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A verified residential ratio study reports a median appraisal-to-sale ratio of 0.84, a coefficient of dispersion (COD) of 19, and a price-related differential (PRD) of 1.06. An analyst proposes multiplying every appraisal by the same positive factor to bring the median to 1.00. The sales sample and property data will not change. Which description of the statistical effect is correct?
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Correct answer: B - The median would reach its target; COD and PRD would remain unchanged.
Question 2
A reappraisal project has 4,800 parcel records left to validate at 40 minutes each. Travel and quality review add 600 project hours. Two employees are already assigned. Each existing or additional employee has 900 paid hours available before the deadline, including 180 hours committed to leave, training, and other duties. Work can be divided evenly, and only whole full-time assignments are allowed, without overtime. How many additional employees are needed?
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Correct answer: D - 4 additional employees
Question 3
A warehouse is losing tenants while competing warehouses with modern loading facilities maintain stable rents and occupancy. Its roof, structure, and mechanical systems are sound, but its loading bays cannot accommodate the trailers typically used in the market. Enlarging the bays would cost more than the resulting increase in property value. How should the assessor classify the loss attributable to the loading bays?
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Correct answer: A - Incurable functional obsolescence
Question 4
For a stabilized apartment property, annual effective gross income is $342,000. The reconstructed statement lists $114,000 in recurring operating expenses excluding property taxes, $12,000 in replacement reserves, and $72,000 in mortgage debt service. The market-derived base capitalization rate is 8.0%, consistent with deducting reserves but excluding any property-tax load. The appraisal uses income before property taxes and an effective property-tax rate of 1.6%. What property value does this tax-loaded capitalization model indicate?
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Correct answer: C - $2,250,000
Question 5
A public agency commissions a separate appraisal for a rehabilitation feasibility comparison. It requests a value as of September 1 on the premise that all proposed repairs were complete on that date. The appraiser knows that the repairs had not begun on September 1. The premise is appropriate for the comparison and clearly disclosed. How should it be identified under USPAP?
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Correct answer: C - A hypothetical condition
Question 6
A house sold on March 15 under verified market terms. After the sale, the buyer finished its basement, and the current property record reflects that work. Dated photographs and inspection notes establish that the basement was unfinished at transfer. For a retrospective March 15 appraisal, the subject also had an unfinished basement. What treatment of this comparable is appropriate for the basement difference?
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Correct answer: A - Use the sale-date record showing an unfinished basement, with no basement-finish adjustment.
Question 7
An audit finds that one geographic team includes unheated enclosed porches in living area while another excludes them. The teams have been following conflicting examples in the office's training materials. The adopted measurement rule explicitly excludes these porches, and the audit identifies no unusual workload pressure. Which corrective plan addresses the demonstrated cause?
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Correct answer: D - Replace conflicting examples, retrain both teams, and audit the resulting record corrections.
Question 8
A city introduces a homestead exemption while holding its total property-tax levy constant. There is no replacement funding or rate cap, one tax rate applies to the remaining taxable base, and values otherwise remain unchanged. At a public hearing, an owner who does not qualify asks how the exemption affects that property. Which explanation follows from these conditions?
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Correct answer: B - Your share of the fixed levy increases because exempted value leaves the tax base.
Question 9
A cost-approach appraisal of a renovated special-purpose facility establishes land value of $145,000 and current replacement cost of the improvements of $620,000. The building is actually 32 years old, its effective age is 12 years, and its total economic life is 60 years. Use a single age-life depreciation allowance, with no additional depreciation or separate site-improvement items. Which value indication follows, rounded to the nearest dollar?
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Correct answer: A - $641,000
Question 10
A review finds tightly clustered ratios for recently sold homes, while comparable unsold homes have systematically lower appraisals. Audit logs show an override that set each sold home's appraisal to its verified sale price. The override was not applied to matched unsold homes, and no property-characteristic changes explain the difference. What does this reveal about the favorable sold-property statistics?
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Correct answer: C - They are biased by sale-triggered adjustments not applied to comparable unsold property.
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