CA Real Estate Finance Course » 2021 » Sec 10 Unit 3 Exam

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Question #1
Under AIR, there are limits to the actions licensees may take to avoid influencing the appraiser’s value. What are licensees NOT allowed to do?
A.   Suggest additional business be contingent upon the appraiser's value determination for a current property.
B.   Ask an appraiser to consider additional, appropriate property information.
C.   Ask for more detail or an explanation of the appraiser's value determination.
D.   Ask an appraiser to correct errors in an appraisal report.
Question #2
Which of these appraiser requirements does AIR NOT specify?
A.   Be able to access the data needed to perform an appraisal
B.   Be qualified to appraise the property involved in the transaction
C.   Be licensed or certified in the state where the property is located
D.   Be knowledgeable about the global market rates
Question #3
Which of the following loans may require compliance with Appraiser Independence Requirements?
A.   FHA
B.   VA
C.   Commercial
D.   Conventional
Question #4
What's the price at which a willing buyer and a willing seller would strike a deal given normal market conditions?
A.   Insured value
B.   Value in use
C.   Valuation
D.   Market value
Question #5
There are a lot more sellers than buyers in the current market. How does this demand influence value?
A.   Value is pushed upward.
B.   Value is pushed downward.
C.   Value remains the same.
D.   Demand doesn't influence value.
Question #6
Which of the following terms means the price a property is worth to its owner as currently enjoyed?
A.   Appraisal
B.   Investment value
C.   Value in use
D.   Insured value
Question #7
This could happen if a factory were put in next door that changed and impacted property value.
A.   External obsolescence
B.   Physical depreciation
C.   Functional obsolescence
D.   Depreciation
Question #8
Which of the following occurs when the property is damaged or just has normal wear and tear?
A.   External obsolescence
B.   Depreciation
C.   Functional obsolescence
D.   Physical depreciation

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