting for real estate appraisal.
93-95. Identify 3 job opportunities for real estate appraisers.
96-100. Enumerate 5 items that can be found in a title.
Thank you for taking the challenge.
How did you fare? Did you score at least 75%?
Here’s a cute bunny as my thank you for making it this far.
Have a nice day!
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