. The CSUSB Academic Honesty Policy will be strictly enforced.2. Before starting, please check your exam and verify if all the pages are printed properly and are in order.

. The CSUSB Academic Honesty Policy will be strictly enforced.2. Before starting, please check your exam and verify if all the pages are printed properly and are in order.

At the start of the test:

1. This test contains 8 pages.

2. Before starting, please check your exam and verify if all the pages are printed properly and are in order.

How to answer:

1. This test contains 40 questions.

2. Choose the BEST answer for each of the multiple choice questions; there is only ONE best answer for each question.

3. Enter your answer for each question on the ANSWER SHEET; note that ONLY the answer sheet will be graded, but please turn in the entire packet.

After the test:

1. At the end of the test, please submit your exam to my through email at yu.liu@csusb.edu.

2. Failing to do so will receive a zero on the exam.

Section1: Multiple choice questions (2.5 points each)

1. An appraisal can be described as a process to produce

A. A statement of value

B. A fixing of value

C. An estimate of value

D. None of the above

2. The value of an object means its

A. Fixed amount

B. Worth, utility or usefulness to someone for some purpose

C. Highest asking price

D. Value for any purpose

3. For appraisal purposes, market value generally may be defined as

A. The most probable selling price

B. The amount of the loan commitment

C. The asking price

D. The highest offer

4. Informal appraisals include

A. Price comparisons made by consumers

B. The familiar “market analysis” made by sales agents

C. Value judgments based on intuition and experience

D. All of the above

5. As contrasted with informal appraisals, formal appraisals

A. Are always in writing

B. Are based primarily on supporting data

C. Depend primarily upon intuition

D. Cannot be easily reviewed

6. Which statement accurately describes a formal appraisal report?

A. It may be either oral or written

B. It may vary in length from a short form or letter to a detailed narrative

C. Its form and contents are governed by professional and legal standards

D. All of the above are true

7. Which of the following statements about the government survey system is false?

A. A township is 36 sections

B. A section is 640 acres

C. A section measures one square mile

D. All sections are the same exact size

8. To be valid, a contract must

A. Include an offer, an acceptance, and consideration

B. Involve competent parties, an act to be performed, legal consideration, a mutual agreement, and the mutuality of obligation

C. Both a. and b.

D. Comply with the Statute of Frauds

9. The bundle of rights includes

A. The right to occup

Explanation & Answer

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