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