Appraisers who use residential real estate appraisal forms a) Are exempt from USPAP regulations b) Are limited to residential properties that have a market value of less than $1 million c) Must comply with all USPAP regulations d) Must discuss the appraisal issues in the limited space on the form The sales comparison approach is primarily a) An analysis based on historical sales of similar properties b) A market-driven analysis based on the actions of brokers and buyers in the market c) A market-driven analysis based on the income and expense potential of a property d) An analysis based on the appraiser's interpretation of brokers' opinions of value Which of the following is true regarding the sales comparison approach? a) It provides the most straightforward and simple indication of value if good comparable sales are available. b) Listings and offers to purchase cannot be used as comparables. c) The sales must be closed within six months. d) The subject is adjusted to the comparables. Which of the following statements about the reconciliation process is the most correct? a) Reconciliation is the final phase of any valuation in which two or more value indications are derived. b) The reconciliation process is used at the appraiser's discretion. O c) The reconciliation process must end with a single point estimate. d) Reconciliation involves an averaging of the value indications. Calculate the correct price of the property using the cost approach. Value of land: $100,000 Replacement cost of improvements at current prices: $1,250,000 Recent sale of comparable property: $1,100,000 Mortgage: $900,000 Accumulated Depreciation: $50,000 a) $1,150,000 b) $1,350,000 c) $300,000 d) $1,300,000