CRPA Relocation Appraisal Methodology & Terminology 2

Question 1

In a relocation appraisal, the 'amended value' refers to which of the following?

Accepted Answer

A revised appraisal opinion reflecting changed market conditions or new data

Answer

Amended value is a revised appraisal issued when new information or changed market conditions warrant an update to the original opinion of value.

Question 2

Which adjustment method is most commonly applied in relocation appraisals to account for differences in gross living area (GLA)?

Accepted Answer

Paired sales analysis to extract a per-square-foot adjustment

Answer

Paired sales analysis isolates the contributory value of GLA by comparing otherwise similar sales with differing sizes.

Question 3

Under ERC guidelines, which of the following best describes 'normal marketing time' in a relocation appraisal?

Accepted Answer

The estimated exposure time in a competitive market under prevailing conditions for the subject property type

Answer

Normal marketing time reflects the estimated period to sell the subject property under current market conditions, not a fixed standard.

Question 4

A relocation appraiser is asked to value a property 'as of' a date six months prior to the inspection. This is known as a:

Accepted Answer

Retrospective appraisal

Answer

A retrospective appraisal establishes value as of a historical date using data available or known at that time.

Question 5

Which of the following is a key distinction between a relocation appraisal and a standard mortgage appraisal?

Accepted Answer

Relocation appraisals forecast a probable selling price under anticipated market exposure

Answer

Unlike mortgage appraisals that estimate current market value, relocation appraisals forecast the most probable selling price under a defined marketing scenario.

(CRPA) Certified Relocation Professional Appraiser Practice Test

(CRPA) Certified Relocation Professional Appraiser Practice Test

CRPA Relocation Appraisal Methodology & Terminology 2