10 exam-style questions with answers and explanations, straight from our 1,030-question bank. Tap an answer to check yourself. When you're ready, take the scored version in the free practice test.
The LRRPA exam has 125 questions and runs 4 hours.
These 10 free LRRPA questions are organized by exam domain, so you can see how each part of the Licensed Residential Real Property Appraiser Examination blueprint is tested. Reveal the answer and explanation under each question.
A legally buildable residential site is improved with an obsolete dwelling. The property as currently improved is worth $285,000. The land as though vacant is worth $330,000, demolition will cost $25,000, and the vacant-use alternative is financially feasible and maximally productive. Which highest and best use conclusion is best supported?
Correct answer: C - Demolish the dwelling because the net vacant-site alternative is $305,000
A rental-housing market is still receiving projects begun during expansion. Over the past two quarters, vacancy has risen, absorption has slowed, concessions have increased, and rent growth has nearly stopped. Which market-cycle stage best fits these conditions?
Correct answer: A - Hypersupply
After a fire, a city orders a four-unit residence vacated until unsafe wiring and structural damage are repaired under the building code. Which governmental power authorizes the order?
Correct answer: C - Police power
A split-level dwelling has 1,850 square feet finished entirely above grade and 700 square feet finished on a level partly below grade. The assignment's measurement standard classifies any partly below-grade level as basement area. The draft reports 2,550 square feet as above-grade gross living area. What correction is appropriate?
Correct answer: A - Report 1,850 square feet as above-grade GLA and analyze the 700 square feet separately
An electric utility holds a recorded right to cross the subject property to maintain transmission lines. The right benefits the utility company rather than any neighboring parcel. The encumbrance is best classified as:
Correct answer: B - An easement in gross
A 1.4-acre residential parcel contains a dwelling on 0.7 acre. The remaining 0.7 acre has separate legal access, meets minimum lot-size requirements, and can be sold as a conforming homesite without reducing the utility of the residence. How should the additional land be treated?
Correct answer: A - As excess land with an independent highest and best use
The subject is a renovated 1,900-square-foot ranch in a suburban school district. Sale 1 is 0.3 mile away but is an unrenovated two-story dwelling purchased by an investor. Sale 2 is 4 miles away in the same competitive school district, is a renovated ranch of similar size, and has verified arm's-length terms. Which sale should receive greater initial consideration?
Correct answer: B - Sale 2, because competitive similarity and verified terms outweigh distance
A comparable sold for $480,000. It is 200 square feet larger than the subject, and market evidence supports a marginal living-area contribution of $70 per square foot. The comparable also has a view superior to the subject by $12,000. No other adjustments are required. What is the comparable's adjusted price?
Correct answer: D - $454,000
A seller paid $15,000 of the buyer's closing costs. Verified paired evidence indicates that the concession increased the contract price by $9,000 compared with otherwise similar cash-equivalent sales. How should the concession be handled in the sales comparison analysis?
Correct answer: C - Reduce the comparable by $9,000, the supported cash-equivalency effect
Two recent sales are proposed as a pair to extract the value of a second garage bay. Sale A has a two-car garage and a remodeled kitchen; Sale B has a one-car garage and an original kitchen. They are otherwise similar. What is the central analytical problem?
Correct answer: D - The kitchen difference prevents the pair from isolating the garage contribution
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