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• APPRAISAL CHALLENGE •


Gal Taking a Quiz  
If you are looking and wondering if this course will increase your appraisal knowhow, then take this quick quiz. It will show your results immediately. The course has tons of information in addition to the topics mentioned in this quiz. But, for fun, and without providing your email or name, you can try this brief quiz. Be totally honest, if you do not know the answer, do not guess.

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Question One: Equilibrium Price is the . . .

  1.   Mode of transactions.
  2.   Medium of transactions.
  3.   Average of transactions.
  4.   Perfect value.
  5.   I do not know.

Question Two: One can report the reproduction or reconstruction cost (the cost approach) if an item being appraised does not sell in a marketplace.

  1.   True.
  2.   False.
  3.   I do not know.

Question Three: In civil litigation, Fair Market Value is the correct way to value an item.

  1.   True.
  2.   False.
  3.   I do not know.

Question Four: In a deposition, the appraiser invoices the . . .

  1.   Retaining Attorney.
  2.   Client.
  3.   Opposition Attorney.
  4.   I do not know.

Question Five: An appraiser must not state hearsay evidence on the witness stand.

  1.   True.
  2.   False.
  3.   I do not know.

Question Six: Two people claim the ring you have taken in for appraising is theirs. To decide which one should be given the item . . .

  1.   Demand proof of ownership.
  2.   Only give it back to the person on the take in form.
  3.   File an interpleader.
  4.   File a small claims case.
  5.   I do not know.

Question Seven: Appraisers have . . .

  1.   A fiduciary duty with their clients.
  2.   A subjective trust with their clients.
  3.   Neither.
  4.   Both.
  5.   I do not know.

Question Eight: An appraiser in New York has with third parties . . .

  1.   Privity.
  2.   Foreseen responsibility.
  3.   Foreseeable responsibility.
  4.   All the above.
  5.   None of the above.
  6.   I do not know.

Question Nine: An appraisal issued six months after a sale by the seller, the Uniform Commercial Code views as a warranty . . .

  1.   The value.
  2.   The description.
  3.   Only description stated as guaranteed.
  4.   All the above.
  5.   None of the above.
  6.   I do not know.

Question Ten: An item is scheduled, what type of policy will be issued?

  1.   A marine policy.
  2.   An inland-marine policy.
  3.   A rider.
  4.   A floater.
  5.   Any of the above.
  6.   None of the above.
  7.   I do not know.

Question Eleven: In an insurance dispute panel, the umpire must be . . .

  1.   A lawyer.
  2.   An appraiser.
  3.   Arbitrator.
  4.   Any of the above.
  5.   None of the above.
  6.   I do not know.

Question Twelve: Inheritance taxes are . . .

  1.   Federal.
  2.   State.
  3.   Both.
  4.   Neither.
  5.   I do not know.

Question Thirteen: Absorption Statute States . . .

  1.   Have no estate taxes.
  2.   Have no inheritance taxes.
  3.   Have no gift taxes.
  4.   All the above.
  5.   None of the above.
  6.   I do not know.

Question Fourteen: The effective date based on the date of transfer applies to . . .

  1.   Probate.
  2.   Dissolution of a trust.
  3.   Inter-vivos gifts.
  4.   Dissolution of marriage.
  5.   All the above.
  6.   None of the above.
  7.   I do not know.

Question Fifteen: The date of filing is the effective date for a . . .

  1.   Conservatorship.
  2.   Breach of contract.
  3.   Breach of bailment.
  4.   Casualty loss.
  5.   All the above.
  6.   None of the above.
  7.   I do not know.

Question Sixteen: Domestic value is used for . . .

  1.   U.S. Customs.
  2.   Dissolution of marriage.
  3.   Inheritance taxes.
  4.   All the above.
  5.   None of the above.
  6.   I do not know.

Question Seventeen: Bankruptcy requires . . .

  1.   Fair market value.
  2.   Orderly liquidation.
  3.   Quick liquidation.
  4.   All the above.
  5.   None of the above.
  6.   I do not know.

Question Eighteen: The effective date for a Divorce is the . . .

  1.   Date of separation.
  2.   Date of trial.
  3.   Date of decree.
  4.   Date of filing.
  5.   All the above.
  6.   None of the above.
  7.   I do not know.

Question Nineteen: One can use a wholesale price guide to predict auction results?

  1. True.
  2. False.
  3. I do not know.

Question Twenty: The federal estate law prohibits appraisers from charging a percentage fee.

  1. True.
  2. False.
  3. I do not know.
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