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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. 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.
Remainder Man
Report
Workfile
Section
2. The value of a component is equal to the amount of value it adds to the property as a whole.
Life Estate
Fee Simple
Highest and Best Use
Principle of Contribution
3. The probable price a willing informed buyer will pay to a willing - informed seller given a reasonable marketing time.
Business Enterprise
Client
Section
Market Value
4. Person that receives property.
Remainder Man
Regional and Community Data
Principle of Increasing Returns
mile
5. All the beneficial rights of ownership.
Metes
Appraisal
Bundle of Rights
Business Equity
6. The type and extent of research and analyses in an assignment.
Scope of Work
Parcel
Plottage
Assessed Value
7. When supply and demand are out of balance. Too much competition
Section
Credible
Deed
Principle of Competition
8. The value of the property is determined by the most profitable use to which the property may be put.
Types of Real Property
Highest and Best Use
Principles of Appraisal
Appraisal
9. Development - Maturity - Decline ... Gentrification... Neighborhood Cycle
Hypothetical Condition
Valuation Services
Real Estate Cycle
Liquidation Value
10. Services pertaining to aspects of property value.
Jurisdictional Exception
Valuation Services
Value
Infrastructure
11. The amount actually paid.
Deed
Price
Client
Workfile
12. Non-physical assets. Trademarks - patents - copyrights - equities - ...
Gov't Restrictions
Intangible Property
Remainder Man
Highest and Best Use
13. Land that has been prepared for use.
Real Estate
Site
Assumption
Business Enterprise
14. Balance - Anticipation - Substitution - Supply and Demand - Increase and Decrease Returns - Change - Competition - Conformity - Contribution
Escheat
Principle of Supply and Demand
Principles of Appraisal
Highest and Best Use
15. Money required to create - produce - or obtain a property
Conformity - Progression and Regression
Cost
Price
Reference Point (monument)
16. As the amount invested in other agents is incrementally increased - the rate of return on the investment will increase.
Principle of Increasing Returns
Principles of Appraisal
Cost
Reference Point (monument)
17. The value is affected by the expectations of buyers regarding the future benefits to be gained.
Principle of Anticipation
Agents of Production
Appraisal Consulting
Appraiser's Peers
18. PEGS - Physical (location) - Economic (jobs) - Gov't (taxes) - Social (school)
Principles of Appraisal
Fixtures
Forces Affecting Value
Principle of Anticipation
19. Reflects the effects of local - social - economic - gov't - and physical forces on value.
Income Approach
Types of Real Property
Assessed Value
Regional and Community Data
20. Production is maximized when Capital - Land - Labor and Management (Agents of Production) are in balance.
Intended Use
Principle of Balance
Assignment Results
Real Property
21. Value based on sale within a relatively short period of time.
Liquidation Value
Bias
Income Approach
Regression
22. A preference of inclination that precludes an appraiser's impartiality - independence - or objectivity in an assignment
Workfile
Bias
Personal Property
Approaches to Value
23. Value determination based on sales of similar properties.
Ad Valorem Taxes
Direct Capitalization
Sales Comparison Approach
Metes
24. I=RxV - R=I/V - V=I/R
Appraiser's Peers
Meets and Bounds
Direct Capitalization
Fixtures
25. A former item of personal property which has become part o the realty.
Workfile
Value
Parcel
Fixtures
26. 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.
Agents of Production
Types of Value
Signature
Metes
27. Self Contained - Summary - Restricted Use
Principle of Increasing Returns
Topography
Three Appraisal Reports
Principle of Change
28. An estate that includes possession without title.
Appraisal Review
Metes
Real Property
Leasehold Estate
29. Land that is not needed for the highest and best use of the site
Reference Point (monument)
Mass Appraisal Model
Excess Land
Lot - Block and Tract
30. Worthy of belief
Remainder Man
Credible
Liquidation Value
Characteristics of Highest and Best Use
31. The value determination based on cost to build less depreciation - plus value of the land.
Cost Approach
Metes
Liquidation Value
Conformity - Progression and Regression
32. 640 acres
square mile
Workfile
acre
Bias
33. The process of providing information - analysis of real estate data and recommendations and/or conclusions
Business Enterprise
Appraisal Consulting
square mile
Going Concern
34. Public improvements that support basic needs - such as transportation and utilities.
Valuation Process
Infrastructure
Excess Land
Bundle of Rights
35. Value in Use - Investment - Liquidation - Insurable - Going Concern - Market - Assessed - Price
Types of Value
Effects of Use on Real Estate Value
Signature
Appraisal
36. 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.
Intended User
Intended Use
Section
square mile
37. That which is contrary to what exists but is supposed for the purpose of analysis.
Agents of Production
Principles of Appraisal
Hypothetical Condition
Progression
38. ID problem - Scope of work - Collection of Data - Application to each value - Reconciliation of value - Report
Credible
Valuation Process
Principles of Appraisal
Gov't Restrictions
39. CLLC (MLLM) - Capital - Land - Labor - Coordination
mile
Intended User
Agents of Production
Highest and Best Use
40. An appraiser's opinions and conclusions developed specific to an assignment.
Appraisal Consulting
Price
Assignment Results
Types of Value
41. Value determination based on income generated by a property.
Types of Real Property
Extraordinary Assumption
Income Approach
Mass Appraisal Model
42. DUST - Demand - Utility - Scarcity - Transferability
Characteristics of Value
Extraordinary Assumption
Appraisal Practice
Infrastructure
43. 5 - 280 feet
Intangible Property
mile
Extraordinary Assumption
Deed
44. 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).
Encumbrance
Principle of Increasing Returns
mile
Principle of Supply and Demand
45. An identifiable - fixed position from which measurements may be taken.
Deed
Reference Point (monument)
Appraiser
Metes
46. An entity pursuing an economic activity
Personal Property
Appraisal Consulting
Going Concern
Business Enterprise
47. Lay of the land.
Topography
Business Enterprise
Going Concern
mile
48. Cost Approach - Sales Comps - Income Approach (IRV)
Approaches to Value
Principle of Decreasing Returns
Principle of Anticipation
Scope of Work
49. The party or parties who engage an appraiser in a specific assignment.
Principle of Decreasing Returns
Client
Remainder Man
Hypothetical Condition
50. 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
Appraisal Practice
Infrastructure
Legally Nonconforming Uses