Top 10 Questions for Certified General Mass Real Estate Appraiser Interview

1. Can you explain the three approaches to real estate appraisal?

In real estate appraisal, the three main approaches used to determine the value of a property are:

• Sales Comparison Approach: Compares the subject property to similar properties that have recently sold in the same market.
• Cost Approach: Estimates the cost of replacing or reproducing the subject property.
• Income Approach: Considers the income-generating potential of the property, such as rent or other revenue streams.

2. What factors do you consider when selecting comparable properties for the sales comparison approach?

Relevance:

• Property type and size
• Location and neighborhood
• Age and condition

Proximity:

• Distance to subject property
• Proximity to amenities and infrastructure

Recency:

• Sales date should be close to the appraisal date
• Reflects current market conditions

3. How do you handle adjustments when using the sales comparison approach?

• Physical Characteristics: Size, number of bedrooms, bathrooms
• Location: Distance to amenities, neighborhood desirability
• Condition: Age, renovations, maintenance
• Other Factors: View, privacy, special features

Adjustments are made to account for differences between the comparable properties and the subject property.

4. What are the components of the cost approach?

• Depreciation: Physical deterioration, functional obsolescence, external obsolescence
• Land Value: Estimated value of the land the property sits on
• Construction Costs: Materials, labor, permits
• Other Costs: Financing, insurance, professional fees

The cost approach provides an estimate of the cost to replace the property, minus any depreciation.

5. How do you determine the capitalization rate for the income approach?

• Market Extraction Method: Analyze recent sales of properties with similar income streams.
• Band of Investment Method: Identify a range of capitalization rates based on comparable properties and risk factors.
• Discounted Cash Flow Method: Project future income and expenses using a discount rate to determine the present value.

The capitalization rate represents the relationship between the income generated by the property and its value.

6. What are the ethical responsibilities of a Certified General Mass Real Estate Appraiser?

• Impartiality: Avoid bias or conflicts of interest.
• Competence: Maintain professional knowledge and skills.
• Confidentiality: Protect client information.
• Independence: Avoid inappropriate influence on appraisals.
• Reporting: Provide clear, unbiased, and well-supported reports.

Ethics guide appraisers to ensure accurate and reliable valuations.

7. How do you stay up-to-date with changes in appraisal standards and regulations?

• Continuing Education: Attend industry conferences and workshops.
• Professional Organizations: Participate in organizations like the Appraisal Institute (AI).
• Trade Publications: Read industry journals and newsletters.
• Government Websites: Monitor websites of agencies like the Massachusetts Board of Real Estate Appraisers.

Staying informed ensures compliance with regulations and best practices.

8. How do you handle appraisals for complex or unique properties?

• Research and Due Diligence: Gather additional data and consult with experts.
• Non-Traditional Methods: Consider approaches beyond the three main methods if necessary.
• Assumptions and Disclosures: Clearly state any assumptions or limitations in the appraisal report.
• Peer Review: Seek feedback from other experienced appraisers.

Complex properties require specialized knowledge and analysis.

9. What types of real estate valuations are you qualified to perform?

• Single-family homes and multi-unit residences
• Commercial properties
• Land appraisals
• Estate and probate evaluations
• Eminent domain and condemnation appraisals

Indicate the range and scope of your appraisal experience.

10. Can you describe a challenging appraisal you recently completed and how you overcame the challenges?

Describe a specific appraisal experience that involved unique challenges, such as:

• Difficult market conditions
• Lack of comparable properties
• Unusual property characteristics
• Legal or environmental issues

Explain how you applied your skills and knowledge to resolve the challenges and deliver a well-supported appraisal.

The Certified General Mass Real Estate Appraiser is responsible for performing real estate appraisals for a variety of purposes, including mortgage lending, property tax assessment, and estate planning. They must be able to accurately assess the value of real property, taking into account a variety of factors such as location, size, condition, and recent sales data.

1. Conducting Market Research

Appraisers must stay up-to-date on local real estate trends and market conditions.

• Analyzing comparable sales data
• Interviewing local experts, such as real estate agents and brokers

2. Inspecting Properties

Appraisers must carefully inspect each property they appraise, both inside and out.

• Noting the property’s condition and features
• Measuring the property’s square footage

3. Preparing Appraisal Reports

Appraisers must create written reports that document their findings and conclusions.

• Describing the property in detail
• Estimating the property’s value

4. Testifying in Court

Appraisers may be called upon to testify in court about their appraisals, or review appraisals done by others.

• Explaining their methodologies and conclusions
• Defending their appraisals against challenges

To prepare for an interview for a Certified General Mass Real Estate Appraiser position, candidates should:

1. Research the Company and the Position

Learn as much as you can about the company’s history, culture, and values. Also, review the job description carefully and make sure you understand the key responsibilities of the position.

• Visit the company’s website
• Read articles about the company in the news

2. Practice Your Answers to Common Interview Questions

There are a number of common interview questions that you are likely to be asked, such as “Why are you interested in this position?” and “What are your strengths and weaknesses?”. Practice your answers to these questions in advance so that you can deliver them confidently and concisely.

• Use the STAR method to answer behavioral questions (Situation, Task, Action, Result)
• Example Outline:
• Situation: “Tell me about a time when you had to deal with a difficult client.”
• Task: “My task was to resolve the client’s issue and maintain a positive relationship.”
• Action: “I listened to the client’s concerns, apologized for any inconvenience, and worked with them to find a solution that met their needs.”
• Result: “The client was satisfied with the resolution, and we were able to maintain a strong business relationship.”

3. Dress Professionally and Arrive on Time

First impressions matter, so make sure you dress professionally and arrive on time for your interview. This will show the interviewer that you are serious about the position and that you respect their time.

• Dress in a suit or business casual attire
• Arrive 10-15 minutes early for your interview

4. Be Yourself and Be Confident

The most important thing is to be yourself and be confident in your abilities. The interviewer wants to get to know the real you, so don’t try to be someone you’re not. Just relax, be yourself, and let your personality shine through.

• Make eye contact with the interviewer
• Speak clearly and confidently