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In developing an appraisal of a site that has been contaminated, it is common to develop a highest and best use for the property. It

  1. In developing an appraisal of a site that has been contaminated, it is common to develop a highest and best use for the property. It is also ________ to develop an appraisal for the property using a(n) ________ to derive the value of the property if it were cleaned up as well as an opinion of value in its current condition.
    1. Common, jurisdictional exception
    2. Common, hypothetical condition
    3. Uncommon, jurisdictional exception
    4. Uncommon, hypothetical condition

  1. The difference in what information is contained in an Appraisal Report and a Restricted Appraisal Report is:
    1. The property being evaluated and the use of the appraisal
    2. The summarizing or stating of the information used and analyzed and used in the report and the scope of work
    3. Neither of the above
    4. Both of the above

  1. Can an appraisal be performed on a property with development that has yet to be started, but for which detailed blue prints and approval for the project has been granted?
    1. Yes
    2. No

Why? ______________________________________________________________________

  1. Tom has just been called by a lender who said that the need an appraisal of 123 Main St in Toms market where he is considered very competent. The lender asks Tom to please proceed with an appraiser, but if he cannot support a value of $239,000 or more then he should stop and call the lender immediately. Should Tom accept this assignment?
    1. Not accept the appraisal assignment
    2. Accept the appraisal assignment if they can develop an appraisal of $239,000 or more
    3. Accept the assignment, but only if the appraiser can develop an opinion of value
    4. None of the above

  1. When should an individual comply with USPAP?
    1. When the appraiser is obligated by law
    2. When the appraiser is in agreement with the client or intended users
    3. Both a and b
    4. Either a or b

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