Certified Residential Appraiser Practice Exam

What is the focus of Standard 6?

1. Appraisal Review, Development

2. Mass Appraisal, Reporting

3. Real Property Appraisal, Development

4. Personal Property Appraisal, Development

The correct answer is: Mass Appraisal, Reporting

Standard 6 is centered around Mass Appraisal and Reporting. This standard specifically guides appraisers on how to conduct and report mass appraisals, which involve valuing a group of properties and providing consistent and equitable assessments across those properties. Mass appraisal is vital for taxation and real estate market analysis, as it allows for the efficient evaluation of numerous properties simultaneously, reflecting local market conditions. The reporting aspect ensures that the findings are communicated clearly and accurately, adhering to requirements and standards expected by stakeholders, including governmental entities. This focus on both mass appraisal techniques and the comprehensive reporting of those appraisals highlights the importance of uniformity and transparency in property valuation processes that impact large populations rather than individual properties.