Certified Residential Appraiser Practice Exam

What is the Quantity Survey Method primarily noted for?

1. The lowest cost method for valuation

2. The most accurate estimation tool

3. The most costly and time-consuming method

4. The most widely used method of estimation

The correct answer is: The most costly and time-consuming method

The Quantity Survey Method is primarily noted for being the most costly and time-consuming method of estimating construction costs. This method requires detailed analysis and quantification of all materials and labor required for a project, leading to a comprehensive calculation of total costs. It involves breaking down each component of a project and assessing the costs associated with each part, which inherently makes it a thorough and meticulous approach. The depth of detail involved in this method means that it typically takes longer to produce estimates compared to simpler methods. Moreover, the resources and expertise needed to conduct such comprehensive assessments contribute to higher costs. Because of these factors, while it may provide a high level of accuracy and relevance for specific projects, it is recognized primarily for its significant time and financial commitments rather than efficiency or lower costs.