1. According to CUSPAP, when completing an appraisal review, members must comply with which of the following Reviews Standard Rules?

a. Include reasons for any disagreement or agreement with the report being reviewed

b. Provide an opinion on the adequacy and relevance of the data

c. Provide an option as to the appropriateness and proper application of the methods and technique used

d. All of the above

2. Which of the following statements regarding the valuation of air rights is FALSE?

a. Using the direct comparison approach can be difficult because the sale of air rights is highly unique and impacted by the limited market in which density transfers occur.

b.A development pro forma is generally utilized to determine a residual land value measure in per buildable square foot.

c. The value of the transferable air rights is always equivalent to the value per buildable square foot associated with a certain achievable density.

d. The direct comparison approach and the income approach are the generally accepted approaches for the valuation of commercial air rights.

3. Which of the following statements regarding condominium ownership is FALSE?

a. It is not possible to have leasehold interest in a condominium because they can only be rented short term (month to month)

b. Lenders institutions are less willing to lend on cooperatives and interest rates on the loan may be higher.

c. the cooperative corporation is the landlord and the shareholders are tenants of the corporate landlord.

d. Residents in a cooperative do not hold a freehold interest in their unit.

4. A letter of engagement for an appraisal assignment does which of the following?

a. Includes an estimate of market value for the subject property

b. Gives permission to parties other than the intended user to use the appraisers report for their own purposes

c. States the original terms of reference for the work.

d. Allows the valuation professional to step away from CUSPAP rules