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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. The process of valuing a universe of properties as of a given date using standard methodology - employing common data and allowing for statistical testing.
Types of Data
Metes
Cost
Mass Appraisal
2. An increase in value that results from combining two or more lots for a more profitable highest and best use.
Scope of Work
Value
Parcel
Plottage
3. The client and any other party as identified as users of the appraisal review - or appraisal consulting report.
Constant Use
Appraisal Consulting
Intended User
Excess Land
4. An entity pursuing an economic activity
Principle of Anticipation
Appraisal Practice
Business Enterprise
Constant Use
5. Public improvements that support basic needs - such as transportation and utilities.
Infrastructure
Section
Principle of Balance
Principle of Contribution
6. An estate that ends upon the death of a designated party.
square mile
Principle of Anticipation
Valuation Process
Life Estate
7. Other appraisers who have expertise and competency in a similar type of assignment.
8. Recognizes that supply and demand are in constant flux.
Principle of Change
Direct Capitalization
Bias
Cost Approach
9. 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.
Baseline
Report
Income Approach
Feasibility Analysis
10. Value in Use - Investment - Liquidation - Insurable - Going Concern - Market - Assessed - Price
acre
Types of Value
Assumption
Infrastructure
11. DUST - Demand - Utility - Scarcity - Transferability
Real Property
Appraisal
Characteristics of Value
Bias
12. An unbiased opinion of value
Appraisal
Valuation Process
Plottage
Appraiser's Peers
13. Runs east and west.
Extraordinary Assumption
Baseline
Value
Direct Capitalization
14. When supply and demand are out of balance. Too much competition
Life Estate
Principle of Competition
Intended User
Assessed Value
15. That which is contrary to what exists but is supposed for the purpose of analysis.
Hypothetical Condition
Real Estate
Constant Use
Going Concern
16. 5 - 280 feet
mile
Highest and Best Use
Deed
Characteristics of Highest and Best Use
17. The right of government to title when an owner dies without a will or heirs.
Escheat
Characteristics of Highest and Best Use
Types of Value
Infrastructure
18. A former item of personal property which has become part o the realty.
Fixtures
Intangible Property
Principle of Increasing Returns
Value
19. Development - Maturity - Decline ... Gentrification... Neighborhood Cycle
Assignment Results
Income Approach
Client
Real Estate Cycle
20. An assumption directly related to a specific assignment - which - if found to be false - could alter the opinions or conclusions of the appraisal.
Scope of Work
Extraordinary Assumption
Bias
Deed
21. The value of a component is equal to the amount of value it adds to the property as a whole.
Plottage
Principle of Decreasing Returns
Principle of Contribution
Price
22. Any piece of land.
mile
Ad Valorem Taxes
Principle of Change
Parcel
23. 6x6 mile square piece of land. (36 square miles)
Signature
Conformity - Progression and Regression
Credible
Township
24. Modest property in an expensive neighborhood (Increase in value).
Appraisal Review
Bias
Feasibility Analysis
Progression
25. Legally permitted - Physically possible - Economically Feasible - Maximally Productive Use
Client
Characteristics of Highest and Best Use
Assumption
square mile
26. Person that receives property.
Remainder Man
Section
Mass Appraisal
Conformity - Progression and Regression
27. Personalized evidence indicating authentication of the work performed by the appraiser and the acceptance of the responsibility for content - analyses - and the conclusions in the report.
Characteristics of Highest and Best Use
Real Estate Cycle
Workfile
Signature
28. A preference of inclination that precludes an appraiser's impartiality - independence - or objectivity in an assignment
Excess Land
Site
Ad Valorem Taxes
Bias
29. The interests - benefits - and rights inherent in the ownership of a business enterprise or a part thereof in any form
Valuation Process
Business Equity
Gov't Restrictions
Principle of Supply and Demand
30. Cost Approach - Sales Comps - Income Approach (IRV)
Intended User
Easement
Metes
Approaches to Value
31. I=RxV - R=I/V - V=I/R
Principle of Decreasing Returns
Market Value
Direct Capitalization
Fixtures
32. The type and extent of research and analyses in an assignment.
Highest and Best Use
Principle of Anticipation
Scope of Work
Credible
33. Complete form of real propert - includes entire bundle of rights.
Fee Simple
Intangible Property
Appraiser's Peers
Metes
34. Money required to create - produce - or obtain a property
Fee Simple
Principle of Change
Bundle of Rights
Cost
35. Valuation services performed by an individual acting as an appraiser - including but not limited to appraisal - appraisal review - or appraisal consulting.
Appraisal Practice
Personal Property
Forces Affecting Value
Appraiser
36. The value is affected by the expectations of buyers regarding the future benefits to be gained.
Principle of Anticipation
Site
Principle of Substitution
Encumbrance
37. 640 acres
Deed
Assignment Results
Hypothetical Condition
square mile
38. Bundle of Rights - Estate - Encumbrances
Types of Real Property
Remainder Man
Approaches to Value
Principle of Anticipation
39. CLLC (MLLM) - Capital - Land - Labor - Coordination
Plottage
Fixtures
Agents of Production
Principle of Increasing Returns
40. Property values are enhanced when the uses of surrounding properties conform the the use of the subject property.
Conformity - Progression and Regression
Intangible Property
Approaches to Value
Remainder Man
41. A valuation service provided as a consequence of an agreement between an appraiser and a client
Baseline
Appraisal Consulting
Business Enterprise
Assignment
42. Identifiable tangible objects that are considered by the general public as being "personal".
Parcel
Highest and Best Use
Personal Property
Assignment
43. Proof of ownership.
Appraisal Practice
Cost
Deed
Lot - Block and Tract
44. Value determination based on sales of similar properties.
Sales Comparison Approach
Agents of Production
Principle of Increasing Returns
Assignment
45. The party or parties who engage an appraiser in a specific assignment.
Client
Baseline
Assignment
Principle of Change
46. Worthy of belief
Credible
Encumbrance
Jurisdictional Exception
Topography
47. Value based on sale within a relatively short period of time.
Scope of Work
Intended Use
Easement
Liquidation Value
48. Highest and Best Use - Consistent Use - Conformity - Progression & Regression
Effects of Use on Real Estate Value
Real Property
Bias
Characteristics of Value
49. The interests - benefits - and rights inherent in the ownership of real estate.
Real Property
Signature
Business Equity
Hypothetical Condition
50. A mathematical expression of how supply and demand factors interact in a market.
Credible
Mass Appraisal Model
Hypothetical Condition
Meets and Bounds