Valuation CPV 2025
Valuation CPV 2025 Quiz
Test your knowledge on property valuation and mortgage processes with our engaging quiz! Whether you're a professional in the real estate industry or just looking to learn more, this quiz covers fundamental concepts that are essential for understanding property valuations.
Key topics include:
- Mortgage valuation requirements
- Property types and classifications
- Valuation approaches and definitions
How many photos for mortgage valuations?
4
5
6
RVP can undertake valuations over $2 mil?
True
False
The land size is 20 ha or less.
In scope for a short form
Out of scope for short form
Which VRA is this: Are the existing improvements on the property incomplete, under construction or requiring essential repairs?
1
2
3
4
What is the most important information on a title?
Date
Volume & folio
Proprietors
Encumbrances
How many PRP offices are there throughout Australia and New Zealand?
36
45
25
51
What is the most common Valuation Approach for Commercial properties?
Direct Comparison
Summation
Capitalisation of net income
Calculated Guesstimate
What is the definition of ‘Fair Market Value’?
The calculated amount that someone may purchase a property for after being pressured into the sale, considering the location, demographics and size/condition of any improvements on the property.
The estimated amount for which an asset should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing, wherein the parties had each acted knowledgeably, prudently and without compulsion.
The estimated amount for which the property could be purchased for on the date of valuation between a willing buyer and a desperate seller in a transaction that is not considered to be ‘arms-length’, after no marketing.
The purchase price of a property is always considered to be “Fair Market Value” even if the parties to the sale are related. This is because both parties were willing to settle on the agreed price and it is therefore considered fair.
Is a Location risk triggered if the property is in a Bushfire Prone Area?
No – Fire is not a risk.
Yes – Fire is a risk to the location.
No – Should be an environmental risk.
No idea
How many hectares is 28,000m2?
28
280
2.8
1.4
What is the definition of ‘Highest and Best Use’?
The most probable use of a property, no matter the local planning laws and costs of development.
The use of an asset that maximises its potential and that is physically possible, legally permissible, and financially feasible.
The current use of a property is always considered to be the highest and best use.
The use of a property that maximises its potential and that is legally permissible, and financially feasible, and whether the development would be physically possible does not matter.
Which of these basic property descriptions would be most suitable for the subject property in a Valuation report?
The subject property comprises a single storey, 4-bedroom, 2-bathroom, brick veneer, concrete tiled roof, fully detached dwelling with a double garage under the main roof. It doesn’t look great from the street.
The property next door comprises a double storey, 4-bedroom, 2-bathroom, brick veneer, concrete tiled roof, fully detached dwelling with a double garage under the main roof. The property has good appeal from the street.
The subject property comprises a single level, 4-bedroom, 2-bathroom, brick veneer, concrete tiled roof, fully detached dwelling with a double garage under the main roof. The property has good appeal from the street.
The subject property comprises a double storey, 4-bedroom, 2-bathroom, brick veneer, concrete tiled roof, fully detached dwelling with a double garage under the main roof. The neighbours were loud during the time of inspection.
Is a property comprising of 3 or more dwellings on one title suitable for a Short-Form Report?
True
False
Is a single dwelling situated within an ‘Over 55’s’ development suitable for a Short-Form Report?
False
True
Have you ever had a strange/funny experience on an inspection or whilst at work?
Yes
No
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