Each test has about 87 questions. Based on the testing data collected, Focused Learning did its best to meet the 14 major content areas established by Appraiser Qualification Board (AQB) standards.

  • 1. Influences on Real Estate Value
  • 2. Legal Considerations
  • 3. Types of Value
  • 4. Economic Principles
  • 5. Real Estate Markets and Analysis
  • 6. Property Description
  • 7. Highest and Best Use Analysis
  • 8. Appraisal Math and Statistics
  • 9. Sales Comparison Approach
  • 10. Site Value Methods
  • 11. Cost Approach
  • 12. Income Approach
  • 13. Valuation of Partial Interests
  • 14. Appraisal Standards and Ethics

View some sample questions below.

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The appraisal assignment of a building under construction requires a value as of the date of stabilized occupancy. What value is required, and what assignment condition is employed?
A) Prospective market value and hypothetical condition
B) Prospective market value and extraordinary assumption
C) Current market value and extraordinary assumption
D) Current market value and hypothetical condition
The following metes and bounds description was provided:

"North 60 deg. West 250'; North 30 deg. East 50'; South 60 deg. East 150'; North 30 deg. East 175'; South 60 deg. East 100'; and South 30 deg. West 225' along the road to the point of beginning."

What is the size and shape of this parcel?
A) 0.69 acres; T-shaped
B) 0.69 acres; L-shaped
C) 0.80 acres; T-shaped
D) 0.80 acres; L-shaped
A water tower holds enough water to provide a week's worth of water at 70 gallons per capita per day to the 30-unit development. The average occupancy is 3.6 people per unit in this development. What is the minimum required capacity of the water tower?
A) 7,350 gallons
B) 180,075 gallons
C) 14,700 gallons
D) 51,450 gallons
A developer has a rectangular 5-acre site with a commercial zoning designation allowing mini-storage, office, retail, or apartments.

Given these factors, if the building capitalization rate is 10% and the land capitalization rate is 7.5%, what is market value per sf of the site under the highest and best use?
Costs Financial Data
Mini-storage 0.60 FAR $66 per sf
hard and soft
NOI $1,051,000
Rental 0.40 FAR $108 per sf
hard and soft
EGI $24 per sf
Expense ratio: 45% of EGI
Office 0.540 FAR $120 per sf
hard and soft
Gross Rent: $25 per sf
Market occupancy: 92%
Expense ratio: 45% of EGI
Multi-unit 15 UPA $108,000 per unit
hard and soft
Monthly Rent: $2,400 per unit
Market occupancy: 95%
Expense ratio: 45% of EGI
A) $16.00 per sf
B) $15.00 per sf
C) $19.50 per sf
D) $14.50 per sf
The local zoning ordinance requires that any property with impervious coverage that discharges more than 100,000 gallons of water from a rainstorm producing 4 inches of rain must have a retention pond to handle the water. The proposed subject warehouse will have 260,000 sf of impervious surface. A cubic foot of water contains 7.48 gallons and retention ponds can hold no more than 500,000 gallons for safety reasons.

There is no retention pond on the plan. How should the appraiser describe the building and its compliance or noncompliance?
A) The building will discharge 648,580 gallons in a 4-inch rainstorm and therefore needs a retention pond
B) The building will discharge 21,645 gallons in a 4-inch rainstorm and will not need a retention pond
C) The building will discharge 86,667 gallons in a 4-inch rainstorm and will not need a retention pond
D) The building will discharge 1,944,800 in a 4-inch rainstorm and will need a retention pond
A property was purchased for $1,200,000. It had first year net operating income of $110,500 which increases annually by 3% for the term of the lease which ends in 10 years. The property was financed with a 70% loan, a 7% annual interest rate, and a 20 year term with monthly payments. The property was sold at the end of year 5 with a reversion based on a terminal capitalization rate of 9.3% applied to Year 6 income. Cost of sale for the reversion is projected to be 5% of the gross proceeds.

What is the yield to the lender?
A) 9.30%
B) 7.0%
C) 9.2%
D) 6.5%
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