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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 mathematical expression of how supply and demand factors interact in a market.
Value
Assignment Results
Mass Appraisal Model
Life Estate
2. The amount actually paid.
Reference Point (monument)
Three Appraisal Reports
Direct Capitalization
Price
3. Other appraisers who have expertise and competency in a similar type of assignment.
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4. The right of government to title when an owner dies without a will or heirs.
Report
Escheat
Reference Point (monument)
Extraordinary Assumption
5. Land that has been prepared for use.
Site
Baseline
Jurisdictional Exception
Types of Value
6. Any piece of land.
Three Appraisal Reports
Parcel
Assessed Value
Direct Capitalization
7. Reflects the effects of local - social - economic - gov't - and physical forces on value.
Regional and Community Data
Township
Bias
Baseline
8. Valuation services performed by an individual acting as an appraiser - including but not limited to appraisal - appraisal review - or appraisal consulting.
Appraisal Practice
Fee Simple
Appraisal
Client
9. One who is expected to perform valuation services competently and in a manner that is independent - impartial - and objective.
Market Value
Principle of Decreasing Returns
Assignment
Appraiser
10. Nonexclusive right to use property of another.
Appraiser's Peers
Principles of Appraisal
Excess Land
Easement
11. An estate that ends upon the death of a designated party.
Fee Simple
Mass Appraisal
square mile
Life Estate
12. Property that is much more luxurious than surrounding properties (Decline in value).
Fee Simple
Regression
Real Property
Reference Point (monument)
13. Proof of ownership.
Metes
Deed
Meets and Bounds
Hypothetical Condition
14. An identified parcel or tract of land including improvements.
Types of Data
Infrastructure
Real Estate
Value
15. Describes the direction one moves from the reference point to another and the distant points.
Metes
Principle of Competition
Principles of Appraisal
Conformity - Progression and Regression
16. A former item of personal property which has become part o the realty.
Types of Value
Fixtures
Metes
Remainder Man
17. 640 acres.
Principle of Contribution
Section
Legally Nonconforming Uses
Jurisdictional Exception
18. Person that receives property.
Valuation Services
Forces Affecting Value
Remainder Man
Plottage
19. 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
Assumption
Value
Forces Affecting Value
20. Property values are enhanced when the uses of surrounding properties conform the the use of the subject property.
Effects of Use on Real Estate Value
Conformity - Progression and Regression
Characteristics of Highest and Best Use
Ad Valorem Taxes
21. Modest property in an expensive neighborhood (Increase in value).
Direct Capitalization
Assessed Value
Progression
Principle of Competition
22. Services pertaining to aspects of property value.
Fee Simple
Mass Appraisal
Valuation Services
Principle of Substitution
23. 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).
Appraisal Consulting
Types of Real Property
Mass Appraisal
Principle of Supply and Demand
24. Non-physical assets. Trademarks - patents - copyrights - equities - ...
Intangible Property
Regression
Types of Value
Report
25. Value of a property cannot exceed the value of equivalent substitute properties that are available in the market (comps).
Legally Nonconforming Uses
Principle of Substitution
Reference Point (monument)
Characteristics of Value
26. When the rate of return continues to increase at a lower rate and begin to decrease.
Fixtures
Forces Affecting Value
Appraiser's Peers
Principle of Decreasing Returns
27. The client and any other party as identified as users of the appraisal review - or appraisal consulting report.
Types of Data
Income Approach
Intended User
Business Enterprise
28. The value of the property is determined by the most profitable use to which the property may be put.
Highest and Best Use
Valuation Services
Personal Property
Characteristics of Value
29. CLLC (MLLM) - Capital - Land - Labor - Coordination
Agents of Production
Scope of Work
Principle of Anticipation
Price
30. That which is contrary to what exists but is supposed for the purpose of analysis.
Site
Reference Point (monument)
Direct Capitalization
Hypothetical Condition
31. The probable price a willing informed buyer will pay to a willing - informed seller given a reasonable marketing time.
Workfile
Encumbrance
Conformity - Progression and Regression
Market Value
32. Complete form of real propert - includes entire bundle of rights.
Principle of Decreasing Returns
Fee Simple
Characteristics of Highest and Best Use
Progression
33. 43 - 560 square feet
Intended User
acre
Township
Bias
34. The value determination based on cost to build less depreciation - plus value of the land.
Regional and Community Data
Cost Approach
Ad Valorem Taxes
Business Enterprise
35. Land referenced to an official map showing the boundaries of the parcel. (subdivision map)
Fixtures
Principle of Anticipation
Lot - Block and Tract
Personal Property
36. The party or parties who engage an appraiser in a specific assignment.
Client
Going Concern
Fee Simple
acre
37. Taxes based on property value.
Ad Valorem Taxes
Principle of Anticipation
Parcel
Value
38. Development - Maturity - Decline ... Gentrification... Neighborhood Cycle
Credible
Real Estate Cycle
Business Enterprise
Liquidation Value
39. An identifiable - fixed position from which measurements may be taken.
Reference Point (monument)
Report
Township
Plottage
40. Eminent Domain - Taxation - Police Power - Escheat
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41. A study of the cost-benefit relationship of an economic endeavor
Sales Comparison Approach
Feasibility Analysis
Hypothetical Condition
square mile
42. That which is taken to be true
Reference Point (monument)
Progression
Assumption
Principle of Balance
43. The type and extent of research and analyses in an assignment.
Reference Point (monument)
Principle of Anticipation
Scope of Work
Real Estate Cycle
44. When supply and demand are out of balance. Too much competition
Principle of Competition
Topography
square mile
Principle of Increasing Returns
45. When zoning laws allow the continuation of existing uses that have become nonconforming due to change in zoning regulation.
Ad Valorem Taxes
Extraordinary Assumption
Legally Nonconforming Uses
Assumption
46. An appraiser's opinions and conclusions developed specific to an assignment.
Business Enterprise
Agents of Production
Assessed Value
Assignment Results
47. Highest and Best Use - Consistent Use - Conformity - Progression & Regression
Leasehold Estate
Cost
Business Enterprise
Effects of Use on Real Estate Value
48. Identifiable tangible objects that are considered by the general public as being "personal".
Real Estate Cycle
Easement
Personal Property
Price
49. 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.
Easement
Jurisdictional Exception
acre
Report
50. 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.
Appraisal Review
Cost
Real Estate
Feasibility Analysis