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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. When supply and demand are out of balance. Too much competition
Appraisal Consulting
Principle of Competition
Business Enterprise
Client
2. The value of the property is determined by the most profitable use to which the property may be put.
Signature
Principles of Appraisal
Three Appraisal Reports
Highest and Best Use
3. A study of the cost-benefit relationship of an economic endeavor
Regression
Feasibility Analysis
Income Approach
acre
4. When zoning laws allow the continuation of existing uses that have become nonconforming due to change in zoning regulation.
mile
Legally Nonconforming Uses
Reference Point (monument)
Principle of Supply and Demand
5. 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.
Jurisdictional Exception
Highest and Best Use
Principle of Anticipation
Workfile
6. The probable price a willing informed buyer will pay to a willing - informed seller given a reasonable marketing time.
Market Value
Principle of Competition
Assessed Value
Valuation Process
7. Recognizes that supply and demand are in constant flux.
Valuation Services
Credible
Principle of Change
Business Equity
8. The type and extent of research and analyses in an assignment.
Reference Point (monument)
Client
Scope of Work
Approaches to Value
9. Lay of the land.
Liquidation Value
Baseline
Topography
Legally Nonconforming Uses
10. Person that receives property.
Lot - Block and Tract
Remainder Man
Meets and Bounds
Real Property
11. 640 acres
Principle of Contribution
Easement
Report
square mile
12. Value placed by tax assessing official.
Regression
Approaches to Value
Report
Assessed Value
13. 6x6 mile square piece of land. (36 square miles)
Valuation Services
Leasehold Estate
Township
Constant Use
14. An assumption directly related to a specific assignment - which - if found to be false - could alter the opinions or conclusions of the appraisal.
Extraordinary Assumption
Meridian
Principle of Balance
Principle of Supply and Demand
15. An interest in real estate that does not include possessory rights.
Appraiser's Peers
Scope of Work
square mile
Encumbrance
16. Describes the direction one moves from the reference point to another and the distant points.
Conformity - Progression and Regression
Metes
Lot - Block and Tract
Topography
17. The process of valuing a universe of properties as of a given date using standard methodology - employing common data and allowing for statistical testing.
Approaches to Value
Forces Affecting Value
Mass Appraisal
Effects of Use on Real Estate Value
18. General Data - Specific Date - Primary - Secondary.
Hypothetical Condition
Agents of Production
Baseline
Types of Data
19. Legally permitted - Physically possible - Economically Feasible - Maximally Productive Use
Assessed Value
Valuation Services
Characteristics of Highest and Best Use
Signature
20. The interests - benefits - and rights inherent in the ownership of a business enterprise or a part thereof in any form
Business Equity
Principle of Increasing Returns
Site
Appraisal
21. Highest and Best Use - Consistent Use - Conformity - Progression & Regression
Effects of Use on Real Estate Value
Agents of Production
Cost Approach
Ad Valorem Taxes
22. An estate that ends upon the death of a designated party.
Appraisal Review
Types of Data
Life Estate
Appraiser's Peers
23. Runs north and south.
Real Property
Conformity - Progression and Regression
Meridian
Principle of Change
24. Any communication - written or oral - of an appraisal - appraisal review - or appraisal consulting service that is transmitted to the client upon completion of an assignment.
Assignment
Report
Direct Capitalization
Highest and Best Use
25. 43 - 560 square feet
Township
Credible
acre
Three Appraisal Reports
26. Money required to create - produce - or obtain a property
Constant Use
Cost
Business Equity
Mass Appraisal Model
27. Non-physical assets. Trademarks - patents - copyrights - equities - ...
Intangible Property
Appraiser's Peers
Types of Real Property
Easement
28. An unbiased opinion of value
Appraisal Review
Ad Valorem Taxes
Principle of Contribution
Appraisal
29. An identified parcel or tract of land including improvements.
Real Estate
Types of Value
Intangible Property
Intended Use
30. Production is maximized when Capital - Land - Labor and Management (Agents of Production) are in balance.
Fee Simple
Appraiser's Peers
Principle of Balance
Highest and Best Use
31. 640 acres.
Extraordinary Assumption
Section
Client
Appraisal
32. Nonexclusive right to use property of another.
Characteristics of Value
Appraiser's Peers
Easement
Principle of Decreasing Returns
33. Value determination based on income generated by a property.
Income Approach
Highest and Best Use
Signature
Reference Point (monument)
34. Value determination based on sales of similar properties.
Workfile
Sales Comparison Approach
Metes
Personal Property
35. I=RxV - R=I/V - V=I/R
Direct Capitalization
Bundle of Rights
Fee Simple
Highest and Best Use
36. 5 - 280 feet
mile
Lot - Block and Tract
Baseline
Types of Real Property
37. The value of a component is equal to the amount of value it adds to the property as a whole.
Personal Property
Conformity - Progression and Regression
Principle of Contribution
Deed
38. An estate that includes possession without title.
Valuation Process
Meets and Bounds
Leasehold Estate
Metes
39. Cost Approach - Sales Comps - Income Approach (IRV)
Approaches to Value
Assignment Results
acre
Meridian
40. 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.
Bundle of Rights
Baseline
Appraisal Review
Report
41. A valuation service provided as a consequence of an agreement between an appraiser and a client
Assignment
Life Estate
Intended User
Appraiser
42. Eminent Domain - Taxation - Police Power - Escheat
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43. Public improvements that support basic needs - such as transportation and utilities.
Infrastructure
Assumption
Legally Nonconforming Uses
Regression
44. A preference of inclination that precludes an appraiser's impartiality - independence - or objectivity in an assignment
Bias
Plottage
Regression
Principle of Substitution
45. Value of a property cannot exceed the value of equivalent substitute properties that are available in the market (comps).
Principle of Substitution
Business Enterprise
Appraisal
Workfile
46. Valuation services performed by an individual acting as an appraiser - including but not limited to appraisal - appraisal review - or appraisal consulting.
Encumbrance
Leasehold Estate
Workfile
Appraisal Practice
47. Reflects the effects of local - social - economic - gov't - and physical forces on value.
Metes
Regional and Community Data
Highest and Best Use
Real Estate
48. The amount actually paid.
Bundle of Rights
Three Appraisal Reports
Business Enterprise
Price
49. The monetary relationship between properties and those who buy - sell - or use those properties.
Principle of Increasing Returns
Value
Topography
Meridian
50. Land that is not needed for the highest and best use of the site
Excess Land
Assignment Results
Regression
Jurisdictional Exception