SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
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. When zoning laws allow the continuation of existing uses that have become nonconforming due to change in zoning regulation.
Types of Value
Principle of Balance
Legally Nonconforming Uses
Mass Appraisal
2. Worthy of belief
Easement
Agents of Production
Principle of Change
Credible
3. Legally permitted - Physically possible - Economically Feasible - Maximally Productive Use
Fixtures
Characteristics of Highest and Best Use
Principle of Balance
Deed
4. That which is contrary to what exists but is supposed for the purpose of analysis.
Hypothetical Condition
Appraisal Consulting
Value
Metes
5. Nonexclusive right to use property of another.
Liquidation Value
Escheat
Gov't Restrictions
Easement
6. An entity pursuing an economic activity
Site
Business Enterprise
Liquidation Value
Life Estate
7. The process of providing information - analysis of real estate data and recommendations and/or conclusions
Three Appraisal Reports
Fee Simple
Going Concern
Appraisal Consulting
8. ID problem - Scope of work - Collection of Data - Application to each value - Reconciliation of value - Report
Business Equity
Principle of Contribution
Valuation Process
Characteristics of Highest and Best Use
9. The party or parties who engage an appraiser in a specific assignment.
Client
Assignment Results
Deed
Plottage
10. The value is affected by the expectations of buyers regarding the future benefits to be gained.
Reference Point (monument)
Three Appraisal Reports
Workfile
Principle of Anticipation
11. Recognizes that supply and demand are in constant flux.
Liquidation Value
Principle of Change
Easement
mile
12. DUST - Demand - Utility - Scarcity - Transferability
Agents of Production
Characteristics of Value
Metes
Workfile
13. 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
Bias
Lot - Block and Tract
Intended Use
14. The monetary relationship between properties and those who buy - sell - or use those properties.
Characteristics of Value
Legally Nonconforming Uses
Value
Cost Approach
15. 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.
Characteristics of Value
Signature
Infrastructure
Going Concern
16. Property values are enhanced when the uses of surrounding properties conform the the use of the subject property.
Conformity - Progression and Regression
Price
Intended Use
Workfile
17. Reflects the effects of local - social - economic - gov't - and physical forces on value.
Regional and Community Data
Principle of Substitution
Real Estate Cycle
Fee Simple
18. Taxes based on property value.
Principle of Balance
Ad Valorem Taxes
Characteristics of Highest and Best Use
Three Appraisal Reports
19. Complete form of real propert - includes entire bundle of rights.
Meridian
Cost Approach
Fee Simple
Effects of Use on Real Estate Value
20. Self Contained - Summary - Restricted Use
Characteristics of Highest and Best Use
Regional and Community Data
Meets and Bounds
Three Appraisal Reports
21. The interests - benefits - and rights inherent in the ownership of real estate.
Regression
Characteristics of Highest and Best Use
Plottage
Real Property
22. Identifiable tangible objects that are considered by the general public as being "personal".
Principle of Contribution
Gov't Restrictions
Cost
Personal Property
23. 640 acres
square mile
Highest and Best Use
Excess Land
Client
24. When supply and demand are out of balance. Too much competition
Assessed Value
Principle of Competition
Baseline
Reference Point (monument)
25. An appraiser's opinions and conclusions developed specific to an assignment.
Value
Types of Data
Assignment Results
Appraisal Practice
26. 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
Reference Point (monument)
Principle of Balance
Real Estate
27. Value determination based on income generated by a property.
Excess Land
Fee Simple
mile
Income Approach
28. Method of identifying property in relation to its boundaries - distances - and angles from a given point.
Appraiser
Personal Property
Meets and Bounds
Reference Point (monument)
29. As the amount invested in other agents is incrementally increased - the rate of return on the investment will increase.
Principle of Increasing Returns
Feasibility Analysis
Bundle of Rights
Intangible Property
30. All the beneficial rights of ownership.
Bundle of Rights
Appraisal Review
Client
Forces Affecting Value
31. Cost Approach - Sales Comps - Income Approach (IRV)
Approaches to Value
Real Estate
Business Enterprise
Principle of Change
32. 6x6 mile square piece of land. (36 square miles)
Fee Simple
Mass Appraisal
Township
Forces Affecting Value
33. An interest in real estate that does not include possessory rights.
Encumbrance
Principle of Substitution
Principle of Competition
Appraisal Consulting
34. An estate that ends upon the death of a designated party.
Principle of Competition
Bias
Income Approach
Life Estate
35. When the rate of return continues to increase at a lower rate and begin to decrease.
Principle of Decreasing Returns
Encumbrance
Principle of Competition
Reference Point (monument)
36. Runs east and west.
Highest and Best Use
Principle of Increasing Returns
square mile
Baseline
37. Value placed by tax assessing official.
Assessed Value
Types of Real Property
Principle of Supply and Demand
Site
38. Lay of the land.
Meridian
Infrastructure
Topography
Valuation Process
39. Value determination based on sales of similar properties.
Three Appraisal Reports
Sales Comparison Approach
Liquidation Value
Easement
40. Land that has been prepared for use.
Intended User
Site
Meridian
Real Estate Cycle
41. CLLC (MLLM) - Capital - Land - Labor - Coordination
Parcel
Real Estate
Agents of Production
Principle of Contribution
42. Modest property in an expensive neighborhood (Increase in value).
Characteristics of Highest and Best Use
Progression
Appraiser
Going Concern
43. The amount actually paid.
Business Enterprise
Scope of Work
Price
Lot - Block and Tract
44. An estate that includes possession without title.
Metes
Leasehold Estate
Workfile
Constant Use
45. The right of government to title when an owner dies without a will or heirs.
Price
Escheat
Intended User
Bundle of Rights
46. Value in Use - Investment - Liquidation - Insurable - Going Concern - Market - Assessed - Price
square mile
Types of Value
Appraisal Consulting
Principle of Balance
47. Runs north and south.
mile
Meridian
Gov't Restrictions
Business Enterprise
48. That which is taken to be true
Cost Approach
Assumption
Hypothetical Condition
Regional and Community Data
49. Proof of ownership.
Real Property
Mass Appraisal Model
Deed
Value
50. Documentation necessary to support an appraiser's analyses - opinions - and conclusions.
Appraisal
Assessed Value
Workfile
Assignment Results