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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.
Mass Appraisal
Assessed Value
Personal Property
Appraisal Review
2. Valuation services performed by an individual acting as an appraiser - including but not limited to appraisal - appraisal review - or appraisal consulting.
Plottage
Types of Value
Cost
Appraisal Practice
3. Services pertaining to aspects of property value.
Credible
Metes
Meets and Bounds
Valuation Services
4. A study of the cost-benefit relationship of an economic endeavor
Progression
Assumption
Feasibility Analysis
Metes
5. 43 - 560 square feet
Appraiser's Peers
Value
Assignment Results
acre
6. The value of a component is equal to the amount of value it adds to the property as a whole.
Easement
Direct Capitalization
Appraisal Consulting
Principle of Contribution
7. An entity pursuing an economic activity
Business Enterprise
Three Appraisal Reports
Highest and Best Use
Constant Use
8. An estate that ends upon the death of a designated party.
Direct Capitalization
Assignment
Life Estate
Bundle of Rights
9. Recognizes that supply and demand are in constant flux.
Effects of Use on Real Estate Value
Appraiser's Peers
Principle of Change
Conformity - Progression and Regression
10. Documentation necessary to support an appraiser's analyses - opinions - and conclusions.
Workfile
Escheat
Real Estate Cycle
Deed
11. 5 - 280 feet
mile
Cost
Assessed Value
Assignment
12. The process of providing information - analysis of real estate data and recommendations and/or conclusions
Personal Property
Principle of Supply and Demand
Appraisal Consulting
Value
13. An interest in real estate that does not include possessory rights.
Encumbrance
Metes
Principle of Increasing Returns
Site
14. Requires both the land and the improvements to be valued for the same use - even if they are being valued separately.
Metes
Assignment
Constant Use
Principle of Supply and Demand
15. Non-physical assets. Trademarks - patents - copyrights - equities - ...
Personal Property
Intangible Property
Township
Assessed Value
16. The value is affected by the expectations of buyers regarding the future benefits to be gained.
Principle of Substitution
Principle of Anticipation
Market Value
Meridian
17. Any piece of land.
Legally Nonconforming Uses
Parcel
Characteristics of Value
Market Value
18. A mathematical expression of how supply and demand factors interact in a market.
Three Appraisal Reports
acre
Appraisal Practice
Mass Appraisal Model
19. An identified parcel or tract of land including improvements.
Site
Real Estate
Excess Land
Intended User
20. An assumption directly related to a specific assignment - which - if found to be false - could alter the opinions or conclusions of the appraisal.
Infrastructure
Extraordinary Assumption
Escheat
Effects of Use on Real Estate Value
21. ID problem - Scope of work - Collection of Data - Application to each value - Reconciliation of value - Report
Sales Comparison Approach
Price
Valuation Process
Types of Value
22. The amount actually paid.
Easement
Principle of Anticipation
Price
Legally Nonconforming Uses
23. I=RxV - R=I/V - V=I/R
Fee Simple
Forces Affecting Value
Direct Capitalization
Fixtures
24. Bundle of Rights - Estate - Encumbrances
Types of Real Property
Cost Approach
Personal Property
Site
25. An increase in value that results from combining two or more lots for a more profitable highest and best use.
Lot - Block and Tract
Plottage
Assignment Results
Constant Use
26. The interests - benefits - and rights inherent in the ownership of real estate.
Legally Nonconforming Uses
Site
Real Property
Cost
27. The interests - benefits - and rights inherent in the ownership of a business enterprise or a part thereof in any form
Business Equity
Escheat
Valuation Services
Appraisal
28. Value placed by tax assessing official.
Assessed Value
Gov't Restrictions
Easement
Principle of Supply and Demand
29. The probable price a willing informed buyer will pay to a willing - informed seller given a reasonable marketing time.
Approaches to Value
Scope of Work
Market Value
Forces Affecting Value
30. The value of an ongoing business or project.
Going Concern
Bias
acre
Ad Valorem Taxes
31. A former item of personal property which has become part o the realty.
Regional and Community Data
Fixtures
Assumption
Remainder Man
32. Land that is not needed for the highest and best use of the site
Regional and Community Data
Topography
Excess Land
Forces Affecting Value
33. The value determination based on cost to build less depreciation - plus value of the land.
Cost Approach
Extraordinary Assumption
Principle of Increasing Returns
Reference Point (monument)
34. The party or parties who engage an appraiser in a specific assignment.
Progression
Gov't Restrictions
Appraisal Review
Client
35. That which is taken to be true
Principle of Increasing Returns
Assumption
Liquidation Value
Three Appraisal Reports
36. Worthy of belief
Credible
Real Estate
Life Estate
Value
37. Highest and Best Use - Consistent Use - Conformity - Progression & Regression
Encumbrance
Real Property
Effects of Use on Real Estate Value
Real Estate Cycle
38. 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 Review
Life Estate
mile
Principle of Supply and Demand
39. Other appraisers who have expertise and competency in a similar type of assignment.
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40. Cost Approach - Sales Comps - Income Approach (IRV)
Baseline
Approaches to Value
Parcel
Intended User
41. General Data - Specific Date - Primary - Secondary.
Principle of Competition
Types of Data
Appraisal Consulting
Direct Capitalization
42. 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.
Approaches to Value
acre
Signature
Intended Use
43. When the rate of return continues to increase at a lower rate and begin to decrease.
Principle of Change
Principle of Decreasing Returns
Principle of Supply and Demand
Real Estate
44. Eminent Domain - Taxation - Police Power - Escheat
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45. Modest property in an expensive neighborhood (Increase in value).
Liquidation Value
Progression
Sales Comparison Approach
Excess Land
46. Value determination based on sales of similar properties.
Scope of Work
Sales Comparison Approach
Intended Use
Parcel
47. The monetary relationship between properties and those who buy - sell - or use those properties.
Township
Value
Intended User
Types of Data
48. CLLC (MLLM) - Capital - Land - Labor - Coordination
Market Value
Personal Property
Fixtures
Agents of Production
49. That which is contrary to what exists but is supposed for the purpose of analysis.
Liquidation Value
Leasehold Estate
Hypothetical Condition
Business Enterprise
50. Property values are enhanced when the uses of surrounding properties conform the the use of the subject property.
Conformity - Progression and Regression
Forces Affecting Value
Valuation Process
Progression