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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 value of an ongoing business or project.
Principles of Appraisal
Real Estate Cycle
Going Concern
Types of Real Property
2. The party or parties who engage an appraiser in a specific assignment.
Scope of Work
Site
Signature
Client
3. The interests - benefits - and rights inherent in the ownership of real estate.
Forces Affecting Value
Signature
Real Property
Baseline
4. Self Contained - Summary - Restricted Use
Principle of Anticipation
Forces Affecting Value
Credible
Three Appraisal Reports
5. 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
Real Estate
Life Estate
Bundle of Rights
6. An interest in real estate that does not include possessory rights.
Mass Appraisal Model
Principle of Balance
Encumbrance
Valuation Process
7. An unbiased opinion of value
Deed
Characteristics of Highest and Best Use
Appraisal
Excess Land
8. The value is affected by the expectations of buyers regarding the future benefits to be gained.
Types of Real Property
mile
Principle of Competition
Principle of Anticipation
9. Cost Approach - Sales Comps - Income Approach (IRV)
Real Property
Signature
Approaches to Value
Going Concern
10. Value determination based on income generated by a property.
Income Approach
Appraiser's Peers
Principles of Appraisal
Bundle of Rights
11. 6x6 mile square piece of land. (36 square miles)
Signature
Mass Appraisal Model
Township
Price
12. Money required to create - produce - or obtain a property
Bias
Cost
Conformity - Progression and Regression
Types of Data
13. The value of a component is equal to the amount of value it adds to the property as a whole.
Types of Real Property
Progression
Principle of Contribution
Assumption
14. Value determination based on sales of similar properties.
Sales Comparison Approach
Market Value
Personal Property
Fixtures
15. Describes the direction one moves from the reference point to another and the distant points.
Hypothetical Condition
Principle of Substitution
Deed
Metes
16. The probable price a willing informed buyer will pay to a willing - informed seller given a reasonable marketing time.
square mile
Effects of Use on Real Estate Value
Principles of Appraisal
Market Value
17. The process of providing information - analysis of real estate data and recommendations and/or conclusions
Types of Real Property
Appraisal Consulting
Scope of Work
Meridian
18. Identifiable tangible objects that are considered by the general public as being "personal".
Regression
Price
Principles of Appraisal
Personal Property
19. Person that receives property.
Remainder Man
Escheat
acre
Section
20. Production is maximized when Capital - Land - Labor and Management (Agents of Production) are in balance.
Feasibility Analysis
Assignment Results
Encumbrance
Principle of Balance
21. Method of identifying property in relation to its boundaries - distances - and angles from a given point.
Leasehold Estate
Meets and Bounds
Section
Cost Approach
22. Development - Maturity - Decline ... Gentrification... Neighborhood Cycle
Real Estate Cycle
Signature
Constant Use
Effects of Use on Real Estate Value
23. Documentation necessary to support an appraiser's analyses - opinions - and conclusions.
Workfile
Escheat
Appraisal Practice
Client
24. Any piece of land.
Progression
Appraisal Review
Meets and Bounds
Parcel
25. Land that is not needed for the highest and best use of the site
Excess Land
Types of Data
Conformity - Progression and Regression
Bundle of Rights
26. Modest property in an expensive neighborhood (Increase in value).
Appraiser
Forces Affecting Value
Progression
Topography
27. 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).
Scope of Work
Principle of Supply and Demand
Signature
Principle of Balance
28. Non-physical assets. Trademarks - patents - copyrights - equities - ...
Mass Appraisal Model
Intended User
Bias
Intangible Property
29. General Data - Specific Date - Primary - Secondary.
Meridian
Types of Data
Appraiser's Peers
Business Equity
30. PEGS - Physical (location) - Economic (jobs) - Gov't (taxes) - Social (school)
Price
Forces Affecting Value
Bias
Principle of Substitution
31. 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.
Jurisdictional Exception
Price
Liquidation Value
Characteristics of Highest and Best Use
32. CLLC (MLLM) - Capital - Land - Labor - Coordination
Principle of Increasing Returns
Agents of Production
Business Equity
Types of Value
33. Land referenced to an official map showing the boundaries of the parcel. (subdivision map)
Lot - Block and Tract
Appraisal
Bias
Leasehold Estate
34. An estate that includes possession without title.
Leasehold Estate
Client
Life Estate
Meridian
35. An identifiable - fixed position from which measurements may be taken.
Valuation Process
Reference Point (monument)
Principle of Anticipation
Principle of Change
36. ID problem - Scope of work - Collection of Data - Application to each value - Reconciliation of value - Report
Life Estate
Escheat
Baseline
Valuation Process
37. Land that has been prepared for use.
Site
Section
Going Concern
Forces Affecting Value
38. Value of a property cannot exceed the value of equivalent substitute properties that are available in the market (comps).
Principle of Substitution
Approaches to Value
Township
Progression
39. Legally permitted - Physically possible - Economically Feasible - Maximally Productive Use
Characteristics of Highest and Best Use
Regional and Community Data
Bundle of Rights
Metes
40. DUST - Demand - Utility - Scarcity - Transferability
Characteristics of Value
Life Estate
Intangible Property
Fixtures
41. An entity pursuing an economic activity
Business Enterprise
Approaches to Value
Three Appraisal Reports
Plottage
42. Proof of ownership.
Baseline
Deed
Appraiser
Conformity - Progression and Regression
43. Value in Use - Investment - Liquidation - Insurable - Going Concern - Market - Assessed - Price
Types of Value
Bias
Agents of Production
Appraiser's Peers
44. Highest and Best Use - Consistent Use - Conformity - Progression & Regression
acre
Real Estate Cycle
Effects of Use on Real Estate Value
Going Concern
45. 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.
Price
Life Estate
Assumption
Signature
46. All the beneficial rights of ownership.
Meridian
Bundle of Rights
Appraisal Practice
Three Appraisal Reports
47. Public improvements that support basic needs - such as transportation and utilities.
Bias
Jurisdictional Exception
Real Property
Infrastructure
48. Worthy of belief
Constant Use
Credible
Characteristics of Value
Market Value
49. Requires both the land and the improvements to be valued for the same use - even if they are being valued separately.
Scope of Work
Three Appraisal Reports
Constant Use
Appraisal Practice
50. 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.
Income Approach
Principle of Substitution
Meets and Bounds
Intended Use