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Real Estate Appraisal
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Subjects
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business-skills
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industries
Instructions:
Answer 50 questions in 15 minutes.
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study here
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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. Taxes based on property value.
Bundle of Rights
Ad Valorem Taxes
Regional and Community Data
Forces Affecting Value
2. Land referenced to an official map showing the boundaries of the parcel. (subdivision map)
Assignment
Bias
Scope of Work
Lot - Block and Tract
3. The type and extent of research and analyses in an assignment.
Going Concern
Scope of Work
Jurisdictional Exception
Mass Appraisal
4. The monetary relationship between properties and those who buy - sell - or use those properties.
Value
Remainder Man
Price
Baseline
5. Value of a property cannot exceed the value of equivalent substitute properties that are available in the market (comps).
Leasehold Estate
Bundle of Rights
Principle of Substitution
Principle of Supply and Demand
6. 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.
Extraordinary Assumption
Highest and Best Use
Jurisdictional Exception
Intended Use
7. Bundle of Rights - Estate - Encumbrances
Credible
Approaches to Value
Principle of Change
Types of Real Property
8. The value determination based on cost to build less depreciation - plus value of the land.
Cost Approach
Principles of Appraisal
Conformity - Progression and Regression
Client
9. A preference of inclination that precludes an appraiser's impartiality - independence - or objectivity in an assignment
Infrastructure
Assessed Value
Types of Real Property
Bias
10. CLLC (MLLM) - Capital - Land - Labor - Coordination
Types of Value
Agents of Production
Principle of Contribution
Assessed Value
11. When supply and demand are out of balance. Too much competition
Principle of Competition
Types of Data
Cost Approach
Feasibility Analysis
12. A study of the cost-benefit relationship of an economic endeavor
Principle of Balance
Feasibility Analysis
Baseline
Metes
13. Method of identifying property in relation to its boundaries - distances - and angles from a given point.
Meets and Bounds
Easement
Types of Value
Hypothetical Condition
14. Value based on sale within a relatively short period of time.
Township
Liquidation Value
Principle of Substitution
Encumbrance
15. Property values are enhanced when the uses of surrounding properties conform the the use of the subject property.
Mass Appraisal Model
Business Enterprise
Conformity - Progression and Regression
acre
16. Land that has been prepared for use.
Bias
Cost Approach
Site
Feasibility Analysis
17. Person that receives property.
Credible
Principle of Decreasing Returns
Types of Value
Remainder Man
18. Legally permitted - Physically possible - Economically Feasible - Maximally Productive Use
Types of Data
Types of Value
Characteristics of Highest and Best Use
Baseline
19. Eminent Domain - Taxation - Police Power - Escheat
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20. A mathematical expression of how supply and demand factors interact in a market.
Life Estate
Approaches to Value
Mass Appraisal Model
Metes
21. Self Contained - Summary - Restricted Use
Three Appraisal Reports
Escheat
Fee Simple
Assignment Results
22. Public improvements that support basic needs - such as transportation and utilities.
Assignment Results
Infrastructure
Principle of Competition
Extraordinary Assumption
23. Cost Approach - Sales Comps - Income Approach (IRV)
Approaches to Value
Personal Property
Principles of Appraisal
Appraisal Consulting
24. The client and any other party as identified as users of the appraisal review - or appraisal consulting report.
Appraisal Review
Infrastructure
Personal Property
Intended User
25. A valuation service provided as a consequence of an agreement between an appraiser and a client
Leasehold Estate
Assignment
Price
Life Estate
26. 43 - 560 square feet
Valuation Process
Effects of Use on Real Estate Value
acre
Fixtures
27. An appraiser's opinions and conclusions developed specific to an assignment.
Assignment Results
Leasehold Estate
Principles of Appraisal
Section
28. Nonexclusive right to use property of another.
Easement
Assignment
Real Estate Cycle
Principle of Substitution
29. Lay of the land.
Real Estate
Bias
Topography
Escheat
30. 640 acres
Personal Property
Jurisdictional Exception
Gov't Restrictions
square mile
31. The value is affected by the expectations of buyers regarding the future benefits to be gained.
Credible
Principle of Anticipation
Meets and Bounds
Principle of Balance
32. That which is contrary to what exists but is supposed for the purpose of analysis.
Township
Cost Approach
Real Property
Hypothetical Condition
33. Reflects the effects of local - social - economic - gov't - and physical forces on value.
Principle of Increasing Returns
Assumption
Regional and Community Data
Valuation Services
34. Requires both the land and the improvements to be valued for the same use - even if they are being valued separately.
Types of Data
Price
Business Equity
Constant Use
35. The probable price a willing informed buyer will pay to a willing - informed seller given a reasonable marketing time.
Topography
Market Value
Life Estate
Infrastructure
36. Any piece of land.
Types of Value
Credible
Approaches to Value
Parcel
37. Recognizes that supply and demand are in constant flux.
Assessed Value
Real Estate
Principle of Change
Life Estate
38. An identifiable - fixed position from which measurements may be taken.
Principles of Appraisal
Reference Point (monument)
Three Appraisal Reports
Market Value
39. The interests - benefits - and rights inherent in the ownership of a business enterprise or a part thereof in any form
Business Equity
Principle of Substitution
Principle of Decreasing Returns
Appraisal Consulting
40. All the beneficial rights of ownership.
Bundle of Rights
Three Appraisal Reports
Forces Affecting Value
Signature
41. The party or parties who engage an appraiser in a specific assignment.
Bias
Types of Value
Report
Client
42. The right of government to title when an owner dies without a will or heirs.
Escheat
Valuation Services
Appraisal
Assignment Results
43. When zoning laws allow the continuation of existing uses that have become nonconforming due to change in zoning regulation.
Legally Nonconforming Uses
Topography
Types of Value
Baseline
44. 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.
Metes
Appraisal Review
Gov't Restrictions
Value
45. Services pertaining to aspects of property value.
Life Estate
Valuation Services
Report
Fixtures
46. 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.
Extraordinary Assumption
Price
Signature
Mass Appraisal
47. 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.
Hypothetical Condition
Report
Progression
Fixtures
48. An interest in real estate that does not include possessory rights.
Intangible Property
Encumbrance
Leasehold Estate
Topography
49. Balance - Anticipation - Substitution - Supply and Demand - Increase and Decrease Returns - Change - Competition - Conformity - Contribution
Scope of Work
Principles of Appraisal
Liquidation Value
Appraisal Practice
50. An estate that includes possession without title.
Life Estate
Leasehold Estate
Highest and Best Use
Intended User
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