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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. Value placed by tax assessing official.
Highest and Best Use
Cost
Cost Approach
Assessed Value
2. One who is expected to perform valuation services competently and in a manner that is independent - impartial - and objective.
Jurisdictional Exception
acre
Appraiser
Characteristics of Value
3. ID problem - Scope of work - Collection of Data - Application to each value - Reconciliation of value - Report
Feasibility Analysis
Valuation Process
Bias
Metes
4. Person that receives property.
Remainder Man
Lot - Block and Tract
Real Property
Workfile
5. Any piece of land.
Direct Capitalization
Principle of Competition
Parcel
Encumbrance
6. Self Contained - Summary - Restricted Use
Valuation Process
Types of Data
Principles of Appraisal
Three Appraisal Reports
7. Proof of ownership.
Deed
Assessed Value
Plottage
Value
8. Reflects the effects of local - social - economic - gov't - and physical forces on value.
Regional and Community Data
Value
Signature
Intended User
9. Worthy of belief
Types of Real Property
Section
Credible
Hypothetical Condition
10. 640 acres
Personal Property
Section
square mile
Signature
11. Requires both the land and the improvements to be valued for the same use - even if they are being valued separately.
Excess Land
Constant Use
Principle of Increasing Returns
Ad Valorem Taxes
12. That which is contrary to what exists but is supposed for the purpose of analysis.
Direct Capitalization
Cost
Principle of Substitution
Hypothetical Condition
13. Non-physical assets. Trademarks - patents - copyrights - equities - ...
Section
Business Equity
Easement
Intangible Property
14. DUST - Demand - Utility - Scarcity - Transferability
Appraiser
Real Property
Fee Simple
Characteristics of Value
15. Eminent Domain - Taxation - Police Power - Escheat
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16. The amount actually paid.
Easement
Site
Types of Data
Price
17. 6x6 mile square piece of land. (36 square miles)
Township
Real Property
Progression
Lot - Block and Tract
18. Valuation services performed by an individual acting as an appraiser - including but not limited to appraisal - appraisal review - or appraisal consulting.
Remainder Man
Appraisal Practice
Escheat
Report
19. The interests - benefits - and rights inherent in the ownership of a business enterprise or a part thereof in any form
Constant Use
Scope of Work
Business Equity
Valuation Process
20. Identifiable tangible objects that are considered by the general public as being "personal".
Topography
Personal Property
Constant Use
Assessed Value
21. 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.
Plottage
Intended Use
Market Value
Highest and Best Use
22. An estate that ends upon the death of a designated party.
Life Estate
Real Estate Cycle
Sales Comparison Approach
Appraiser
23. The party or parties who engage an appraiser in a specific assignment.
Characteristics of Highest and Best Use
Appraiser
Section
Client
24. Services pertaining to aspects of property value.
Bundle of Rights
Valuation Services
Plottage
Legally Nonconforming Uses
25. An identifiable - fixed position from which measurements may be taken.
Real Property
Valuation Process
Reference Point (monument)
Deed
26. As the amount invested in other agents is incrementally increased - the rate of return on the investment will increase.
Bias
Principle of Increasing Returns
Business Equity
Principle of Supply and Demand
27. Property values are enhanced when the uses of surrounding properties conform the the use of the subject property.
Conformity - Progression and Regression
Assumption
Metes
Legally Nonconforming Uses
28. Method of identifying property in relation to its boundaries - distances - and angles from a given point.
Meets and Bounds
Bias
Principle of Change
Progression
29. The value is affected by the expectations of buyers regarding the future benefits to be gained.
Principle of Anticipation
Cost Approach
Scope of Work
Fixtures
30. The probable price a willing informed buyer will pay to a willing - informed seller given a reasonable marketing time.
Jurisdictional Exception
Types of Value
Real Estate Cycle
Market Value
31. Balance - Anticipation - Substitution - Supply and Demand - Increase and Decrease Returns - Change - Competition - Conformity - Contribution
Principles of Appraisal
Assessed Value
Liquidation Value
Baseline
32. A mathematical expression of how supply and demand factors interact in a market.
Mass Appraisal Model
Feasibility Analysis
Fixtures
Jurisdictional Exception
33. Bundle of Rights - Estate - Encumbrances
Meets and Bounds
Income Approach
Lot - Block and Tract
Types of Real Property
34. CLLC (MLLM) - Capital - Land - Labor - Coordination
Easement
Agents of Production
Meridian
Appraisal Consulting
35. The interests - benefits - and rights inherent in the ownership of real estate.
Encumbrance
Going Concern
Real Property
Township
36. 43 - 560 square feet
acre
Assessed Value
Report
Principle of Change
37. The value of the property is determined by the most profitable use to which the property may be put.
Principle of Anticipation
mile
Credible
Highest and Best Use
38. An appraiser's opinions and conclusions developed specific to an assignment.
Assignment Results
Agents of Production
Parcel
Principle of Decreasing Returns
39. Property that is much more luxurious than surrounding properties (Decline in value).
Effects of Use on Real Estate Value
Regression
Ad Valorem Taxes
Business Equity
40. An identified parcel or tract of land including improvements.
Leasehold Estate
Mass Appraisal
Real Estate
Ad Valorem Taxes
41. 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.
Appraisal
Parcel
Value
Jurisdictional Exception
42. Public improvements that support basic needs - such as transportation and utilities.
Highest and Best Use
Valuation Services
Metes
Infrastructure
43. PEGS - Physical (location) - Economic (jobs) - Gov't (taxes) - Social (school)
Leasehold Estate
Valuation Services
Forces Affecting Value
Progression
44. Production is maximized when Capital - Land - Labor and Management (Agents of Production) are in balance.
Principle of Balance
Regression
Hypothetical Condition
Price
45. The value of an ongoing business or project.
Characteristics of Value
Going Concern
Excess Land
Market Value
46. Value determination based on sales of similar properties.
Escheat
Appraiser's Peers
Sales Comparison Approach
Credible
47. General Data - Specific Date - Primary - Secondary.
Types of Data
Principle of Contribution
Principle of Anticipation
Feasibility Analysis
48. An estate that includes possession without title.
Lot - Block and Tract
Site
Appraisal Practice
Leasehold Estate
49. That which is taken to be true
Effects of Use on Real Estate Value
Assumption
Leasehold Estate
Price
50. Runs north and south.
Meridian
square mile
Appraisal Review
Types of Real Property