Core vocabulary and licensing tier requirements (trainee, licensed, certified residential, certified general) tested on appraisal licensing exams.
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- What is a trainee appraiser?
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Entry-level appraisal credential requiring supervision of a licensed or certified appraiser- What is a licensed appraiser?
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An independent appraiser who can appraise non-complex residential and commercial properties- What is a certified residential appraiser?
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An appraiser qualified to appraise 1-4 unit residential properties without restriction- What is a certified general appraiser?
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An appraiser qualified to appraise any type of property without restriction- List the four main appraisal licensing tiers in order.
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Trainee, Licensed, Certified Residential, Certified General- What does the cost approach to value measure?
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The estimated cost to construct an identical or similar replacement property new- What does the sales comparison approach rely on?
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Recent sales prices of comparable properties to determine the subject property's value- What is the income approach used for?
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Valuing income-producing properties by analyzing their earning potential- Which valuation approach is most commonly used for residential properties?
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The sales comparison approach- Define market value.
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The most probable price a property should bring in a competitive, open market between willing buyers and sellers- Define appraised value.
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The appraiser's professional opinion of a property's value based on analysis and judgment- Define assessed value.
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The value assigned to a property by a tax assessor for property tax purposes- What is a comparable property?
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A property that is similar to the subject property and has recently sold, used in value comparisons- What is an adjustment in appraisal?
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A dollar or percentage change applied to a comparable property to account for differences with the subject property- Define reconciliation in appraisal.
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The final step where the appraiser weighs all valuation approaches and data to reach a final value conclusion
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