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Test your basic knowledge |
Real Estate Appraisal
Start Test
Study First
Subjects
:
business-skills
,
industries
Instructions:
Answer 50 questions in 15 minutes.
If you are not ready to take this test, you can
study here
.
Match each statement with the correct term.
Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.
This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. Runs north and south.
Principle of Contribution
Meridian
Report
Legally Nonconforming Uses
2. The monetary relationship between properties and those who buy - sell - or use those properties.
Liquidation Value
Intended Use
Bias
Value
3. CLLC (MLLM) - Capital - Land - Labor - Coordination
Intended Use
Cost
Principle of Increasing Returns
Agents of Production
4. As the amount invested in other agents is incrementally increased - the rate of return on the investment will increase.
Report
Baseline
Principle of Increasing Returns
Agents of Production
5. Services pertaining to aspects of property value.
Market Value
Approaches to Value
Appraisal Review
Valuation Services
6. The use of an appraiser's reported appraisal - appraisal review - or appraisal consulting assignment options and conclusions - as identified by the appraiser based on communication with the client at the time of the assignment.
Bias
Appraiser's Peers
Intended Use
Price
7. An assignment condition that voids the force of a part of USPAP - when compliance with part of USPAP is contrary to law or public policy applicable to the assignment.
Bias
Forces Affecting Value
Jurisdictional Exception
Extraordinary Assumption
8. Recognizes that supply and demand are in constant flux.
Principle of Change
Feasibility Analysis
Metes
Meridian
9. That which is contrary to what exists but is supposed for the purpose of analysis.
Section
Ad Valorem Taxes
Agents of Production
Hypothetical Condition
10. A preference of inclination that precludes an appraiser's impartiality - independence - or objectivity in an assignment
Client
Forces Affecting Value
Extraordinary Assumption
Bias
11. An appraiser's opinions and conclusions developed specific to an assignment.
Business Equity
Real Property
Assignment Results
Mass Appraisal
12. Land that is not needed for the highest and best use of the site
Escheat
Going Concern
Bundle of Rights
Excess Land
13. The value determination based on cost to build less depreciation - plus value of the land.
Infrastructure
Cost Approach
Agents of Production
Assumption
14. The act or process of developing and communicating an opinion about the quality of another appraiser's work that was performed as part of an appraisal - appraisal review - or appraisal consulting assignment.
Reference Point (monument)
Appraisal Review
Life Estate
Workfile
15. Reflects the effects of local - social - economic - gov't - and physical forces on value.
Constant Use
Going Concern
Regional and Community Data
Appraisal
16. Property that is much more luxurious than surrounding properties (Decline in value).
Regression
Reference Point (monument)
Mass Appraisal
Site
17. Land referenced to an official map showing the boundaries of the parcel. (subdivision map)
Bundle of Rights
Intended User
Lot - Block and Tract
Principle of Increasing Returns
18. Economic Concept. The price of a good rises and falls depending on how many people want it (demand) and depending on how much of the good is available (supply).
Principle of Supply and Demand
Regression
Principle of Competition
Scope of Work
19. Person that receives property.
Remainder Man
Township
Approaches to Value
acre
20. The right of government to title when an owner dies without a will or heirs.
Principle of Supply and Demand
Appraisal Consulting
Escheat
Personal Property
21. PEGS - Physical (location) - Economic (jobs) - Gov't (taxes) - Social (school)
Parcel
Remainder Man
Lot - Block and Tract
Forces Affecting Value
22. The process of providing information - analysis of real estate data and recommendations and/or conclusions
Township
Plottage
Mass Appraisal
Appraisal Consulting
23. The party or parties who engage an appraiser in a specific assignment.
Approaches to Value
Client
Value
Bundle of Rights
24. Value determination based on sales of similar properties.
Mass Appraisal
Sales Comparison Approach
Direct Capitalization
Meridian
25. Method of identifying property in relation to its boundaries - distances - and angles from a given point.
Deed
Meets and Bounds
Jurisdictional Exception
Principle of Balance
26. An assumption directly related to a specific assignment - which - if found to be false - could alter the opinions or conclusions of the appraisal.
Intended User
Principle of Competition
Extraordinary Assumption
Business Equity
27. 640 acres
Assessed Value
Principle of Change
Characteristics of Value
square mile
28. Proof of ownership.
Deed
Market Value
Site
Scope of Work
29. Value placed by tax assessing official.
acre
Assessed Value
Characteristics of Highest and Best Use
Ad Valorem Taxes
30. Balance - Anticipation - Substitution - Supply and Demand - Increase and Decrease Returns - Change - Competition - Conformity - Contribution
Principles of Appraisal
Appraisal Practice
Principle of Anticipation
Effects of Use on Real Estate Value
31. An increase in value that results from combining two or more lots for a more profitable highest and best use.
Plottage
Bias
Real Property
Intended Use
32. Value based on sale within a relatively short period of time.
Types of Real Property
Principle of Change
Liquidation Value
Effects of Use on Real Estate Value
33. One who is expected to perform valuation services competently and in a manner that is independent - impartial - and objective.
Appraisal Review
Constant Use
Meets and Bounds
Appraiser
34. The amount actually paid.
Escheat
Value
Price
Principle of Balance
35. Eminent Domain - Taxation - Police Power - Escheat
36. The process of valuing a universe of properties as of a given date using standard methodology - employing common data and allowing for statistical testing.
Mass Appraisal
Credible
Three Appraisal Reports
Intended User
37. An estate that ends upon the death of a designated party.
Life Estate
Ad Valorem Taxes
Assessed Value
Hypothetical Condition
38. Other appraisers who have expertise and competency in a similar type of assignment.
39. Development - Maturity - Decline ... Gentrification... Neighborhood Cycle
Fixtures
Remainder Man
Real Estate Cycle
Reference Point (monument)
40. I=RxV - R=I/V - V=I/R
Principle of Change
Principle of Balance
Direct Capitalization
Principle of Contribution
41. Taxes based on property value.
Ad Valorem Taxes
Forces Affecting Value
Parcel
Legally Nonconforming Uses
42. Production is maximized when Capital - Land - Labor and Management (Agents of Production) are in balance.
Value
Township
Principle of Balance
Easement
43. An unbiased opinion of value
Appraisal
Lot - Block and Tract
Real Estate
Meridian
44. Complete form of real propert - includes entire bundle of rights.
Credible
Fee Simple
Principle of Substitution
Types of Real Property
45. DUST - Demand - Utility - Scarcity - Transferability
Intangible Property
Parcel
Agents of Production
Characteristics of Value
46. Non-physical assets. Trademarks - patents - copyrights - equities - ...
Legally Nonconforming Uses
Escheat
Principles of Appraisal
Intangible Property
47. The value of an ongoing business or project.
Characteristics of Highest and Best Use
Going Concern
Metes
Income Approach
48. When supply and demand are out of balance. Too much competition
Plottage
Sales Comparison Approach
Types of Real Property
Principle of Competition
49. Public improvements that support basic needs - such as transportation and utilities.
Infrastructure
Forces Affecting Value
Mass Appraisal
Principle of Change
50. An identifiable - fixed position from which measurements may be taken.
Hypothetical Condition
Reference Point (monument)
Effects of Use on Real Estate Value
Meets and Bounds