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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. A valuation service provided as a consequence of an agreement between an appraiser and a client
Fixtures
Site
Assignment
Types of Data
2. 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.
Intended Use
Signature
Mass Appraisal Model
Valuation Process
3. Legally permitted - Physically possible - Economically Feasible - Maximally Productive Use
Cost
Mass Appraisal Model
Characteristics of Highest and Best Use
Scope of Work
4. 640 acres
Infrastructure
square mile
Report
Ad Valorem Taxes
5. Cost Approach - Sales Comps - Income Approach (IRV)
Infrastructure
Fixtures
Approaches to Value
Leasehold Estate
6. Taxes based on property value.
Liquidation Value
Ad Valorem Taxes
Intended Use
Principle of Change
7. Production is maximized when Capital - Land - Labor and Management (Agents of Production) are in balance.
Life Estate
Principle of Balance
Intended User
Going Concern
8. Development - Maturity - Decline ... Gentrification... Neighborhood Cycle
Real Estate Cycle
Principle of Anticipation
Approaches to Value
Principle of Contribution
9. Property values are enhanced when the uses of surrounding properties conform the the use of the subject property.
Direct Capitalization
Conformity - Progression and Regression
Mass Appraisal
Appraisal Review
10. An assumption directly related to a specific assignment - which - if found to be false - could alter the opinions or conclusions of the appraisal.
Workfile
Effects of Use on Real Estate Value
Extraordinary Assumption
Cost Approach
11. As the amount invested in other agents is incrementally increased - the rate of return on the investment will increase.
Principle of Supply and Demand
Remainder Man
Appraisal Practice
Principle of Increasing Returns
12. Reflects the effects of local - social - economic - gov't - and physical forces on value.
Liquidation Value
Regional and Community Data
Real Property
Remainder Man
13. 5 - 280 feet
Gov't Restrictions
mile
Principle of Change
Intangible Property
14. When the rate of return continues to increase at a lower rate and begin to decrease.
Plottage
Principle of Decreasing Returns
Principle of Change
Types of Data
15. Lay of the land.
Value
Sales Comparison Approach
Topography
Excess Land
16. 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.
Liquidation Value
Jurisdictional Exception
Infrastructure
Going Concern
17. Land referenced to an official map showing the boundaries of the parcel. (subdivision map)
Regional and Community Data
Principle of Anticipation
Assumption
Lot - Block and Tract
18. Person that receives property.
Business Equity
Meridian
Principle of Decreasing Returns
Remainder Man
19. That which is contrary to what exists but is supposed for the purpose of analysis.
Direct Capitalization
Highest and Best Use
Hypothetical Condition
Assignment Results
20. The probable price a willing informed buyer will pay to a willing - informed seller given a reasonable marketing time.
Value
Effects of Use on Real Estate Value
Market Value
Principle of Change
21. An increase in value that results from combining two or more lots for a more profitable highest and best use.
Plottage
Deed
Progression
Appraisal Consulting
22. Value placed by tax assessing official.
Forces Affecting Value
Assessed Value
Assumption
Business Equity
23. The value of the property is determined by the most profitable use to which the property may be put.
Price
Deed
Mass Appraisal Model
Highest and Best Use
24. The client and any other party as identified as users of the appraisal review - or appraisal consulting report.
Real Property
Intended User
Bias
Types of Value
25. Eminent Domain - Taxation - Police Power - Escheat
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26. Identifiable tangible objects that are considered by the general public as being "personal".
Personal Property
Income Approach
Three Appraisal Reports
Fee Simple
27. Land that is not needed for the highest and best use of the site
Excess Land
Township
Cost Approach
Conformity - Progression and Regression
28. Highest and Best Use - Consistent Use - Conformity - Progression & Regression
Effects of Use on Real Estate Value
Market Value
Section
Assumption
29. Valuation services performed by an individual acting as an appraiser - including but not limited to appraisal - appraisal review - or appraisal consulting.
acre
Easement
Appraisal Practice
Meets and Bounds
30. Value determination based on income generated by a property.
Principle of Substitution
Reference Point (monument)
Assumption
Income Approach
31. Value in Use - Investment - Liquidation - Insurable - Going Concern - Market - Assessed - Price
Types of Value
Assumption
Excess Land
Price
32. Proof of ownership.
Business Enterprise
acre
Deed
Fixtures
33. An appraiser's opinions and conclusions developed specific to an assignment.
Sales Comparison Approach
Assignment Results
Real Property
Workfile
34. Any piece of land.
Parcel
Assumption
Mass Appraisal
Infrastructure
35. Method of identifying property in relation to its boundaries - distances - and angles from a given point.
Income Approach
Meets and Bounds
Credible
Infrastructure
36. Modest property in an expensive neighborhood (Increase in value).
Principle of Competition
Principle of Contribution
Progression
Real Estate Cycle
37. A former item of personal property which has become part o the realty.
Personal Property
Real Estate Cycle
Appraiser's Peers
Fixtures
38. An interest in real estate that does not include possessory rights.
Encumbrance
Personal Property
Principle of Increasing Returns
Appraisal Practice
39. 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
Price
Fee Simple
Assumption
40. Nonexclusive right to use property of another.
Feasibility Analysis
Direct Capitalization
Easement
Principle of Balance
41. The interests - benefits - and rights inherent in the ownership of real estate.
Principles of Appraisal
Intended Use
Cost
Real Property
42. The amount actually paid.
Sales Comparison Approach
Price
Leasehold Estate
Valuation Services
43. Land that has been prepared for use.
Assignment Results
Life Estate
Site
Regional and Community Data
44. Runs east and west.
Life Estate
Baseline
Conformity - Progression and Regression
Principle of Substitution
45. A preference of inclination that precludes an appraiser's impartiality - independence - or objectivity in an assignment
Bias
Types of Value
Liquidation Value
Client
46. The value of a component is equal to the amount of value it adds to the property as a whole.
Principle of Increasing Returns
Appraisal
Effects of Use on Real Estate Value
Principle of Contribution
47. An estate that ends upon the death of a designated party.
Appraiser's Peers
Life Estate
Value
Baseline
48. General Data - Specific Date - Primary - Secondary.
Characteristics of Value
Types of Data
Principle of Balance
Real Property
49. The process of valuing a universe of properties as of a given date using standard methodology - employing common data and allowing for statistical testing.
Regional and Community Data
Mass Appraisal
Infrastructure
Gov't Restrictions
50. Other appraisers who have expertise and competency in a similar type of assignment.
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