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Real Estate Appraisal
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Subjects
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business-skills
,
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. The monetary relationship between properties and those who buy - sell - or use those properties.
Appraisal
Real Property
Extraordinary Assumption
Value
2. Lay of the land.
Liquidation Value
Effects of Use on Real Estate Value
Section
Topography
3. When supply and demand are out of balance. Too much competition
Valuation Services
Principle of Competition
Real Property
Plottage
4. Modest property in an expensive neighborhood (Increase in value).
Progression
Regression
Characteristics of Highest and Best Use
Effects of Use on Real Estate Value
5. The value is affected by the expectations of buyers regarding the future benefits to be gained.
Principle of Substitution
Agents of Production
Appraisal Consulting
Principle of Anticipation
6. Property that is much more luxurious than surrounding properties (Decline in value).
Encumbrance
Regression
Real Estate Cycle
Appraisal Practice
7. Value determination based on sales of similar properties.
Sales Comparison Approach
Assessed Value
Reference Point (monument)
Income Approach
8. Recognizes that supply and demand are in constant flux.
Principle of Change
Assessed Value
Township
Valuation Services
9. When the rate of return continues to increase at a lower rate and begin to decrease.
Principle of Decreasing Returns
Price
Income Approach
Valuation Services
10. Property values are enhanced when the uses of surrounding properties conform the the use of the subject property.
Liquidation Value
Conformity - Progression and Regression
Escheat
Value
11. An identifiable - fixed position from which measurements may be taken.
Personal Property
Reference Point (monument)
Legally Nonconforming Uses
Meridian
12. Runs north and south.
Appraiser
Meridian
Leasehold Estate
Agents of Production
13. 640 acres.
Meets and Bounds
Section
Regression
Metes
14. The amount actually paid.
Principle of Decreasing Returns
Price
Credible
Cost Approach
15. An increase in value that results from combining two or more lots for a more profitable highest and best use.
Appraisal Review
Bundle of Rights
Principle of Balance
Plottage
16. Value determination based on income generated by a property.
Client
Income Approach
Constant Use
Business Enterprise
17. The value of an ongoing business or project.
Fee Simple
Going Concern
Business Equity
Metes
18. A mathematical expression of how supply and demand factors interact in a market.
Intended Use
Appraisal Review
Topography
Mass Appraisal Model
19. CLLC (MLLM) - Capital - Land - Labor - Coordination
Meridian
Agents of Production
Real Estate Cycle
mile
20. 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).
Price
Reference Point (monument)
Value
Principle of Supply and Demand
21. An interest in real estate that does not include possessory rights.
Constant Use
Valuation Services
Metes
Encumbrance
22. Proof of ownership.
Types of Data
Metes
Intangible Property
Deed
23. The value determination based on cost to build less depreciation - plus value of the land.
Appraisal Consulting
Appraisal Practice
Cost Approach
Principle of Decreasing Returns
24. The value of a component is equal to the amount of value it adds to the property as a whole.
Types of Value
Valuation Services
Bundle of Rights
Principle of Contribution
25. DUST - Demand - Utility - Scarcity - Transferability
Legally Nonconforming Uses
Characteristics of Value
Business Equity
Cost Approach
26. PEGS - Physical (location) - Economic (jobs) - Gov't (taxes) - Social (school)
Jurisdictional Exception
Appraisal Consulting
Forces Affecting Value
Deed
27. The process of providing information - analysis of real estate data and recommendations and/or conclusions
Progression
Mass Appraisal Model
Business Enterprise
Appraisal Consulting
28. Development - Maturity - Decline ... Gentrification... Neighborhood Cycle
Characteristics of Value
Remainder Man
Real Estate Cycle
Highest and Best Use
29. Eminent Domain - Taxation - Police Power - Escheat
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30. The client and any other party as identified as users of the appraisal review - or appraisal consulting report.
Income Approach
Infrastructure
Types of Real Property
Intended User
31. Land that has been prepared for use.
Workfile
Easement
Bundle of Rights
Site
32. Reflects the effects of local - social - economic - gov't - and physical forces on value.
Workfile
Valuation Process
Regional and Community Data
Appraisal
33. An unbiased opinion of value
Appraisal
Remainder Man
Signature
Parcel
34. The party or parties who engage an appraiser in a specific assignment.
Value
Leasehold Estate
Assignment
Client
35. 43 - 560 square feet
acre
Topography
Types of Value
Regional and Community Data
36. A former item of personal property which has become part o the realty.
Forces Affecting Value
Principle of Substitution
Fixtures
Credible
37. Valuation services performed by an individual acting as an appraiser - including but not limited to appraisal - appraisal review - or appraisal consulting.
Life Estate
Appraisal Practice
Baseline
Personal Property
38. 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.
Meridian
Ad Valorem Taxes
Principle of Increasing Returns
Report
39. Cost Approach - Sales Comps - Income Approach (IRV)
Intangible Property
Appraisal Consulting
Approaches to Value
Value
40. 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.
Leasehold Estate
Appraisal
Jurisdictional Exception
Valuation Process
41. 5 - 280 feet
mile
Principle of Anticipation
Assumption
Conformity - Progression and Regression
42. Value placed by tax assessing official.
Metes
Fee Simple
Assessed Value
Types of Real Property
43. An estate that includes possession without title.
Signature
Types of Value
Principle of Contribution
Leasehold Estate
44. Documentation necessary to support an appraiser's analyses - opinions - and conclusions.
Assessed Value
Workfile
Characteristics of Highest and Best Use
Meets and Bounds
45. Complete form of real propert - includes entire bundle of rights.
Assignment Results
Fee Simple
Types of Real Property
Types of Data
46. A valuation service provided as a consequence of an agreement between an appraiser and a client
Assignment
Intended User
Principle of Decreasing Returns
Cost Approach
47. Balance - Anticipation - Substitution - Supply and Demand - Increase and Decrease Returns - Change - Competition - Conformity - Contribution
Feasibility Analysis
Life Estate
Intended User
Principles of Appraisal
48. Any piece of land.
Jurisdictional Exception
Parcel
Principle of Substitution
Sales Comparison Approach
49. All the beneficial rights of ownership.
Lot - Block and Tract
Credible
Bundle of Rights
Liquidation Value
50. A preference of inclination that precludes an appraiser's impartiality - independence - or objectivity in an assignment
Topography
Forces Affecting Value
Bias
Highest and Best Use
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