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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. Public improvements that support basic needs - such as transportation and utilities.
Infrastructure
Appraisal Practice
Characteristics of Highest and Best Use
Market Value
2. The process of valuing a universe of properties as of a given date using standard methodology - employing common data and allowing for statistical testing.
Appraiser's Peers
Mass Appraisal
Appraiser
Principle of Substitution
3. Documentation necessary to support an appraiser's analyses - opinions - and conclusions.
Assignment Results
Direct Capitalization
Appraiser
Workfile
4. The party or parties who engage an appraiser in a specific assignment.
Effects of Use on Real Estate Value
Cost
Client
Extraordinary Assumption
5. Runs east and west.
Baseline
Lot - Block and Tract
Income Approach
square mile
6. One who is expected to perform valuation services competently and in a manner that is independent - impartial - and objective.
Parcel
Assessed Value
Appraiser
Assumption
7. An increase in value that results from combining two or more lots for a more profitable highest and best use.
Site
Price
Plottage
Approaches to Value
8. When supply and demand are out of balance. Too much competition
Intended User
Principle of Competition
Scope of Work
Appraiser's Peers
9. Value in Use - Investment - Liquidation - Insurable - Going Concern - Market - Assessed - Price
Three Appraisal Reports
Mass Appraisal Model
Fixtures
Types of Value
10. An estate that ends upon the death of a designated party.
Principle of Increasing Returns
Client
Market Value
Life Estate
11. The monetary relationship between properties and those who buy - sell - or use those properties.
Value
mile
Characteristics of Value
Forces Affecting Value
12. That which is contrary to what exists but is supposed for the purpose of analysis.
Deed
Market Value
Client
Hypothetical Condition
13. That which is taken to be true
Types of Data
Personal Property
Assumption
Bias
14. Legally permitted - Physically possible - Economically Feasible - Maximally Productive Use
Characteristics of Highest and Best Use
Highest and Best Use
Assessed Value
Fixtures
15. The probable price a willing informed buyer will pay to a willing - informed seller given a reasonable marketing time.
Fee Simple
Reference Point (monument)
Market Value
Sales Comparison Approach
16. Balance - Anticipation - Substitution - Supply and Demand - Increase and Decrease Returns - Change - Competition - Conformity - Contribution
Section
Intended User
Mass Appraisal Model
Principles of Appraisal
17. Bundle of Rights - Estate - Encumbrances
Income Approach
Business Equity
Types of Real Property
Appraisal
18. Runs north and south.
Life Estate
Bundle of Rights
Meridian
Intangible Property
19. Services pertaining to aspects of property value.
Direct Capitalization
Valuation Services
Principle of Contribution
Site
20. All the beneficial rights of ownership.
Approaches to Value
Bundle of Rights
Report
Progression
21. Cost Approach - Sales Comps - Income Approach (IRV)
Approaches to Value
Progression
Fixtures
Characteristics of Highest and Best Use
22. Taxes based on property value.
Ad Valorem Taxes
Reference Point (monument)
Going Concern
Principle of Competition
23. 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.
Parcel
Intended User
Jurisdictional Exception
Constant Use
24. Valuation services performed by an individual acting as an appraiser - including but not limited to appraisal - appraisal review - or appraisal consulting.
Principle of Balance
Topography
Client
Appraisal Practice
25. 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.
Signature
Section
Extraordinary Assumption
Highest and Best Use
26. Nonexclusive right to use property of another.
Principles of Appraisal
Easement
Value
Reference Point (monument)
27. Lay of the land.
Personal Property
Intended User
Topography
Workfile
28. Highest and Best Use - Consistent Use - Conformity - Progression & Regression
Principle of Competition
Value
Effects of Use on Real Estate Value
Approaches to Value
29. A valuation service provided as a consequence of an agreement between an appraiser and a client
Fixtures
Assignment
Conformity - Progression and Regression
Real Estate
30. Any piece of land.
Approaches to Value
Characteristics of Value
Parcel
Agents of Production
31. Worthy of belief
Assessed Value
Credible
Encumbrance
Mass Appraisal
32. Proof of ownership.
Scope of Work
Bias
Deed
Types of Value
33. Eminent Domain - Taxation - Police Power - Escheat
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34. An assumption directly related to a specific assignment - which - if found to be false - could alter the opinions or conclusions of the appraisal.
Extraordinary Assumption
Bundle of Rights
Income Approach
Value
35. Money required to create - produce - or obtain a property
Cost
Types of Real Property
Site
Report
36. An estate that includes possession without title.
Principle of Change
Leasehold Estate
Section
Easement
37. Requires both the land and the improvements to be valued for the same use - even if they are being valued separately.
mile
Real Property
Principle of Supply and Demand
Constant Use
38. ID problem - Scope of work - Collection of Data - Application to each value - Reconciliation of value - Report
Scope of Work
Going Concern
Valuation Process
Fixtures
39. As the amount invested in other agents is incrementally increased - the rate of return on the investment will increase.
Section
Site
Principle of Increasing Returns
Real Estate Cycle
40. I=RxV - R=I/V - V=I/R
Direct Capitalization
Client
Approaches to Value
Appraiser's Peers
41. The value of a component is equal to the amount of value it adds to the property as a whole.
Principle of Supply and Demand
Income Approach
Principle of Contribution
Legally Nonconforming Uses
42. Property values are enhanced when the uses of surrounding properties conform the the use of the subject property.
Feasibility Analysis
Conformity - Progression and Regression
Metes
mile
43. An interest in real estate that does not include possessory rights.
Encumbrance
Regional and Community Data
Mass Appraisal Model
Intangible Property
44. 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.
Appraisal Consulting
Client
Intended Use
Principle of Balance
45. Value determination based on sales of similar properties.
Price
Sales Comparison Approach
Types of Real Property
Approaches to Value
46. The value of an ongoing business or project.
Going Concern
Remainder Man
Mass Appraisal Model
Business Equity
47. Other appraisers who have expertise and competency in a similar type of assignment.
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48. CLLC (MLLM) - Capital - Land - Labor - Coordination
Appraiser
Feasibility Analysis
Assessed Value
Agents of Production
49. Complete form of real propert - includes entire bundle of rights.
Agents of Production
Jurisdictional Exception
Fee Simple
Characteristics of Highest and Best Use
50. Value determination based on income generated by a property.
Value
Types of Value
Income Approach
Scope of Work